Fico Scoring Question Help!

Anonymous · ‎11-28-2009

I pulled my credit scores here on 7/19/09 and my EQ score was 632,TU 630. A mortgage company pulled a tri merge credit report using TU04 and my EQ was the same 632, TU 635, and experian was 602. Now I had my credit pulled again on 11/9/09 by the mortgage and they pulled the following scores EQ 641, TU 614, and EX 586. The only thing changed is another collection was added to my credit report and is currently reporting since May 2009.

I pulled my credit report again here and my scores are EQ 641, TU 648 and EX ?. So my question is if in July my transunion credit scores here and the mortgage company were 5 points off in difference, and the credit report I recently pulled on here show an increase since July would it be safe to say that TU credit report has increased from 614 that the mortgage company pulled a couple of weeks ago? Any feedback would be greatly appreciated these different scoring models make no sense and I need a 6 point increase on my TU to qualify for FHA loan.

Jazzzy · ‎11-28-2009

@Anonymous wrote:
I pulled my credit scores here on 7/19/09 and my EQ score was 632,TU 630. A mortgage company pulled a tri merge credit report using TU04 and my EQ was the same 632, TU 635, and experian was 602. Now I had my credit pulled again on 11/9/09 by the mortgage and they pulled the following scores EQ 641, TU 614, and EX 586. The only thing changed is another collection was added to my credit report and is currently reporting since May 2009.

I pulled my credit report again here and my scores are EQ 641, TU 648 and EX ?. So my question is if in July my transunion credit scores here and the mortgage company were 5 points off in difference, and the credit report I recently pulled on here show an increase since July would it be safe to say that TU credit report has increased from 614 that the mortgage company pulled a couple of weeks ago? Any feedback would be greatly appreciated these different scoring models make no sense and I need a 6 point increase on my TU to qualify for FHA loan.

Welcome...

I don't think there's any way to extrapolate what your TU might be. I wouldn't want to guess. What else do you have going on with your reports? Do you have any credit card debt? Paying off credit cards is the fastest way to pick up a few points.

Are they telling you that you have to pay any of your collections? What are they telling you about your scores?

Are you trying to get your preapproval? Actively looking for a house? I ask, because timeframe makes a difference in what you can do.

Anonymous · ‎11-29-2009

Welcome...

I don't think there's any way to extrapolate what your TU might be. I wouldn't want to guess. What else do you have going on with your reports? Do you have any credit card debt? Paying off credit cards is the fastest way to pick up a few points.

Are they telling you that you have to pay any of your collections? What are they telling you about your scores?

Are you trying to get your preapproval? Actively looking for a house? I ask, because timeframe makes a difference in what you can do.

Thank you! Well to answer your question I am trying to get preapproval for a mortgage. I only have 1 credit card and it is a $450 limit with only $21 owed. 2 student loans that I have been paying on for a minimum of 2 plus years with no lates. I have approximately 6 collections all over 2 years old that are reporting. I paid 3 off but they have yet to update or send me a letter providing proof of payment received and balance paid. I need 6 points on my transunion credit score to get my middle score to 620. I have already found a house and have an accepted offer on a bank owned home. My loan officer tells me I should be able to get the 6 points by closing by paying off the collections because 2 of them are actively reporting each month. One of them I paid and I am about to pay the other (pfd) just waiting on them to send me a letter that they will honor pfd.

I am on pins and needles praying this all works out and thought maybe some of the experts could chime in with any thoughts or suggestions.

Jazzzy · ‎11-29-2009

Sounds as if you are following your loan officer's advice. I do know you have to be cautious about paying off collections right before closing.

Be sure to be reading on the Mortgage forum. There you are dealing with some real experts in what to do...and what to not do...right before applying for a mortgage. You are in a VERY tight timeframe for doing this and want to make sure you're doing everything right.

Since it is TU you are trying to raise...I would pay off the remaining balance on the credit card BEFORE the statement cuts. TU likes to see no revolving debt, and that could give you a bit of a boost with them.

Because you've already got an accepted offer, time is important. Your loan officer may have to do what they call a rapid rescore to get your reports updated.