07-09-2012 08:19 PM - edited 07-09-2012 08:19 PM
I posted another thread about direct loan lates affecting my husband's score here ... but I did have one other quick question:
Our only other hope for raising his CS the 26 points we need it to re-qualify for our mortgage on the house we're closing on in 2 weeks is the one credit card he has out. He used to have two-- one that was $1000 CL with $1000 high credit, but we paid that off a year ago and he closed it (we didn't realize at the time we probably should have left it open)
The other credit card that is currently active had a limit of $1200. He had a balance of $1243. We paid it down to $120, per our lender's suggestion. We got a letter with this balance and she is going to get a Quickscore Rescore.
If his revolving debt was over 100% utilization and it's now down to 10%, I am praying that this could potentially be enough to boost his score back up to qualifying (which would be a 26 point increase). Can anyone say if this is wishful thinking or if it might be possibile based on those numbers??
07-09-2012 10:23 PM
07-09-2012 11:02 PM
I'd say you have a very good chance of the 26pt increase. I know just by dropping my util by 25% that I had an instant increase of close to 10pts. So I'm sure dropping it ~90% will provide a nice incease.