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Hello.
We are set to close the last week of January.
We are going USDA
We were told to pay off medical accounts, which we did.
I signed up on here, and it looks like the middle school dropped ALOT to 651
We are going USDA.
Questions
Do you know when they pull their second credit report?
Will the 651 kill everything since USDA wants a 660
If a pay down a credit card tomorrow, is there any chance it will reflect on my score by closing
Please help! Dana
Paying a credit card down will more than likely increase your scores. The ideal is to get all down to zero with the exception of one at 1-9% of its limit. If time is an issue ask your loan officer to do a rapid rescore. There is a fee associated however I think it is well worth it to get the desired scores.
PixieQueen80 wrote:If time is an issue ask your loan officer to do a rapid rescore. There is a fee associated however I think it is well worth it to get the desired scores.
lenders are not supposed to charge for rapid rescore. violation of respa i think.
but many do. dumb or lazy i guess
If I pay it off tomorrow, when should I ask the LO to do a rapid rescore?
Is this going to raise flags as well?
Does anyone know if 660 is an Absolute MUST with USDA?
@Anonymous wrote:If I pay it off tomorrow, when should I ask the LO to do a rapid rescore?
Is this going to raise flags as well?
Does anyone know if 660 is an Absolute MUST with USDA?
It doesn't raise any flags. It gets your info thats needed updated fast, hence the name. It helps the lender as they will not be able to fund otherwise. Take the above advise, pay everything but one with a small <9% balance for max effect. Ask when told your score has to be higher.
im going usda direct and they repull credit every 6 months (180 days). 120 days for new construction i believe.