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Getting to 620...

Regular Contributor

Re: Getting to 620...

It was a very long/hard process for us... Something I NEVER thought we would acheive.. Saturday will make a month since we've closed on our house and I have to admit that at least once a night and once every morning I think "it's ours..! noone can take it away (well of course unless we can't/don't make payments).." I remember early on in one of my postings I was freaking out because WF wanted to use our gas bill as a line of credit and when they called to verify the payment history was horrible.. (of course it was a matter of I missed one month without knowing and it continued to be "late" until I realized it) anyway, someone had posted:

"I can't imagine why anyone would give you a loan with that many late utility payments.  8 last year and 2 this year?  Really?  Honestly, there is a reason they call it "credit" which is generally defined as "The ability to obtain goods or services before payment, based on the trust that payment will be made in the future."

 How have you demonstrated that you are trustworthy?"

I was heart broke by this and almost thru in the towel... But, then I decided that I wasn't and I kept on going... I had decided that it was a utility bill not a loan payment.. Needless to say.. 2months after that was posted we closed on our 1st house Smiley Happy (and the loan company we ended up going thru didn't use the tradeline)

So my words for today are: No matter what if you feel it can be acheived, keep going.. don't give up! Even when it looks bad it can be just fine with someone else...


We ended up going thru FGMC.. I can give you the LO's contact info if you would like Smiley Happy

Message 201 of 212
Frequent Contributor

Re: Getting to 620...

I know that I'm super late...But CONGRATS to you MBohio2!!! I read through this on the edge of my seat and it really encouraged me to continue on with the hopes of reaching 620 so that I too can become a home owner.

Message 202 of 212
Established Contributor

Re: Getting to 620...

Hi everyone, I don't frequent these boards as much as I used to, so I'm just catching up on some replies here. Thanks to all of those that have said congratulations - we LOVE our home!!!


sebok521 - Regarding AES, the options for me were limited because my loans with them were not only CO, but still had oustanding balances (I couldn't pay them off right away). If you can pay off your loans with AES, DO IT!!! If not, it will be a much tougher journey. Going back to the beginning, after the COs occurred, I tried relentlessly for about a year to convince AES to reverse the COs, but they refused over and over. So then, I tried to GW them and again, absolutely no luck. From my research, when you have COs with oustanding balances, the best thing you can do in order to increase your chances of mortgage approval is to have a written payment plan on the COs and a solid history of making those monthly payments under the payment plan, even if a balance still remains. As soon as I learned that, I entered into a payment plan on all of my CO loans (the monthly amount they wanted me to pay was crazy, but I was able to convince them to accept a more reaosnable monthly payment). Therefore, by the time we finally applied for a mortgage, we could show written docuemntation of a payment plan and about a year of on-time payment plan payments. I understand that this will not suffice for many lenders, but it worked for us with our lender. It was not an easy road and it was a gamble, but for us, it paid off. AES is a horrible, horrible company and I am so sorry you have to deal with them.
For anyone that would like my FGMC LOs info, please send me a PM!
Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 203 of 212
New Visitor

Re: Getting to 620...

Hello. This is my first post. Forgive me but what does CO stand for with relation to your student loans. I have been deferred as I am still a student, but will begin paying them back this fall. Even with the $43000 in Student Loans,  my DTI is 23%. The problem I have is with my FICO score of 611 (618 and 624). My husband has 585, 604 and 624. We have a contract on a home we are scheduled to close by 9/5/2012. I have paid all the collection accounts (all medical, and some from my son who has the same name as my husband that we didn't know anything about). I am in love with this house and cannot bear to lose it. We are hoping for an FHA loan. The broker we are working with says his investors want a 640 (yikess!) and one of the banks said they could find a lender with a 620. The scores mentioned are from today. We have worked with an attorney and one of the big deragatory reports were sent for deletion by the collection agency just this past Tuesday. Don't know when we should have the lenders run credit again; and is there hope of finding an FHA sub 620 lender?

Thanks for any help.

Message 204 of 212

Re: Getting to 620...

This is my first post on here and I have had a frustrating process as well. It is too stressful to go into the details. But after going through 3 LO and hitting a brick wall with their willingness to help and give me information I think I finally found someone trustworthy and helpful that is looking out for my best interest. So I have a middle score of 616 right now with Experian. TU is 644 and EQ is 615. I am awaiting a rapid rescore with experian. My cc util was 36% when he first pulled and it is only on one Capital One card. I have paid the util down to 1.8%.


My question is it is possible that I will get my 4 points from this rapid rescore? If it's more I will be extatic but all I really want is the 620 so we can proceed.


Thoughts anyone?


And thank you in advance. I have learned so much on here, and it is sad that after all the people I have talked to I was not given the info I learned here. And THAT is the information I needed. Go figure.


Message 205 of 212
Established Member

Re: Getting to 620...

I just went through a rapid rescore myself with initial scores of 610 EX, 622 EQ and 642 TU. Util was at 68% and brought it down to 24% after payment. I only did rapid rescore on EQ and TU and ended up with 647 EQ and 652 TU which is a 25 and 10 points jump respectively. You've paid down a significant portion of your CC so hopefully it gives you your much needed 4 points Smiley Happy
Message 206 of 212
New Contributor

Re: Getting to 620...



Please send me your LO's name and number and the name of the company.  Congrats and God Bless.

Message 207 of 212
Established Contributor

Re: Getting to 620...

Jimsnurse - The abbreviation of "CO" means charge-off, as in defaulted for inability to pay. Regarding your situation, I think the best thing you can do it head over to the Rebuilding Your Credit board and start a post where you list everything negative on your credit report. The people over there are wonderful and very saavy and can help you figure out the best way to increase your score in the short time that you have. Good luck!!


For anyone that would like the name and contact info for my LO, please send me a private message. I can't keep up on all of the replies to my messages, but if you send me a private message, that will ensure that I'm providing everyone the info they need!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 208 of 212

Re: Getting to 620...

So after 2 delays with the rapid rescore I was getting worried. a call from my LO Friday and I am now at TU 680, EX 671 and EQ 615. Needless to say I was ecstatic! Was worried about gettin 4 points to 620 and now have gotten to the 640(Score went from 616 to 671) that my LO really wanted. So now the process begins and hopefully will find out what that is in the next days. Meanwhile meeting with sellers tomorrow to go over purchas agreement and give them earnest money. I hope it's smooth sailing from here on out. Want to close on or BEFORE Sept. 7th.

Message 209 of 212

Re: Getting to 620...

I would like you LO's info,but I'm afraid that I'm not very internet/computer savvy.So, I don't know how to PM you.

Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
Current Score: 572
Goal Score: 640

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Message 210 of 212