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First Time Home Buyer (I HOPE!!)

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Established Member

First Time Home Buyer (I HOPE!!)

Ive been trying to rebuild my credit to purchase a house for a while. About 6 months ago I went through freecreditreport.com and my scores were Ex 655, Eq 677 TU 717. I went to a mortgage lender and he said i have no FICO score since i have no current revolving credit. So I applied for a credit card and was denied. I then applied for a gas card and was approved. Today recieved a TU FICO score of 724.  I have 7 accounts that show Paid or paying as agreed,  I also have 2 charge offs and a collection. Even though i have 2 charge offs and a collection,  The myFICO "Credit At A Glance" is showing i have no accounts with negative indicators. (which i dont understand) 

 

Does anybody have any advice on what my next step should be before having another lender pull my credit report?

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Re: First Time Home Buyer (I HOPE!!)


@ccarriii wrote:

Ive been trying to rebuild my credit to purchase a house for a while. About 6 months ago I went through freecreditreport.com and my scores were Ex 655, Eq 677 TU 717. I went to a mortgage lender and he said i have no FICO score since i have no current revolving credit. So I applied for a credit card and was denied. I then applied for a gas card and was approved. Today recieved a TU FICO score of 724.  I have 7 accounts that show Paid or paying as agreed,  I also have 2 charge offs and a collection. Even though i have 2 charge offs and a collection,  The myFICO "Credit At A Glance" is showing i have no accounts with negative indicators. (which i dont understand) 

 

Does anybody have any advice on what my next step should be before having another lender pull my credit report?


It's very probable that the TU FICO from here won't match the TU FICO from your lender, since it is likely your lender is using a newer version. However, IME, if my TU98 version from here dropped or increased, then my TU04 from my lender did the same. It's the best (and only) way to compare. You might want to pull your EQ FICO from here too. It is very highly likely the score would match.

 

Are any of those accounts (CAs not included) listed as being in dispute? If so, FICO will ignore that from the Glance page. Once the dispute clears, the red flags will reappear. If there's no dispute listed in the comment section of that TL, then look in the Accounts page. It has several columns. There's one for the red flags. If there's a red flag next to the TL, then FICO sees it as bad.

 

Before you apply with your lender, I'd rebuild your credit. Check out the Rebuilding Your Credit board for more info.

 

I'd also opt-out from all 3 CRAs.

 

 

 


 

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Regular Contributor

Re: First Time Home Buyer (I HOPE!!)

See what you can do to get the collection accounts off your report.  Maybe there's no negative indication because you didnt have a fico score when they reported.

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