Do I use credit repair to get a mortgage or do it myself?

[Anonymous]

Hi Folks,

Recently my wife and I went and sent in a pre-approval to a well-known originator family members have used previously to see if could start our homebuying journey. I knew at the time my credit wasn't perfect, but I thought it was good enough to land something but to our dismay my wife sat nicely in the 700s while I was in the 500s( 597 to be exact) and that's the score they used.

Our originator suggested using a credit coach or counseling service. As he sent me the info I had a feeling it was closer to a repair company or had similarities to one. They don't have bad ratings online but the service is 150$ for account setup, dashboard, creating a plan etc. They offer all three credit scores and reports with a monthly call + after 30 days 98 or 137 a month to "work" on accounts which would be managing disputes on inaccuracies. I don't have any crazy credit history besides high usage and a couple missed payments in the last 7 years.

I guess I am in a spot being on these forums as one of those people who gives good advice but I don't take my own LOL. I know the steps I need to take to raise my score 40 or so points to get approved but I am wondering if I should have a coach in place to keep me on track? Maybe I am missing things that I shouldn't be missing and I need someone to provide a strategy?

What's your take on it?

Appreciate the help in advance,

Mike

[AllZero]

Members here give free advice. All we hope for is a kudo or two in return.

If you wish to share you credit profile, perhaps you will get feedback to guide you on your path to mortgage application.

[AllZero]

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

[AllZero]

Free mortgage scores

EX2 + 3 Bureau scores and reports for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score. 6.17% APY on savings account.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

[Anonymous]

Absolutely

I've been around for a while. The forums have treated me well. I already once had fantastic scores and then crushed them again in recent years.

I could post up my profile from myFico, I am going to grab them from here since I can get the most accurate ones for a mortgage here and I love supporting good products.

[blindambition]

This community is full of success stories. They've repaired and rebuilt on their own. Many knowledgeable people to answer questions. Takes some time and patience, but free. There's tons of tools on here, both to learn and execute.

Repair companies can actually do you more harm to your reports. I've seen them remove active credit cards, cause further score loss, by disputing validated accounts, which won't be cleared up. All while sucking you dry of money. Only you have your best interests in mind.

[AllZero]

Reported high utilization is easy to overcome if you have the available funds. Looking at your signature, it appears manageable. Quickest way for the score increase is to reduce the utilization.

[Anonymous]

I have to edit my signature, that's 5 years old LOL.

Sorry guys and thank you for the advice. I will post up more accurate info when I have it shortly.