topic Re: Curious about credit score? in Mortgage Loans

Curious about credit score?

Anonymous — Mon, 01 Apr 2013 01:57:13 GMT

Curious to see what my score will increase to?

I Talked to capital one today via online chat and save the conversation and printed the screenshots of the rep stating he would agree to remove the 2x 30 day late pays one from July 2012 and another from November 2012 (Just found out Thursday these were on there as my mortgage broker told me to pull my credit) My Current scores from MYFICO are 656 and 632 these are the ONLY negative items on my credit report and the last time I purchased a car about a year ago my banker told me I had mid 740 score. I have Zero revolving debt and no mortgage showing on my credit report and owe 18k on my American express platinum account that will be paid off in full this week (credit report shows zero balance).

My mortgage guy stated I will have to have at least a 720

Could those late payments have impacted my score that drastically?

Will the scores bounce back to where they are supposed to be once Capital One removes the two 30 day lates and sends me the letter stating they have been removed?

Re: Curious about credit score?

Anonymous — Mon, 01 Apr 2013 13:51:54 GMT

Yes late pays are very damaging to your credit score. Once the lates are removed, it is possible that your score will go back up to the 700's but that depends on the number of open accounts that you have reporting in good standing. Utilization is a major score killer as well, so once the Amex is paid off, your score will increase significantly as well.

Re: Curious about credit score?

Anonymous — Mon, 01 Apr 2013 14:18:23 GMT

Why a 720 credit score?

Re: Curious about credit score?

Anonymous — Mon, 01 Apr 2013 14:24:37 GMT

Self Employed Construction Loan

$400,000

Land is Paid off $220,000.00

Reporting apx $140,000 in income

Local bank here said I had to have a 720 to even prequalify

Paid the Amex Last night