Help raising scores for a mortgage

Anonymous · ‎05-27-2015

Hi everyone,

My husband and I recently applied for a mortgage. We were told we need to get his midscore to a 600. Can someone help us figure out the best way to do this?

Here is his information:

EQ: 554

TU: 576

EX: 532

He has 4 student loans which he was late on in July 2014 by 150 days. No lates since. I have tried disputing them, but no luck.

He has no credit cards in his name, he is an authorized user on 2 of mine (which have $0 balances), however on the credit reports, he is showing as a joint user.

He has 8 medical collections, that we have paid since getting the scores pulled. No one agreed to do a pay to delete.

He has 2 inquiries including the mortgage pull.

What can we do from here? He needs his mid score to increase by almost 50 points.

Thank you for your help!!!!

Anonymous · ‎05-27-2015

Have him get some secured credit cards in his name only. 3 would be the number to get. Just make sure that they report to all three credit bureaus regularly. I would suggest checking with Capital One and OpenSky for secured credit cards. Also he could maybe get a secured installment loan for a small amount, that would help too. As far as the paid collections, start sending goodwill letters pleading with them to remove the accounts. In your goodwill letters, speak from the heart and tell them how important it is to your lives to get the reports cleaned up so you can get a home. If told no, keep sending the letters and keep trying. I really don't see a problem of you getting the scores up within a reasonable amount of time.

crrredit · ‎05-27-2015

I started in the high 400s 12/14, and now my middle score is 649. A couple baddies dropped off, but not my worst ones. Mostly what helped was getting three secured cards and one store card. Letting one card report about 5% and the others report a zero balance. No two situations are ever the same, but I have seen a lot of great results reported here using this formula.

superdad · ‎05-27-2015

Also you might want to take one of your CC with a zero balance and use it and keep the UTI under 10%. That will help. He needs to show good credit activity. Until the secured cards start showing positive and on time payments that will help in 3-6 months.

Anonymous · ‎05-28-2015

Definitely get some secured CC's in his name. Open Sky allows you to have 2 accounts. Then try Capital One Secured. Need at least 3 to start. Pay them on time and in full, except one. Let one hold a very small balance, just for reporting purposes, then pay it off in full, after the statement cuts. His scores wil start to jump if he does this and is not late on ANY bills!

Anonymous · ‎06-07-2015

Hello,

1. First contact the Federal Government Student Loan Obudsman Office and submit a claim questioning the lates for the Student loan Payments. I did it and most of the time the loan servicer will remove the late's because the complaint was placed with the Obudsman Office. You can also have your husband consolidate the student loans with another loan servicer and the that will help his score rise

2. File complaints with the FTC regaridng the medical bills because they could be breaking the HIPPA Law by having access to your medical files

I hope this helps

StartingOver10 · ‎06-07-2015

What about rehabbing the student loans? Go to the student loans section to see what you can do to get those lates removed or have the loans rehabbed where all the lates will be removed: http://ficoforums.myfico.com/t5/Student-Loans/bd-p/studentloans

Anonymous · ‎06-08-2015

@Anonymous wrote:
Hello,

1. First contact the Federal Government Student Loan Obudsman Office and submit a claim questioning the lates for the Student loan Payments. I did it and most of the time the loan servicer will remove the late's because the complaint was placed with the Obudsman Office. You can also have your husband consolidate the student loans with another loan servicer and the that will help his score rise

2. File complaints with the FTC regaridng the medical bills because they could be breaking the HIPPA Law by having access to your medical files

I hope this helps

There is a better chance of lowering the score when consolidating. It adds a HP to your records and lowers the AAoA. Also, consolidating will not remove the lates from the previous loan and those are really what you need to get rid of.

Anonymous · ‎06-08-2015

The Open sky credit has worked the best for me, First Progress has also worked well..Once the new accounts hit your scores will be docked for about 3 months, so I would try getting them medicals removed, Im sure that will be of great help.