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Experienced advice needed! What are my chances

Valued Member

Experienced advice needed! What are my chances

Sold our home (in which we took a substantial loss & have to bring cash to the table to close).  We took the loss because we are ready to move on to our hopefully "forever" home.  2nd child on the way & were out of space in our first home! 


Bottom line, is that on 10/30/12 we went to get pre-approved to make an offer on a new home....I had been monitoring my credit through a monitoring service, in which I believed to have 630 - 640 score (not ideal, but acceptable for FHA at least i thought).  However when actual credit was pulled my score was:


  • TU = 609
  • EXP = 573
  • Equi= 582

Husband's midscore was around 700 - so his were fine.  Problem is that I am the breadwinner & he stays at I have to be on the loan to get approved.  With current lender, I need to get my mid-score to 620.  Here is a summary of my report:


  • 76% utilization of cc's
  • 3 collection accounts (each under $100 - were medical bills that I was unaware of)
  • a 60 day late in July '12 on a Macy's card because of a mixup on my budget file (kicking myself HARD for this one)

I am working with a credit repair company that has started the dispute process on my collection accounts that are now paid.  I also sent a GW letter to Macy's - have yet to hear back from then, but just sent on Friday.  All of my credit cards will be paid down to $0 except one - on which I will leave under a 9% balance.  From what I can tell all of the credit cards should be updated on reports by early December.


Based on the simulators, paying off my cc's - seems to have a significant boost (myfico simulator is telling me my 534 score will go to between 620 - 640. 


My questions are:


  • How accurate are the simulators in your experience?
  • Do I have a fighting chance of getting that big of a boost in December
  • Anything else I could do to improve my chances?

In the meantime, we'll be living with my Mother in Law until we can get approved for a mortgage!!!  At least we're not homeless!!


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700

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Message 1 of 3
Valued Contributor

Re: Experienced advice needed! What are my chances

Decreasing your util will be your best boost I think. I paid mine down from 80% to 29% and saw a near 50 point increase once the new balances reported. Hopefully Macy's will show some love.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 2 of 3
Valued Contributor

Re: Experienced advice needed! What are my chances

Yeah your best bet would be to pay down your UTLI WAYYYY down and maybe have him add you as an AU on a few of his positive accounts

Message 3 of 3