Rebuilding Your Credit

[ramsfan]

My wife and I just me with a credit union yesterday about purchasing another home.

They said they would take the higher of the middle two scores between us.

They need it to be at 620.

MY TU score is 616, my middle score is 590 EX.

the loan would be an 80% loan...meaning we need to sell our home to purchase the new one.

my question: my score improves since i keep paying my mortgage on time. but what if i sell the home and pay off mortgage, how will that affect my score?  i still need it to gain 30 points.

any ideas on how selling your home and getting rid of mortgage affects your score?

[orhippychic]

I think we will need a little more info to help. There may be an easier way to increas your scores. What does your UT look like? Is it under 35%? If so, see if you can get it down to 10%. If it's higher than 35%, then you should try to get it under there if you can. You will see a nice bump relatively quickly by doing that. This is just one example. If you can give us a little more info on the rest of your credit picture, we can make more suggestions.

Also, what CU are you going through that will give you a mortgage at 620? What would the interest be like at that score?