topic Re: HELP- NEED 4 Points on TRANS FICO4 in Mortgage Loans

HELP- NEED 4 Points on TRANS FICO4

Anonymous — Mon, 19 Apr 2021 19:09:51 GMT

We are about to close on a house and are using VA loan- Everything is set with the lender, except I need a 4 point boost to my Fico4- score.
Her Scores are amazing, and I think that is the only reason we are being considered for the VA loan.

Somehow we were able to land a mortgage, as long as I can get my little score above 600. I am sitting at 596 currently for my Fico4.

At the advise of a few different lenders, I added an Opensky, Charged about 20 percent on it, and paid that except 20 dollars.

I currently have 17 (yes 17)- 90 and 120 day late student loans reporting on my Transunion report- They are through FEDLOAN SERVICING, and I have begged, sent out letters, and everything under the sun to get those removed(the accounts were closed when I refinanced the loans a few years back to get my mothers name off of them)

Other than that I have one collection from the general, which is paid but will not delete despite multiple attempts/letters/phone calls.

I have nothing negative aside from the above mentioned, no missed payments(other than one from over a year ago that i am having removed right now(it was 30 days late)

The only debt i have is the $250,000 in student loans(being paid regularly)
$8,900 for car- over half paid off.

A few different lenders advised me to open an "open sky" and "self" account, which after hearing from 3 different lenders I reluctantly did.

I have called all of the above companies and here are the listed dates when they are going to report to the credit agencies.

General-POSTS ON APRIL 20th

Open Sky- POSTS ON April 24

Self Account:? No idea, couldn't get through for an answer. (I already made a payment on this account as well)

At this point I am just hoping that my lenders advise was a wise decision.

Final Closing is scheduled for end of MAY!

ANY ADVICE IS MUCH APPRECIATED

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Tue, 20 Apr 2021 12:42:06 GMT

BUMP- Please anyone?

Re: HELP- NEED 4 Points on TRANS FICO4

tooleman694 — Tue, 20 Apr 2021 13:54:06 GMT

When did you open that opensky card?

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Tue, 20 Apr 2021 14:08:07 GMT

Opened 4/5/2021

@tooleman694 wrote:
When did you open that opensky card?

- only revolving credit I have- and waiting for it to report on my reports.

Re: HELP- NEED 4 Points on TRANS FICO4

tooleman694 — Tue, 20 Apr 2021 14:13:51 GMT

Typically opening a new account will tank your mortgage scores. But since its a CC and your only one, it will be interesting to see what that does.

Might be able to get those points.

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Tue, 20 Apr 2021 16:49:09 GMT

Thank you for the input. It really is appreciated.

I know that applying for any new credit before getting a mortage is a big "No No", under normal circumstances, but my lack of revolving credit(NONE) being reported, or ever having been reported(with the exception of a rogers jewlers card from 2006 with perfect payment history that was closed in 2009). I will be sure to keep everyone updated with what happens. FINGERS CROSSED

Re: HELP- NEED 4 Points on TRANS FICO4

AllZero — Tue, 20 Apr 2021 17:41:30 GMT

I agree that going from zero to one open revolving account should net you a positive score gain.

I'm unsure on the points increase.

Since you are on a derogatory score card, there should be no score penalty for opening that account.

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Tue, 20 Apr 2021 18:52:24 GMT

Pay car loan down below 9% ($800) but don't pay off in full. Borrow from family member or friend if necessary. This may or may not be a possibiliy for you.

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Tue, 20 Apr 2021 19:18:07 GMT

Thank you all for the input.

I am beyond excited to hear that the new account won't hurt my score because of my derogatory score card. After signing up, I did some research and kind of came to the same conclusion, though it is a relief to hear it from someone else.

I wish I could pay down the Auto loan, but unfortunately I don't have any outside financial help.

If I could get the scores up 20 points more, Then I could go FHA with first time home buyer assistance grant in South Carolina, but that is 19 points (exp), 24 points(transunion) or somehow 40 points(Equifax)

I do have a late payment from 2020 being removed by allied, but being on the derogatory score card, I don't know that it will make a difference.

Thanks all again for the responses, and anyone else feel free to chime in.

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Tue, 20 Apr 2021 19:22:30 GMT

Maybe the difference in Credit Mix alone will be enough. Good Luck!

Re: HELP- NEED 4 Points on TRANS FICO4

tooleman694 — Tue, 20 Apr 2021 19:34:05 GMT

I am not sure how true that is. I am on a derogatory score card, and my mortgage score takes a hit each time I get a new account. But I think you are a special case, because that new card will probably give you points.

