IQualifier

[kezia2410]

My fiance and I applied for  pre approval for an FHA loan last week and we were not denied but we weren't approved either. His mid score was 647 and mine was 617. He told us he can qualify us but we would not be able to use any downpayment assistance programs because (1) my mid score wasn't at a 640 and (2) our DTI is at 51% over the max of 45% the DPA programs requirement. He directed us to a program called IQualifer where they pull your report and give you a simulation of what your score can be if you pay off certain things. Well my Fiance signed up and paid the fee but I wasn't too happy with the program. First it only pulls your TU report ..not all 3.  We really need to lower our DTI but I'm not sure what else to do. I have paid all my neg off with the exception of 2 accts a previous lender told us not pay cause it will not affect us getting qualified and paid my credit cards to 0 except 1 and he is an AU  on all my credit cards. He has a few issues on his credit that we paid off but he still have accts that may be hurting him. We just need someone to guide us in the right direction as far as credit wise!!!

Has anyone every used the program? Has it worked to increase score after it told you what to do? Thanks!!!

[denver133]

This program sounds a lot like the simulator on this site when you purchase your reports. Its an estimate and will give you a good idea, but I have never had my scres be the same as what comes out on the simulator the next month.  

It sounds like you both need to let your CCs report 1-9% for a month or two to get the scores to bounce up.  Negatives take time to become less and less hurtful.   Can you write any goodwill letters to have any of the negitives removed?