LO tells me to pay old CO?

[Anonymous]

Well we are in the process of UW with our mortgage through FGMC. LO emailed me today asking me to pay two CO account's that are about two years old to get our credit score's up? We have been paying monthly on this for the last 17 months. So is this something we should do, pay if all off now and hope the scores go up a little? Our overall util. is down to 18% and he wants our scores to go up to 640 mid as apposed to 624 mid.

[Razeus]

If this is coming directly from the UW, not the LO, I highly suggest you do it.

[Anonymous]

Well I found out that it came from their "internal credit expert"? Not from anyone in the UW department..

[llecs]

What kind of CO is it?

[rckstrscott]

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@Anonymous wrote:

Well we are in the process of UW with our mortgage through FGMC. LO emailed me today asking me to pay two CO account's that are about two years old to get our credit score's up? We have been paying monthly on this for the last 17 months. So is this something we should do, pay if all off now and hope the scores go up a little? Our overall util. is down to 18% and he wants our scores to go up to 640 mid as apposed to 624 mid.

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I think the 'credit expert' was implying that the CO's are factoring in your UTIL, so paying them off would in turn give you better util, and a better score..

The question is.. are the COs showing a balance? No DO they have a balance, but are they showing on the credit report as having a balance?

-scott

[Anonymous]

No the CO's are not part of my util, according to my calculations and what is reported on my CR. And yes the total balance is $5255 one was a LOC and other was a Installment loan from 2 years ago.

Thanks