@Anonymous wrote:For the first time in some time, I'm making okay money and really start making good money in 3 years or so. I just graduated college and faced some financial difficulties awhile(before college) ago and those negative remarks are due to fall off my credit report soon. However, I'm looking to buy a house. My credit score is on a rise. I did get a bad surprise in December when my credit score dropped 60+ points because Nelnet removed the deferred payment remark from my credit report. I stayed current and now I got back all of those points. Now I'm sitting at 640 with one and like a 638 with another one.
I was so excited, because I needed above a 620 to get a house loan with Veterans United. To my surprise when I called, my "mortage credit score" didn't change. This leads me to believe that it didn't update. Correct? I hope so.
While speaking with an agent from VU, she went on to tell me about 2 negative remarks that will get me in range. It's not too expensive to pay what they want me to pay, I just hate to reward those companies this late in the game after ruining my credit score for so long. I understand why they did it and they can ruin my credit score for 7 years in exchange for not a penny from me and then we be even.
But the amount of money that I saved by not renting another house for another year will be way worth it for me to pay to get those things removed.
So what's exactly is this morgage credit score? One is in the 560's and the other is in the 580's. Does it take extra time for it to update? What do you recommend me to do in order to buy my house in July?
Thanks
1. I think you're rushing this. Remember, just because they're willing to give you a mortgage doesn't mean you can afford to buy a house. It's a huge commitment.
2. As @Anonymous pointed out, the first step is to find out what your 3 FICO mortgage scores are; then we can move on from there on how to improve the likelihood of getting a decent mortgage and mortgage rate.
3. The fact that your mortgage score didn't change does not mean that the report didn't update.
4. Paying those negatives will not necessarily remove them from your report, but you should pay what you owe.
If you want to do this right get a MyFICO 3B Report, or subscribe to a monitoring subscription, and then you'll know exactly what your mortgage scores are, and what you need to do to improve them.
3 things which always improve your mortgage scores are:
(a) don't apply for any new credit,
(b) keep most of your revolving balances at zero
(c) make sure those balances which do report are small
