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Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Ok, so, advise please, ;)

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?

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Ok, so, advise please, ;)

How much did they drop?

Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Re: Ok, so, advise please, ;)

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.

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Ok, so, advise please, ;)

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.

Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Re: Ok, so, advise please, ;)

Thank you. :smileyhappy: 

So basically, going to have to wait the 6mths before thinking of a mortgage again, eh?

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Ok, so, advise please, ;)

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.

Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

Re: Ok, so, advise please, ;)

Well that is encouraging! Thank you so much, made me feel better. :smileyhappy:

 

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'!

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Mega Contributor
RobertEG
Posts: 17,213
Registered: ‎03-19-2007

Re: Ok, so, advise please, ;)

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.

Valued Contributor
crunching_numbers
Posts: 1,092
Registered: ‎02-15-2012

Re: Ok, so, advise please, ;)

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. 


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)

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