https://ficoforums.myfico.com/t5/Mortgage-Loans/Qualifying-for-Refinancing-with-Less-Than-Great-FICO-Score/m-p/1507848#M100331 <P>What is your transunion score?</P> Tue, 24 Jul 2012 15:28:47 GMT Anonymous 2012-07-24T15:28:47Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Qualifying-for-Refinancing-with-Less-Than-Great-FICO-Score/m-p/1507074#M100300 <P>I'd like to refinance my condo to lower my rate and pull out $20,000 in equity for home improvements but I'm wondering if it's even worth starting the process at this time.</P><P>&nbsp;</P><P>I bought my condo in 11/98 with an FHA loan at 6.25% interest. In 2000 I took out a second mortgage for $15,000. The condo is currently valued at $159,000. My 1st mortgage balance is $76,000 and my 2nd mortgage balance is $10,000, so I have a decent amount of equity.</P><P>&nbsp;</P><P>In 9/04, due to job loss, I filed for Ch 13. This was discharged after 5 years and fell off my credit report last year. In 2007, while still in Ch 13, I received notice of a judgement against me for a student loan in the amount of $8000 (the loan was listed in my Ch 13 but student loans aren't eligible for discharge).</P><P>&nbsp;</P><P>Currently, my EQ score is 587 and my TU score is 648. I'm guessing my EQ score is lower because they weight credit util heavier than TU does. I have no late payments on either report but I do have 4 unpaid collections totaling about $750 for medical bills from a surgery 3 years ago. 3 are 2 years old and 1 is a little over a year. I also have a paid collection for $153 from 2 years ago.</P><P>&nbsp;</P><P>I guess I'm wondering if my equity + lack of late payments + good DTI (27% for all debts inc. mortgages) make up for the lower scores and collections. Or if I should wait awhile (6-12 months) before attempting to refi. Any help or advice is appreciated. Thanks!</P> Tue, 24 Jul 2012 00:53:17 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Qualifying-for-Refinancing-with-Less-Than-Great-FICO-Score/m-p/1507074#M100300 Anonymous 2012-07-24T00:53:17Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Qualifying-for-Refinancing-with-Less-Than-Great-FICO-Score/m-p/1507848#M100331 <P>What is your transunion score?</P> Tue, 24 Jul 2012 15:28:47 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Qualifying-for-Refinancing-with-Less-Than-Great-FICO-Score/m-p/1507848#M100331 Anonymous 2012-07-24T15:28:47Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Qualifying-for-Refinancing-with-Less-Than-Great-FICO-Score/m-p/1507994#M100339 648 Tue, 24 Jul 2012 16:57:53 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Qualifying-for-Refinancing-with-Less-Than-Great-FICO-Score/m-p/1507994#M100339 Anonymous 2012-07-24T16:57:53Z