topic Re: How are my scores? Need 30 points in 6 weeks in Mortgage Loans

How are my scores? Need 30 points in 6 weeks

Anonymous — Fri, 13 Jan 2012 00:27:25 GMT

613,607,614

our credit specialist we hired just did a rapid rescore which gave us 15 points in 10 minutes which I thought was impossible! All the collections are updated but we have 1 that we had no idea about until it hit my husbands reports in May 2011 we know this one collection which is through afni inc formerly ATT IS $434 and they denied a PFD 2x already via email! So we are having our credit guy dispute it crossing our fingers. We need to get preapproved by end of FEB. we have 3 great tradelines a LEASE, a capital one, and a discover HSBC which is only a month old! i say we but it will be in my Husbands name and we are working on his credit. He has a foreclosure but it has been 3 years just recently. our lender says we need 640 for our midddle score for FHA loan if its below that he's not sure it will work? Anything we can do to increase it fast? Thanks so much- you all are awesome and give fantastic advice!

Re: How are my scores? Need 30 points in 6 weeks

Anonymous — Fri, 13 Jan 2012 00:31:36 GMT

Is there a balance on your credit cards? If yes then pay them all off with the exception of one which you want to report a 1-9% balance. Good luck in raising your scores.

Re: How are my scores? Need 30 points in 6 weeks

Anonymous — Fri, 13 Jan 2012 00:55:47 GMT

we pay off the cards 2x a month so they never hold a balance for long at all. Any tips on boosting it fast?

Re: How are my scores? Need 30 points in 6 weeks

StartingOver10 — Fri, 13 Jan 2012 02:15:08 GMT

What counts is the reporting date to the CRA's. If you pay 2x's per month, but a balance shows on the reporting date, then it doesn't help you at all with the credit report. Call your cc customer service dept and ask which date your cc's are reported. All of them are different.

Utilization is only part of the issue. The other part are the collection accounts that are reporting. If you get rid of those, then his score will increase. Even a paid collection reduces your score tremendously. How many collections are showing on his report, both paid and unpaid?

Re: How are my scores? Need 30 points in 6 weeks

Anonymous — Fri, 13 Jan 2012 04:33:43 GMT

well he has about 5 reporting as paid/settled and just 1 collection through AFNI inc that hit last summer that we were unaware of for $434 which is unpaid so our credit guy is attempting to dispute it and if that doesn't work what do we do pay the settled amount they offered? already tried a PFD via email with no luck. I have heard paying a collection actually hurts your score? Am I wrong?

Re: How are my scores? Need 30 points in 6 weeks

MarineVietVet — Fri, 13 Jan 2012 04:57:06 GMT

@Anonymous wrote:
well he has about 5 reporting as paid/settled and just 1 collection through AFNI inc that hit last summer that we were unaware of for $434 which is unpaid so our credit guy is attempting to dispute it and if that doesn't work what do we do pay the settled amount they offered? already tried a PFD via email with no luck. I have heard paying a collection actually hurts your score? Am I wrong?

No it won't IF everything is coded correctly. Some have said in the past (including myself) that paying off a collection makes it look more recent and thus hurts your score. But a collection is scored off the date of assignment nd nothing else.

But paying a collection won't help your score either because it's scored the same whether paid or unpaid.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: How are my scores? Need 30 points in 6 weeks

Booner72 — Fri, 13 Jan 2012 15:17:24 GMT

This spring I had an Afni/Qwest collection for 191 affecting my ability to get a mortgage bc it was recent. AFNI WILL TAKE A PFD. It just takes work. What I did was, called AFNI 3-4 times a day, emailed them twice a day, faxed them. I did the same with Qwest. The bill was from 2006 but STUPID AFNI didn't report it til 2010. One morning I called AFNI up and was told "As a courtesy, we have deleted this from your reports." I didn't even have to pay it off.

It can be done, just takes persistence. And remember to be OH SO NICE AND VERY SORRY TO BOTHER THEM, but WHAT CAN I DO? PLEASE LET ME PAY THIS BILL SO I CAN BUY MY FIRST HOME FOR MY CHILDREN. Begging and groveling are required. Don't be nasty or impatient, sit on hold til the cows come home. And boy, will you sit. They'll do that to hope you just hang up and give up.

I found the name to the CEO of AFNI and wrote him a letter about what a great business AFNI is, after all, it provides jobs and does "more than just collections" (at least that is what the online article I found said." Oh yeah, don't forget to tell them HAPPY 75th ANNIVERSARY!!!!

Good luck! Let us know how it goes.

Re: How are my scores? Need 30 points in 6 weeks

GoodCredBen — Fri, 13 Jan 2012 16:07:00 GMT

wait, 15 points in 10 minutes??? HOW?

Re: How are my scores? Need 30 points in 6 weeks

Lel — Fri, 13 Jan 2012 19:29:35 GMT

@Anonymous wrote:
613,607,614

our credit specialist we hired just did a rapid rescore which gave us 15 points in 10 minutes which I thought was impossible! All the collections are updated but we have 1 that we had no idea about until it hit my husbands reports in May 2011 we know this one collection which is through afni inc formerly ATT IS $434 and they denied a PFD 2x already via email! So we are having our credit guy dispute it crossing our fingers. We need to get preapproved by end of FEB. we have 3 great tradelines a LEASE, a capital one, and a discover HSBC which is only a month old! i say we but it will be in my Husbands name and we are working on his credit. He has a foreclosure but it has been 3 years just recently. our lender says we need 640 for our midddle score for FHA loan if its below that he's not sure it will work? Anything we can do to increase it fast? Thanks so much- you all are awesome and give fantastic advice!

What did your credit specialist do to accomplish this? Hopefully it did not involve the disputing of multiple accounts, since open disputes on one's credit report can sandbag a mortgage application.

Re: How are my scores? Need 30 points in 6 weeks

Booner72 — Fri, 13 Jan 2012 21:52:15 GMT

I thought a rapid rescore took a week - for the CRA's to get the new statements and then do the updated balances. Then the credit got pulled again to see the score as a result of that.

That is what my LO explained to me 1001 times when we were looking at having to do that.

I also heard that only lenders can do Rapid Rescores, though I did find a website where a person could pay to do it themselves.

I don't know what a "credit specialist" is but that term scares me.

I wish you guys all the best, though!

Re: How are my scores? Need 30 points in 6 weeks

MarineVietVet — Fri, 13 Jan 2012 22:03:56 GMT

@Booner72 wrote:
I thought a rapid rescore took a week - for the CRA's to get the new statements and then do the updated balances. Then the credit got pulled again to see the score as a result of that.

That is what my LO explained to me 1001 times when we were looking at having to do that.

I also heard that only lenders can do Rapid Rescores, though I did find a website where a person could pay to do it themselves.

I don't know what a "credit specialist" is but that term scares me.

I wish you guys all the best, though!

When I see that term or the word "expert" I grab my wallet really tight and hold on because it usually means something is about to get expensive.