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Hi,
So I posted this on the credit rebuilding forum as well....
Last year I started with a credit score of 550 and I have worked so hard at rebuilding for the last year so that I could purchase a home for myself and my children after a nasty divorce. Anyway, a year later, my scores are 612, 616, 630. I was so excited because the most perfect house came on the market and I thought I was close enough to the FHA requirements to be able to swing it! So I put in a mortgage application yesterday, but have not heard back yet (today is a holiday so hopefully Monday). I have been so exicted until someone on the credit rebuilding forum suggested I check my mortgage scores. I had no idea they were even different! So I paid to pull them on myfico (my other scores come from credit check total) and my mortgage scores are 514, 519, and 599!! I about cried. I've worked so hard the last year and had no idea there were even a different set of scores for a motgage! So with those dramatcially different scores, are my chances completely shot for now?? I know there is a lot more than goes into it, but my income is great, my debt ration is good, my revolving accounts are all good.... I'm worried about those mortgage scores now. Would a FHA lender possibly take into consideration my Fico 8 scores as well? I'm crushed....
they will not factor any other scores except mortgage scores.
this happens all too often to people.
I was where you are today 12 months ago. I did some credit cleanup with Skyblue credit, Lexington Law does the same service but charges more. In addition to that I opened 2 secured credit cards, kept the balances low and paid on time.
12 months later Im at a mid-score of 597 and I'll be applying for an FHA loan at the end of the week.
Don't lose hope.