11-15-2012 12:22 PM
Hoping to apply for a mortgage in the next couple months at the most.
Just opened new tradelines to thicken up my file, as I only had an authorized user status on one card, a paid auto, and a current auto.
I know my scores have to recover, but will the recover that soon?
11-15-2012 12:43 PM
EQ on here shows from 651 to 643. TU went from 683 to 626 according to Walmart FICO, and FAKO EX shows 677. Lender had it at 649 10/9/12, so of course thats way off now.
11-15-2012 12:51 PM
Ignore EX of course. I'd also ignore the TU FICO as well. You are comparing a likely TU04 with Wal-Mart's TU08. Now a drop is likely but not 60, unless something else happened on TU. Finally, the EQ versions matched and is an accurate comparison. 8 points isn't that bad. You'll see most of the points starting to reappear around 3-4 months from the open date with most re-appearing by 6 months, and even more by a year provided you don't app for anything else.
11-15-2012 12:56 PM
So basically, going to have to wait the 6mths before thinking of a mortgage again, eh?
11-15-2012 01:50 PM
Not necessarily. You can try now, though I recommend waiting because lenders probably won't like those new TLs reporting.I'm not saying it'll take 6 months to recover those 8 on EQ. Your improved mix cut out some of those losses and I suspect you'd have a positive net gain inside 6.
11-15-2012 03:59 PM
Well that is encouraging! Thank you so much, made me feel better.
My EQ is over the 640 by 3, lol, so that's fine, I just really hope that my other 2 didn't plummet way below.
I'm hoping you're right, and maybe with in the next couple months I'll be ready.. here's to hopin'!
11-15-2012 11:50 PM
An unsettled issue in the mortgage app process may be the value of your score itself due to being based in part on the inclusion of the credit history of another in your score calculation. Mortgage apps usually rely upon more than just your score, and involve a manual review of your CR.
While FICO includes AU accounts in their scoring, a prospective lendor in a manual review may elect to discount that score if it is not based only upon your own credit history. Having no way to "back out" the scoring effect of the AU, they could question its usefulness.
11-16-2012 08:42 AM
I just closed this week on a refi. In my case, and YMMV, they specifically looked at accounts that were in the 6 months or less range. They look at new credit. There were comments added to the app by my mortgage broker regarding them. There was nothing said about the accounts I opened in Feb and Mar.
Will apps prevent you from getting a mortgage? Not necessarily, but you also have new young file. Personally, if it was me I would try and age the accounts 6 months.
DH and I had mid scores around 715 and 725 but we had established older credit accounts to go with the new credit.