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17 point drop in FICO

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17 point drop in FICO

Hi - I was pre-approved for a home loan recently.. although my FICO bairly made it at 621. 3 weeks prior to this, I was working with a Direct Lender, Wells Fargo .. they had pulled my credit. Apperently a pull by Wells Fargo can drop your score 13+ points. While I wont be closing for another 2 months (hopefully that will be enought time to get the score up a few points).. I'm a little nervous on how to get those points back. I'm working with a Credit Repair Company and have gotten a few things deleted.. I'm wondering if 10-20 points is a lot to make up in 2 months. Thoughts?

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Re: 17 point drop in FICO

It's not hard to do IMO.  Before I applied for my mortgage loan my score was a 600 for TU and a 588 for EQ in August 2011.  By that October I sent a few GW letters and had two collections and one cc charge off deleted.  I also budgeted and got my CC utilization down from 60% to 5%.  My EQ and TU scores jumped up by 62 points for TU and my EQ jumped up by 60 points (mainly due to me paying my utilization down) but the deletions added around 20 points for me alone.  I then app'd for it with a 662 TU04 score (lender pulled) and a 648 EQ score.  If you have high Credit Card balances pay them down to about 9% or lower and it may make up a nice chunk of points but every scenario doesnt net the same results.

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Re: 17 point drop in FICO

I took my utilization from 80% to 3% in a month and my scores all jumped about 45 points in a month!  If you have high utilization, you can do this with rapid rescore...

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Re: 17 point drop in FICO

Also can get your LO to do a Rapid Rescore with a company to get you by. Them issues will of course need fixed. Time heals all wounds. In your case the credit....

 

I got pre-approved put a contract in and we went to pull the credit to send to underwriters and my LO told me a medical bill hit a couple days ago..... Im still in this process and more stressed than when I had my son.... This feeling is the worst. I am still hoping my credit comes back ok and we can still submit to underwriters in time.....

 

Take your credit VERY serious right now. It can cause you major delays and stress you dont need.

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