@KC1598 wrote:Hello! I am a first-time poster and I was wondering if I could ask for some advice to help and salvage my chances at obtaining a loan. I have been working hard for a year trying to clean up poor credit that occurred when I was widowed and still in grad school without an income. I finally got things cleaned up to the point at which I could begin to qualify for a home loan (my dream now that I've started over, found a good job, etc). I started working with a lender who told me I needed to pay a charge account to boost my score which I did. Then began an almost three month ordeal of hoop jumping: trying to get the correct PIF letter, running around making phone calls and other things that the lender asked me to do. When he finally submitted the rapid rescore of the account, weeks went by and no news. I noticed during this time that my credit was being pulled (credit monitoring alerts) and when I asked about this he said it was the rapid rescore company working on my credit. I subscribe to my own personal credit monitoring and I knew that the CA had already reported the account paid in full and didn't make a difference. I brought this point up and was assured rapid rescoring would fix the issue. After more weeks of waiting and many ambiguous amd non-sensical answers I lost my confidence and decided to get second opinions from other lenders. Sure enough the actions I was advised to do actually lowered my credit score. I don't know why the original lender just didn't say this - but I can't move backward in time.
I am wondering if there are additional angles I can attempt to get an increase. One of the factors listed is affecting my score is that my revolving balances are too high in relation to limits. I only have one active revolving account that has 0 zero balance and two charge-offs that are listed as revolving debt with balances. Could paying them help to increase my score? The other account I mentioned earlier was also a revolving charge off with a larger balance and it obviously brought my score down (perhaps because they re-aged).
Thank you so much for your advice. I am frustrated and emotionally drained, but I am not giving up and I've seen tons of helpful advice on here and I'm hoping someone may have insight or been through a similar situation.
Those chargeoffs that are still showing a balance are still affecting your util, and it's hitting it at 100%. So yes, paying those should help. As far as the lender, many UWs will require old debts to be paid anyway. And yes, it can lower your score. This can happen if the debt had not been updated for some time and then suddenly updates that it's paid. I know it doesn't seem fair, but that's how it works. When you paid that large one off, it took that util completely off, but the others are still showing you to be maxed. If you pay them all off, then show a small percentage on the open one you have, less than 10 percent, you should actually see a bump in score.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@mlibby wrote:if they are charged off wouldnt it be best to do a pfd? or would that have a large drop in her score because of the aaoa?
A PFD, if obtainable, would be the way to go.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.