Re: HELP- NEED 4 Points on TRANS FICO4

tooleman694 — Tue, 20 Apr 2021 19:39:04 GMT

I just went back and looked, when I started my rebuild. My first card added scored me 80 points on my Fico 8.

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Tue, 20 Apr 2021 20:04:12 GMT

80 points would be a dream- 20 would be a god send.

Thank you for the update.

Re: HELP- NEED 4 Points on TRANS FICO4

AllZero — Wed, 21 Apr 2021 04:12:38 GMT

@Anonymous wrote:
I currently have 17 (yes 17)- 90 and 120 day late student loans reporting on my Transunion report- They are through FEDLOAN SERVICING, and I have begged, sent out letters, and everything under the sun to get those removed(the accounts were closed when I refinanced the loans a few years back to get my mothers name off of them)

Other than that I have one collection from the general, which is paid but will not delete despite multiple attempts/letters/phone calls.

I have nothing negative aside from the above mentioned, no missed payments(other than one from over a year ago that i am having removed right now(it was 30 days late)

If those are Federal student loans, from my understanding, GW is not possible due to the higher education act.

Who was the collection agency by the way?

What was the date of your 30 day delinquency?

What was the last date of delinquency for your 90 or 120 day late? Besides TransUnion, are they reporting on Experian or Equifax?

I'm not well versed in the score impact of the delinquencies or frequency. From my understanding the recency may or may not play a part. If say, the 30 day late was within 2 years. With the removal of the 30 day late, you may or may not see any score improvement against your 90/120 lates. Reason being those 90, 120 day lates are a major delinquency and will supercede minor deliquency severity and the major will have more of a score impact.

See message 2. C. Derogatory Aging

Also see, https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Time-Since-Late/m-p/5138396

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Wed, 21 Apr 2021 14:15:13 GMT

@AllZero

If those are Federal student loans, from my understanding, GW is not possible due to the higher education act. YES THE 90/120 DAY LATE WERE FEDERAL STUDENT LOANS

Who was the collection agency by the way? NO COLLECTION AGENCY FOR THOSE STUDENT LOANS- ONLY COLLECTION AGENCY FOR THE GENERAL -THAT WAS "CCS" OR "CREDIT COLLECTION SERVICES"

What was the date of your 30 day delinquency? 30 DAY DELINQUENCY WAS JANUARY OF 2020

What was the last date of delinquency for your 90 or 120 day late? Besides TransUnion, are they reporting on Experian or Equifax? 90/120 DAY DELINQUENCY IS FROM DECEMBER 2019(90 DAY) AND JANUARY OF 2020 (120 DAYS)

YES THEY ARE ALL REPORTING TO TRANS, EQ, AND EXP

Re: HELP- NEED 4 Points on TRANS FICO4

AllZero — Thu, 22 Apr 2021 02:27:40 GMT

Based on your data points, I am unsure if the removal of the 30 day delinquency will give you a score improvement. One positive would be it's one less delinquency on your report. You may see some score improvement 2 years post delinquency. As shown by the chart, those major deliquencies can impact your score for a long while.

Hopefully, once your new revolving account post, you will see a score increase to push you past the 4 points needed.

Re: HELP- NEED 4 Points on TRANS FICO4

Anonymous — Fri, 23 Apr 2021 12:25:37 GMT

@AllZero - as always thank you for your wise words. I am not holding my breath on the 30 days making much if any difference in my score- that one was more so just a low hanging fruit that I needed to take care of sooner rather than later. Should be about two days before the new CC posts-

Does anyone have any experience with a time line on how fast each agency reports? For instance if I get an update on my Experian- about how long after should I expect an update on my Trans or Equi?

Re: HELP- NEED 4 Points on TRANS FICO4

tooleman694 — Fri, 23 Apr 2021 14:04:42 GMT

For me EX always comes first, then TU and EQ follow a day or 2 later.

Re: HELP- NEED 4 Points on TRANS FICO4

tooleman694 — Fri, 23 Apr 2021 14:07:55 GMT

If you don't already have it, get on credit karma. It updates TU daily. When it shows the new account, come back here and pull your 3B and get the mortgage scores.

Re: HELP- NEED 4 Points on TRANS FICO4

Seamslong — Fri, 23 Apr 2021 15:58:33 GMT

Only suggestion i have if no one else has mention is if you have a family member someone who can add you to an aged credit card with 0 credit utilization currently