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Regular Contributor
Posts: 140
Registered: ‎08-08-2007
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What are the chances? (Second Try)

Hi all, I'm new to the board...hoping someone can shed some light my way.
 
I am hoping to buy a home in the VERY near future.  I spoke to a mortgage lender last month who ran my credit.  Unfortunately, I could not get approved for a loan.  This results from many late payments (made quite a while ago), one judgment, and 4-5 derogs (on each CR).  He told me my credit scores came back as 544/540/595 (the middle being the one they go by).
 
Since then, I ordered my CR from all 3 CRA's and my scores were:  592 (TU) and 576 (Exp).  I didn't bother ordering Equifax's score, but did get the report.  All three reflect the same derogs but only Exp had the judgment.
 
My first question, are the scores I received FAKO and the scores the lender received FICO?
 
Also, after receiving copies of each of my credit reports, I disputed all the derogs on all 3 reports at the same time, except for one, which I claim and will have the balanced paid off by January 2008.  Although one disputed is still under investigation, I confirmed with both TU and Exp, and was told that all derogs I disputed, INCLUDING the judgment, have been deleted.  I assume that it will be deleted from my Equifax report also.  The last dispute is still under investigation (keeping my fingers crossed). 
 
I relayed the "deleted" info to the mortgage lender and he told me to call him if my score(s) get above 600, but he thought it may be a possibility.

So, I'm asking any of you here who have experience with this, what are the chances that with these deletions that I may actually get above the 600 mark and hopefully get approved?  I'll be honest, I will be somewhat disappointed if it doesn't happen, but I can be realistic too.  So, is there a chance or am I looking at maybe only a 10-15 point increase - if that?  Also, how quickly will the credit score take to increase, immediately or over the course of a few months?  I'm currently in an apt lease that expires Dec 31 and I'd LOVE  to get into something I own and out of "renters world".
 
Anyway advice, comments, are appreciated!

Thanks!
 
 
 
 
 
 
FICO 8/5/10; TU 724, EQ 702
FICO 6/9/09: TU 669, EQ 658, EX ???
FICO 7/20/07: TU 540; EQ 595, EX 544
Regular Contributor
Posts: 140
Registered: ‎08-08-2007
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Re: What are the chances? (Second Try)

Forgot to mention, for the past year, I have a car loan and one gas card which have never been paid late and I do not maintain a balance on the gas card - I pay the gas card balance in full each month.  Right now, I only owe $34.00
FICO 8/5/10; TU 724, EQ 702
FICO 6/9/09: TU 669, EQ 658, EX ???
FICO 7/20/07: TU 540; EQ 595, EX 544
Frequent Contributor
Posts: 436
Registered: ‎06-15-2007
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Re: What are the chances? (Second Try)

If you pulled your scores directly from the MYFICO website, then those are legit. If you pulled them from anywhere else, even the CRA's then those are FAKOS.


Check out the scoring 101 thread. It has some helpful information.

Welcome.
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Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
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Re: What are the chances? (Second Try)

Welcome, turninganewleaf.
 
Just one comment.  If you are pushing to cross the border from not being able to get a mortgage to being approved, then you are rushing to get the most expensive loan product available.  Generally the higher your FICO score, the lower your interest rate and monthly payment.  So it might make sense to work on your credit longer in order to get into a house you can afford more comfortably.  Just a suggestion.
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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