FICO Has increased... Just as the interest rate did too! What am I to do?

[Anonymous]

First of all from all of the credit boards around I am thankful to say that my score last year this time was 491, dropped to 482 but today I received notice that it is at 629. I have been working diligently to get my scores up to purchase a new home and now the interest rate has gone up too. My lender first said that I would qualify for a FHA with 20 down, but Friday when my score was 611 told me that he could get me conventional 80/20 at 6.62%. My question now is can I get the same loan with only 10% down now that my score has increased?

Thanks for your help.

[Anonymous]

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@Anonymous wrote:
First of all from all of the credit boards around I am thankful to say that my score last year this time was 491, dropped to 482 but today I received notice that it is at 629. I have been working diligently to get my scores up to purchase a new home and now the interest rate has gone up too. My lender first said that I would qualify for a FHA with 20 down, but Friday when my score was 611 told me that he could get me conventional 80/20 at 6.62%. My question now is can I get the same loan with only 10% down now that my score has increased?

Thanks for your help.

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I believe 630 is another "bracket"
Is 629 your middle score?

[Anonymous]

I am not sure. That is the score that I received today from the MyFico. I do know that EQ sucks and won't raise my scores. I guess I'll wait to see on Monday if they make changes.

[Anonymous]

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@Anonymous wrote:
I am not sure. That is the score that I received today from the MyFico. I do know that EQ sucks and won't raise my scores. I guess I'll wait to see on Monday if they make changes.

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It is my understanding that mortgage lenders use your middle score.
I would have all 3 fico's.

[Tuscani]

The mortgage gurus should be able to comment... I just wanted to tell you congrats! You have come a long way!

[Anonymous]

Thank you! I am indeed grateful and will be guarding these scores for life. If I could do it, I know that anyone can. My negative TL are still there, but over time they will drop off. Striving for the 700.