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Hello!
I'm ready to buy my first house in the spring of 2017 and I need to get my credit in shape so that I can get approved for a mortgage. My current FICO 2 scores are EQ-587/TR-598/EX-596. I have nine collection records, four that are marked as paid and five that are outstanding (four of which I will have paid off in the next two months, the last will be paid off before the end of the year), so there will be no outstanding collection accounts when I apply for my mortgage. My only outstanding debt is two student loans (totaling $11,237 - all of which is in deferral since I am still in school). I've noticed fairly significant increases in my scores (about 100 points) since I started monitoring my reports and actively working on my credit issues in March.
I do have a couple of questions/concerns that I'm hoping I can get advice on:
Any help you can give answering my questions would be greatly appreciated!
Kelly
Thanks for the response! I've heard about the minimum 640 score as welll, that's why I'm trying to get my credit report cleaned up ASAP so that my score has time to go up as much as possible before I start applying in April 2017.
Good luck to you on your homebuying process as well!
There is one collection account from February 2016 (small enough that I hopefully can PFD) but the others are from 2014 or older. I opened a secured Discover Card in June and I am an authorized user on an BOA card for a family member. Is there any way to see if adding another line of credit would add to my score? I'm concerned that I'm going to start taking away from my score instead of adding to it.
I like the idea of talking to the load office at the bank - they can at least give me an idea of where I stand and when I could be approved for my loan.