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After Amazing Succes, Should I Wait to Challenge...

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Andrew22
Regular Contributor

After Amazing Succes, Should I Wait to Challenge...

So, BIG thanks to everyone who has helped me since I joined at the end of October, 2010. To give you some idea of where I was, I had scores of 606 (TU) and 629 (EQ) when I joined. As of Feb. 1, I was at 726 (TU), and 722 (EQ). But as you know, scores are a means not an end. The best part, my wife an I were approved for great mortgage at a great rate. I could never have done it without the help I got here.

 

So, here is my question. I have two baddies left on my report. One, is a 30-day late on chase credit card that is almost two years old. The other is tax lien for $5000 paid in 2007. The IRS now says it will withdraw the lien! New policy to help taxpayers. It is my only public record.

 

But, my question is whether I should wait until after I close my mortgage? The lender has already pulled my report, seen my scores, everything is fine. My concern is that I may be moving into fabled rebucket territory? It would suck to have to explain a big point drop during closing. Am I better off dealing with this lien after this is all done?

 

Other details: I have hight credit limits, over 40K, low utilization, just over 2%, no other debt, 4 open accounts, an AAoA of 14 years and a 25 year credit history. I've had 9 baddies removed in three months though...

 

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2 REPLIES 2
kjm79
Valued Contributor

Re: After Amazing Succes, Should I Wait to Challenge...

IMO, if you are already approved with those items on your CR, wait until you close then work on getting rid of them.  Just a few months right?  Why take the chance of that possible rebucketing issue when the public record comes off.  Congrats on the scores and mortgage though!


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 2 of 3
Andrew22
Regular Contributor

Re: After Amazing Succes, Should I Wait to Challenge...

Thanks, and thanks for your perspective. I tend to agree with you, but this whole rebucket thing is so murky, it's like walking in the dark knowing there is a cliff out there somewhere. Everything is all set, and on track, so whether or not rebucketing is real, imminent, or whatever, why risk it?

cheers!

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