topic Re: MID SCORE declined mortage loan in Rebuilding Your Credit

MID SCORE declined mortage loan

Anonymous — Mon, 01 Sep 2008 22:39:51 GMT

I have applied for a mortgage loan and I am having a hard time getting a mortgage loan my three scores are 629, 628 and 660. The loan officer told me that he has approved people with lower scores for an FHA loan. what can i do to increase my score within the next couple of months???

I have an acct with MACYs that i settled last year, but it still shows a balance on my report and as CHARGE OFF. I have called macy's and also dipsuted the acct with the three credit bureaus.

Any idea if this will help my score and by how many points once it's fixed on the reports????

thanks for your help.

Re: MID SCORE declined mortage loan

Anonymous — Mon, 01 Sep 2008 22:55:26 GMT

Your scores are perfectly acceptable for an FHA loan. There must be another reason you are getting declined. Any baddies within the last 12 months? If you have any negatives within 12 months FHA will decline. Your mortgage broker should be providing you with a reason since your scors are in line.

Re: MID SCORE declined mortage loan

TerrenceATL — Tue, 02 Sep 2008 01:26:19 GMT

You can open a crown jewelers account. It will report a $2500 balance and will help with your overall utilization. They only report to TU and EX but most people see a 15 - 30 point increase. Type it in the search field and read the other posts on it. Also if you have high util on any credit cards pay them down to under 9% util. That will boost your scores also.

Re: MID SCORE declined mortage loan

Anonymous — Tue, 02 Sep 2008 02:02:30 GMT

can-do wrote:

I have applied for a mortgage loan and I am having a hard time getting a mortgage loan my three scores are 629, 628 and 660. The loan officer told me that he has approved people with lower scores for an FHA loan. what can i do to increase my score within the next couple of months???

I have an acct with MACYs that i settled last year, but it still shows a balance on my report and as CHARGE OFF. I have called macy's and also dipsuted the acct with the three credit bureaus.

Any idea if this will help my score and by how many points once it's fixed on the reports????

thanks for your help.

Closed accounts with balances, reported by the OC, are usually calculated into your util.

What is your total util? How many CC do you have? How many are showing balances?

What other negative items do you have?