09-11-2013 08:35 AM
Hello, trying to purchase a home in very near future. Looking for some warm fuzzies that I can get to 600 next month when the 3 below items get reported
Here are my current scores: 580, 585, 597 as per the report the lender pulled. They need a mid of 600 to pre approve with underwriting support.
I have one NFCU credit card that was at 40% uti and 2k CL that I paid down and also increased CLI to 10k which resulted in 5% util.
I also got rid of 2 medical collections.
Long credit history
2 years perfect payment on my car loan with NFCU
6 months perfect payment on my bike with NFCU
Student loan in collections, but half way through rebuild process that will have last payment in Feb 2014
Thanks in advance for your replies.
09-12-2013 02:53 PM - edited 09-12-2013 02:53 PM
09-12-2013 05:04 PM
Yes, I confirmed with them by phone that all neg history will be deleted and replaced by OK's and paid current.
09-12-2013 07:01 PM
Do you know the score reasons from your credit report? If so look at those for additional ideas how to improve your score. The lowering of if creidt card debt will help. Getting the medical collections off the report will help in the long run. With the student loans being reported in collection I am not sure how much you will gain in the short run by the removal of the medical collections. Remember the score the lender is going to use is the middle score for the mortgage loan.
09-12-2013 07:40 PM
Yes, they are listed in the report.
The student loans will be addressed in early spring when the negative lines get removed and replaced with positive ones. Right now, I'm not worried about hitting 700, that will happen when the student loans reset in the spring. I just want to get above 600, which I think is easily achievable in the next month or so.
09-15-2013 12:31 PM
09-15-2013 08:05 PM
VA financing, I have 2 different lenders that will work with 600.
Equifax already updated to 617 and NFCU has not reported yet, so crossing my fingers. They may still not approve with my student loans still showing in collections though. I do have a letter from them showing my payments while in rebuilding, but that is not complete until February.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
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.