02-19-2011 01:39 PM
Well I guess I will see what happens. I just paid all of my credit card accounts off except one which I left $1. I was at about 76% utilization according to myfico reports. I had 5 different accounts and each was at the 70% to 80% utilization. Besides the high utilization I had 5 medical collections, I just paid two in full and they agreed to delete them. I was going to pay the other three but my LO said it would be more of a help to get utilization down and the medical debts would not interfere with getting a home loan. These medical collections are all 6+ years old.. That is why I went this route. Then I have a public record showing on just Equifax. I was never really served. I only found out about it when I got a notice from my bank saying they were trying to garnish money from my checking account. I made arrangements and paid it immediately in full. Lastly, I had (3) accounts that had a 30 day late from over a year ago. I am in the middle of trying to get them goodwilled. It might help now that they are paid in full.
So, there is my story of where I sit. Is there any optimist that think I may get at least 20 points on this? My Equifax is currently 620 and Transunion is 640. Not sure what Experian is. According to myfico simulator they are saying 650-690 for Equifax and 660-700 on Transunion.
02-19-2011 02:18 PM - edited 02-19-2011 02:20 PM
What will your new CC util be?
Ah....caught the $1 mention....maybe 70-90 points if all of those CCs were/are still open.
Per the CAs, the two being deleted...are they newer or older compared to the others, or are all 6+ yrs old?
02-19-2011 02:28 PM
The two medical collections that I paid for delete were a little newer, 2007. 70-90 points sound great. As long as I get at least around 20 or so I will be very happy. That should give me the go ahead for my VA loan with me knowing Equifax would be 640+ and Transunion 660+. My lender said they like to see midscore of a 640. I have not had the lender pull my credit yet so I may already be where I need to be with not knowing what Experian is. I just wanted to wait until I knew I had to scores at 640 or above.
Thanks for the response.
02-19-2011 02:34 PM
Make sure everything has updated before pulling the mortgage trigger. I closed about 2-3 weeks ago and I had always been under the impression that they'd pull again and qualify for even a lower rate if scores had changed. That wasn't the case and had I waited just 1 friggin week, I could have saved on the PMI at the least due to higher scores in that one-week period.
02-19-2011 02:52 PM
Will do. Thanks for the tip. Luckily for me I should not have to worry about PMI with a VA loan but I do want my score to be as high as I can get it prior to getting it pulled by lender.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.