So we got pre-approved on a FHA loan. We found a house and are now under contract. Mtg broker said we just have to get rid of disputes on CRs for myself and my husband. When we went in lastnight to sign the application, I told him that I received an alert from my experian membership and from here that my score went down. My mid score was 639 and he wanted it at 640. So he called me this morning to tell me that my score went down to 626! He's going to call me back to see if a rapid rescore will help it go back up.
I'm going to cry!!!! I think it went down due to my cc utilization. Our central AC went down last month and we decided not to get it fixed since we were planning on buying a home, so we opted to purchase 3 portable ac's instead. I put those on my cc. That's what I think is bringing me down. On my husband's CR, the increase in CC balance made his go up! Ugh!!!
So I did the score stimulator on experian to see how much my score would possibly go up if we paid down the cc and had my broker do a rapid. It estimated that my score can go up 19 points if I paid cc down between 0-15%.
Is this somewhat accurate? Can someone please give me their take on this??? I'm seriously about to cry..
Starting Score:EQ 653, TU 612, EX 618 (pulled by Mort Broker)I haven't heard back from my mtg broker yet, but I went ahead and called Exp and spoke w/a credit advisor. I told them about my situation and asked them what I could do to boost up my score to 640 asap. They said if I get my cc under 30% it should significantly increase my score. I'm hoping they're correct because we are under contract right now to puchase a home.
@Thexy1 wrote:
If it doesn't work with him find one of the many lenders that will help you. Some go down to 580.
Is there a reason why you are fixated on this lender?
Our situation is unique. We've been working with him for a couple of years now. To make a long story short, we had our 2nd mtg charged off in 2010. We're still in the home and it's been a lot of lawyers and tiring hours on our part to try to get the 2nd mtg figure out why it went into default during the load mod process we did in 2009-2010.
Our broker has spent countless hours trying to get us a lender that would work with us. He found one, but the lender wants a mid score of 640. Now I'm scrambling. I just paid down my cc to 20%, I'm waiting for a letter from my credit union to give me a letter stating what my cc balance is so we can get a rapid rescore done to get my score up to 640.
@mom22sonz wrote:best wishes that it will work out.
Thanks so much mom22sonz!! I'm praying it will workout. 
So I spoke to my mtg broker. He ran my scores through his creditlink simulator and my mid score has a potential of +26. I'm at a 627 mid right now, was 639 when he initially pulled beginning of June. My cc utlization went up end of June to 65%, our ac broke. So I paid it down to 20% today and had him do a rapid. We won't hear from him till probably next week Wednesday.
Anyone here have had experience with their lender's rapid rescoring simulator? Is it accurate?
I'm nervous, but my gut tells me it'll be ok. 