Hello Everyone,
I started a thread in a different section of the forum, but maybe posting here is more appropriate. Please forgive the duplication:
I'm in contract to buy a home. My tri-merge FICO score is 619. I can't qualify for a conventional mortgage. The only mortgage that I've qualified for is an FHA loan. We received an APR of 6.161% (interest alone is 5.5%). The mortgage amount is $173,800. The closing costs with prepaids will be around $17,830. The closing costs also include a one point penalty. The monthly payment for interest and principle is 986.82 plus an additional $70.40 for mortgage insurance.
I'm trying to bring my credit score up in the next 45 days to qualify for a better rate and hopefully get rid of the extra $70.40 per month in mortgage insurance. My father has an 807 tri-merge FICO and he has put me as an authorized user on his 3 oldest cards (gave the banks my ss# and address) with total credit lines of $60,000. My fiance has a 730 credit score and has put me on her credit card with a line of $6,000. Does anyone have any idea if these cards will report in time (about 60 days until closing - 2 weeks are required to "redo" the mortgage application) to positively effect my FICO score? If so, could you give your best guess as to what the impact would be?
Thank you,
Tom
Here's a copy of my credit report:
EQUIFAX/FACTA BEACON 5.0
SCORE: 629
00038 - SERIOUS DELINQUENCY, AND DEROGATORY PUBLIC RECORD OR COLLECTION FILED
00010 - PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON BANK REVOLVING OR OTHER REVOLVING
ACCOUNTS
00018 - NUMBER OF ACCOUNTS WITH DELINQUENCY
00014 - LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
TRANSUNION/FICO CLASSIC (04) -
SCORE: 611
038 - SERIOUS DELINQUENCY, AND PUBLIC RECORD OR COLLECTION FILED
010 - PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON BANK REVOLVING OR OTHER REVOLVING
ACCOUNTS
018 - NUMBER OF ACCOUNTS WITH DELINQUENCY
020 - LENGTH OF TIME SINCE DEROGATORY PUBLIC RECORD OR COLLECTION IS TOO SHORT
EXPERIAN/FAIR, ISAAC (VER. 2) -
SCORE: 619
38 - SERIOUS DELINQUENCY AND PUBLIC RECORD OR COLLECTION FILED
18 - NUMBER OF ACCOUNTS WITH DELINQUENCY
10 - PROPORTION OF BALANCE TO HIGH CREDIT ON BANK REVOLVING OR ALL REVOLVING ACCOUNTS
21 - AMOUNT PAST DUE ON ACCOUNTS
08 - TOO MANY INQUIRIES LAST 12 MONTHS
SCORE MODELS
B B NASSAU CNTY
Docket #:
Source: TU/EF
File Date:
Amount:
Status Date:
03/07
$5,173
--/--
Plaintiff:
Action Type:
Status:
LEGAL SERVICING LLC
JUDGMENT
JUDGMENT
PUBLIC RECORDS
*** NONE ***
OPEN ACCOUNTS
.
B B GEMB/SHOPNBC
01/09 02/03
--/--
$2000
REV
$0
$0
$0 27 0 0 0 PAID
XP/TU/EF
CLOSED
.
.
B B TARGET N.B.
01/10 04/03
01/07
$200
REV
$0
$0
$0 48 0 0 0 PAID
XP/TU/EF
CLOSED
.
.
B B WFNNB/SHOPNBC
02/03 02/03
--/--
$2000
REV
$0
$0
$0 1 0 0 0 INACTIVE
XP/TU/EF
.
CLOSED ACCOUNTS
ECOA
WH
OSE
CREDITOR DATE
REPORTED
DATE
OPENED
HIGH CREDIT
OR LIMIT BALANCE
PAST
DUE
MO
REV 30 60 90+
STATUS
DLA ACCT TYPE TERMS SOURCE
DEROGATORY ACCOUNTS
.
B B CAP ONE
04/10 05/01
04/04
$3582
REV
$3582
$107*
$3582 56 1 1 4 CHARGE OFF
XP/TU/EF
Late Dates: LAST LATE DATE 10/04
CHARGED OFF ACCOUNT; ACCOUNT CLOSED BY CREDIT GRANTOR
.
.
