HELP- NEED 4 Points on TRANS FICO4

[Anonymous]

We are about to close on a house and are using VA loan- Everything is set with the lender, except I need a 4 point boost to my Fico4- score.
Her Scores are amazing, and I think that is the only reason we are being considered for the VA loan. 

Somehow we were able to land a mortgage, as long as I can get my little score above 600. I am sitting at 596 currently for my Fico4.

At the advise of a few different lenders, I added an Opensky, Charged about 20 percent on it, and paid that except 20 dollars. 

I currently have 17 (yes 17)- 90 and 120 day late student loans reporting on my Transunion report- They are through FEDLOAN SERVICING, and I have begged, sent out letters, and everything under the sun to get those removed(the accounts were closed when I refinanced the loans a few years back to get my mothers name off of them)


Other than that I have one collection from the general, which is paid but will not delete despite multiple attempts/letters/phone calls. 

I have nothing negative aside from the above mentioned, no missed payments(other than one from over a year ago that i am having removed right now(it was 30 days late) 

The only debt i have is the $250,000 in student loans(being paid regularly)
                                                                           $8,900 for car- over half paid off. 

A few different lenders advised me to open an "open sky" and "self" account, which after hearing from 3 different lenders I reluctantly did. 

I have called all of the above companies and here are the listed dates when they are going to report to the credit agencies.

General-POSTS ON APRIL 20th

Open Sky- POSTS ON April 24

Self Account:? No idea, couldn't get through for an answer. (I already made a payment on this account as well)

At this point I am just hoping that my lenders advise was a wise decision.

Final Closing is scheduled for end of MAY!

ANY ADVICE IS MUCH APPRECIATED

[Anonymous]

BUMP- Please anyone?

[tooleman694]

When did you open that opensky card?

[Anonymous]

Opened 4/5/2021

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@tooleman694 wrote:

When did you open that opensky card?

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- only revolving credit I have- and waiting for it to report on my reports.

[tooleman694]

Typically opening a new account will tank your mortgage scores. But since its a CC and your only one, it will be interesting to see what that does.

Might be able to get those points.

[Anonymous]

Thank you for the input. It really is appreciated.

I know that applying for any new credit before getting a mortage is a big "No No", under normal circumstances, but my lack of revolving credit(NONE) being reported, or ever having been reported(with the exception of a rogers jewlers card from 2006 with perfect payment history that was closed in 2009). I will be sure to keep everyone updated with what happens. FINGERS CROSSED

[AllZero]

I agree that going from zero to one open revolving account should net you a positive score gain.

I'm unsure on the points increase.

Since you are on a derogatory score card, there should be no score penalty for opening that account.

[Anonymous]

Pay car loan down below 9% ($800) but don't pay off in full. Borrow from family member or friend if necessary. This may or may not be a possibiliy for you.

[Anonymous]

Thank you all for the input.

I am beyond excited to hear that the new account won't hurt my score because of my derogatory score card. After signing up, I did some research and kind of came to the same conclusion, though it is a relief to hear it from someone else.


I wish I could pay down the Auto loan, but unfortunately I don't have any outside financial help. 

If I could get the scores up 20 points more, Then I could go FHA with first time home buyer assistance grant in South Carolina, but that is 19 points (exp), 24 points(transunion) or somehow 40 points(Equifax)

I do have a late payment from 2020 being removed by allied, but being on the derogatory score card, I don't know that it will make a difference. 


Thanks all again for the responses, and anyone else feel free to chime in.

[Anonymous]

Maybe the difference in Credit Mix alone will be enough. Good Luck!