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Regular Contributor
Posts: 230
Registered: ‎09-22-2012
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Holy guacamole! BIG news!

I had an appt with the mortgage lady for tomorrow to go over the qualifications for a couple different loan types. On a whim, I called her, and after some brief conversation she convinced me to go ahead a do a new bureau. DRUM ROLL>>>>>>>> TU came in at 617, EX at 613, and EQ at 520. So, here is the differences from what I have access to this week: TU FICO on myfico was 590 (assuming I scored better on 04 than 98??), EX FAKO at Credit Sesame 608, and EQ 519 on myfico. So, WE GOT A PREAPPROVAL letter today, as we only needed a midscore of 580. Planning on making an offer tomorrow on the house we have been drooling over. And then we wait and pray! Have to keep those scores up, so I am a little scared. I assume they will pull bureaus again before closing, right? Anything else I should be worried about? We have the income, the job stability, the down payment, so all we have to worry about is the credit scores, and the appraisal! And I owe a HUGE thank you to everyone here! Who would have thought I could pull up from those dreadfull scores she pulled in July? Her exact words when she saw the new scores were: Holy #@$! SO THANKS EVERYONE! 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: Holy guacamole! BIG news!

Congrats but just be prepared to do ALOT of LOEs, and ALOT of phone calls from your LO. As long as you have all your ducks in a row you should be fine!!!

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Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
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Re: Holy guacamole! BIG news!

Nice, Congrats on the pre-approval. Hope all goes well the rest of the way, keep us posted! :smileyhappy:

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Established Contributor
Posts: 568
Registered: ‎08-24-2012
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Re: Holy guacamole! BIG news!

CONGRATS!!!!!!!!!!!! :smileyhappy:

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator
Posts: 13,274
Registered: ‎04-15-2011
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Re: Holy guacamole! BIG news!

Congrats!  As far as if they will pull again, it's up to the lender.  When I did my mortgage last year, it was one and done.  They never pulled again.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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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!
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: Holy guacamole! BIG news!


Shogun wrote:

Congrats!  As far as if they will pull again, it's up to the lender.  When I did my mortgage last year, it was one and done.  They never pulled again.


+1 (lol) Look on your pre-approval mine said that the CR was good for 45 days

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Regular Contributor
Posts: 230
Registered: ‎09-22-2012
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Re: Holy guacamole! BIG news!

Found out today they do a soft pull, but it also gives scores. They pull a week before closing. I have a good 30-40 point cushion to stay above 580. However, I am worried that a deletion here of there might get put back on. I only have to do letter of explanation for the student loan late pay from 2 years ago, and for the medical collections. Other than that, it sounds like no other letters. 

 

On a brighter note, the offer was accepted today, so we close Feb. 1. I will have to save a bit more so paying down util will have to take a back seat for now, but I will still pay it down to 0 on the two small cards and prob about 50% on the large one. Should be okay credit wise, but every one cross your fingers! 

 

And to every one wondering what is possible: We have seen gains of 104 on EQ, 149 on EX, and 113 on TU, in 4 months! So pay attention to what these awesome folks here say, as they have a wealth of knowledge that is invaluable! Disputes, GWs, PFDs, lowering utilization, and talking very nicely to important people on the phone goes a long way! Don't give up, some things took me 3 or 4 tries. You will eventually get someone willing to help if you don't quit looking! 

 

I will keep updating as we go through this process, and thanks again everyone!


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Regular Contributor
Posts: 165
Registered: ‎04-04-2008
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Re: Holy guacamole! BIG news!

Congratulations! What lender are you going through ? I've gotten my score (EQ ) from 536 to 636 thanks to this form! Just in a few months! But, I need a 640+ for a mortgage :-(
Regular Contributor
Posts: 230
Registered: ‎09-22-2012
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Re: Holy guacamole! BIG news!

It has been my experience that EQ is lower than the other bureaus and they take the middle score. I called around to local banks and found out which ones has the most lenient requirements. The lenders really vary in what they want for a score, so it doesn't hurt to look. We are using a local bank. You might be surprised at the differences. Also, some programs have different requirements at the same bank, like with ours FHA is 580 and Rural is 640, while first time homebuyers is 620. Make sure you ask all of the different ones and use the one that works the best for you. I probably called 10 banks before I chose one. Best of luck to you. 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Established Contributor
Posts: 573
Registered: ‎02-12-2011
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Re: Holy guacamole! BIG news!

Good luck and I will keep my fingers crossed for you! I hope to be closing on a home in the next few years!



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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