Negative Indicator Differences between EQ, TU and EX

[Anonymous]

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@Anonymous wrote:

I pulled all of the scores through the report on My Fico.

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Do you mind telling us the exact date that you pulled your myFICO 3B report?  For some bureaus a removal date may be 1 business day after the 1st.  For Aug that would be Aug 2 (and the actual removal might not happen until that evening).

Having multiple tools that enable you to pull your reports frequently may be very helpful during this time.  Let us know if you want suggestions.

Be careful about asking for Early Exclusion.  (MedicG recommends not using that phrase.)  Here is a comment from myFICO moderator Gdale6:

No, early exclusion only applies to having the entire account excluded not individual lates.  For those you want to use GW letters to the one who is reporting the late(s).  FYI on accounts closed in good standing individual lates will drop at the 7 year mark and once they are all gone the account is a positive until it is removed at approx the 10 year post close mark.

I found that in this thread ("Early exclusion - late payments?"):

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Early-exclusion-late-payments/td-p/3774581

In your latest post it sounds like some of these lates are definitely under 7 years.  That doesn't mean you won't have success getting them removed early, but it isn't a done deal. 

Do continue to work carefully and cautiously with the people who have a lot of experience with early removal of lates.  (That would not be me!)  Best of luck...

[Anonymous]

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@Anonymous wrote:

Thanks for the reply.

My wife and I are looking to apply for a home construciton loan within the next couple months.  The guy I spoke to at the bank said they look for scores over 700.

I pulled all of my scores from here.  My mortgage score for EX is in the low 800's and for EQ and TU in the low 700's.  I was hoping to get EQ and TU lined up with EX so hopefully all scores were in the low 800's since they will take the middle score of the 3.

I pulled all of the scores through the report on My Fico.

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As I read this post carefully, it's clear that a key issue is your belief that you need all three mortgage scores in the low 800s.  This is completely untrue.

I suggest you talk to the lender again and he will likely tell you that the cutoff he's looking for will be a middle mortgage score of 740 or higher -- to ensure the very best rates.  In other words, you would get absolutely no advantage having three mortgages at 805 vs. a middle mortgage score at 741.  The lender will be able to tell you more, as will people in the mortgage forum.  If PMI is involved then you might need a 760.

Not discouraging you from cautiously pursuing early removal of lates, but you should also have a correct target goal in mind.  The goal of having three mortgage scores in the 800s is completely unnecessary.  I'd suggest you work on understanding both issues (early removal strategies and target scores) before taking any further action.  Then, armed with full knowledge, you'll be able to execute a plan.

I also suggest you obtain credit reports dated Aug 3 or later.  (Aug 4 or 5 might be even better, but Aug 3 is good enough.)

[Anonymous]

Thanks for the reply.

You make a good point, I am just trying to get the best rates so the 800+ probably isn't necessary.  I will check with the lender again concenring the score ranges for rates.  PMI is not involved as we are putting down 20%.

[Anonymous]

If you are not yet a subscriber to Credit Karma, I encourage to join this weekend.  (Not today.)

Karma is a free service that will enable you to pull fresh copies of your TU and EQ reports as often as once a week.  Since TU and EQ are the reports you care about right now, and since you are interested inseeing frequent updates to those reports, Karma sounds like a good fit for you.

Be sure to completely ignore Karma's scores.  Karma's scoring model is Vantage which your lender will not be using.  Only use Karma as a tool for pulling the actual report itself.

Final thought:

Early removal of lates is only one strategy for raising your TU and EQ mortgage scores.  There are other strategies, and you should employing all of them you can.

For example, you will get scoring points for having all of your credit cards except one reporting a $0 balance, with the remaining card reporting something small (like $20 say).  How many points you will get depends on what your credit cards, their balances, and their credit limits look like right now.