UGH!!!! One point away

[Scope27]

Talked to my LO less than a month ago and she stated I needed 4 points to get to the required mid score.  My mid at the time was 616.  I had a few items changed on my report and gained 23 points and got my mid at 639.  I called her today and she asked for my scores and I told her my mid is 639.  She has now stated a 640 mid is required.  I was thinking on rapid rescoring for my credit cards (my utilization was around 17% last month).  The score similator figures around 3% as an effective util rate for me and that's where they're at now.  I just can't wait two more weeks for my accts to report.  It sucks being so close but also soo far away. Ive been GWing away on a few accounts but it sucks knowing all that's needed is one point. But from 6 months ago up to now I am looking pretty darn good.

[RW771]

---

@Scope27 wrote:

Talked to my LO less than a month ago and she stated I needed 4 points to get to the required mid score.  My mid at the time was 616.  I had a few items changed on my report and gained 23 points and got my mid at 639.  I called her today and she asked for my scores and I told her my mid is 639.  She has now stated a 640 mid is required.  I was thinking on rapid rescoring for my credit cards (my utilization was around 17% last month).  The score similator figures around 3% as an effective util rate for me and that's where they're at now.  I just can't wait two more weeks for my accts to report.  It sucks being so close but also soo far away. Ive been GWing away on a few accounts but it sucks knowing all that's needed is one point. But from 6 months ago up to now I am looking pretty darn good.

---

You're on the right track doing what you're doing. My FICO scores varied a little from what my LO showed and my FICO scores were just a little lower, so maybe that will be the case for you! Are there any other lenders in your area that will accept a min 620 in case you're not quite there? I know exactly how you're feeling...I was there just last week!

[GoodCredBen]

I have heard so many different numbers - The one i heard most often was 620 though..... that was from my WellsFargo LO though

[Scope27]

620 is the often used mid score for the USDA loan but it depends on the lender since my income prohibits me from the direct loan program.  Tomorrow I will be calling several banks to see what's the required score.

The reason I made the thread in the rebuilding forum is for those that are at where I was and that goals can be reach even if you're as close as I am to obtaining it.  No matter the stress alway keep your head up. I will be reposting tomorrow after I make a million bank calls in the morning.

[GoodCredBen]

SOOOO.... my income is just above 60k a year. will i be approved for the FHA loan? Does that matter? lol.... sorry i know dont mean to thread jack... you just got me worried lol. 

[Scope27]

Yea you should be fine with the income.  I think USDA is the only one that has strict limits.  Check out the Mortgage Loans section.  Be advised though, I heard from a coworker that the FHA is jacking up PMI costs if you have to have insurance on your mortgage loan.  Also look into credit req for FHA lenders.  Most lenders look between a 620 and 640 mid also.

[Booner72]

I used a mortgage broker - she said we could get the loan at 620 but always said "640 would be better" .... i came to learn this meant that it would be done "in house" instead of brokering out even further, and that my interest and closing costs were MUCH better w/ the 640.  So I'm really really glad I got what I needed and was able to do the deal with the 640.  I probably would have regreted it if I had taken the crappy 620 loan.

You'll get there.  The lender should do the RAPID RESCORE at no cost to you.

[Scope27]

I didnt know that lenders could rapid rescore.  Thanks alot. 

TO the poster that mentioned Wells Fargo thanks.  I called them and will be sitting with them in the am to discuss about getting the process started.

[Anonymous]

I completely understand! I am so close too!!! I have several paid medical collections that I am trying the GW process to delete. I will keep you in my thoughts, as I am just a few points away too!