B B AMEX
04/10 05/02
03/04
$1700
REV
$1701
$51*
$759 - - - CHARGE OFF
XP/TU/EF
ACCOUNT CLOSED BY CREDIT GRANTOR
.
.
B B I C SYSTEM INC
11/09 11/06
01/06
$25
COLL
$25
001 -
$25 36 0 0 0 COLLECTION
XP/EF
ORIGINAL CREDITOR: MEDICAL PAYMENT DATA
.
.
B B BANK OF AMERICA
01/07 04/03
07/04
$2500
REV
--
- 45 2 2 3 CHARGE OFF
XP
Late Dates: 2/05-150+, 1/05-120
TRANSFERRED TO ANOTHER LENDER; PURCHASED BY ANOTHER LENDER
.
COLLECTION ACCOUNTS
ECOA
WH
OSE
CREDITOR DATE
REPORTED
DATE
OPENED
HIGH CREDIT
OR LIMIT BALANCE
PAST
DUE
MO
REV 30 60 90+
STATUS
DLA ACCT TYPE TERMS SOURCE
*** NONE ***
OTHER CREDIT HISTORY
*** NONE ***
INQUIRIES (LAST 90 DAYS)
*** HIGH RISK FRAUD ALERT ***
Mod Cut! Please do not share your personal information in the forums. Its for your safety and privacy. Thank you for your understanding!
--fused, myfico moderator
TU HIGH RISK FRAUD ALERT
2 - TRANSUNION ID MISMATCH ALERT: CURRENT ADDRESS MISMATCH. INPUT DOES NOT MATCH FILE.
3 - ADDRESS DISCREPANCY: THERE IS A SUBSTANTIAL DIFFERENCE BETWEEN THE ADDRESS SUBMITTED IN THE
INQUIRY AND THE ADDRESS(ES) ON FILE
ALERT
# BALANCE HIGH CREDIT PAYMENTS PAST DUE
MORTGAGE 0 0 0 0 0
AUTO 0 0 0 0 0
EDUCATION 0 0 0 0 0
OTHER INSTALLMENT 0 0 0 0 0
OPEN 0 0 0 0 0
REVOLVING 6
OTHER 1
TOTAL 7
APPLICANT CO-APPLICANT
APPLICANT
SECURED DEBT 0 OLDEST TRADELINE 05/01
UNSECURED DEBT 5308 DEBT/HIGH CREDIT
TRADE SUMMARY
CHARGE OFFS: 3 30 DAYS: 2 INQUIRIES: 0
COLLECTIONS: 1 60 DAYS: 2 MOST RECENT LATE: undetermined
BANKRUPTCY: 0 90 DAYS: 2
PUBLIC RECORDS: 1 OTHER: 0
DEROGATORY SUMMARY
Applicant:
Name of Score:EQUIFAX/FACTA BEACON 5.0
Credit Score:629 Range:300-850
Key Factors affecting the score
l SERIOUS DELINQUENCY, AND DEROGATORY PUBLIC RECORD OR COLLECTION FILED
l PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON BANK REVOLVING OR OTHER REVOLVING ACCOUNTS
l NUMBER OF ACCOUNTS WITH DELINQUENCY
l LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
Applicant:
Name of Score:TRANSUNION/FICO CLASSIC (04)
Credit Score:611 Range:300-850
Key Factors affecting the score
l SERIOUS DELINQUENCY, AND PUBLIC RECORD OR COLLECTION FILED
l PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON BANK REVOLVING OR OTHER REVOLVING ACCOUNTS
l NUMBER OF ACCOUNTS WITH DELINQUENCY
l LENGTH OF TIME SINCE DEROGATORY PUBLIC RECORD OR COLLECTION IS TOO SHORT
Applicant:
Name of Score:EXPERIAN/FAIR, ISAAC (VER. 2)
Credit Score:619 Range:300-850
Key Factors affecting the score
l SERIOUS DELINQUENCY AND PUBLIC RECORD OR COLLECTION FILED
l NUMBER OF ACCOUNTS WITH DELINQUENCY
l PROPORTION OF BALANCE TO HIGH CREDIT ON BANK REVOLVING OR ALL REVOLVING ACCOUNTS
l AMOUNT PAST DUE ON ACCOUNTS
l TOO MANY INQUIRIES LAST 12 MONTHS
Applicant:
Name of Score:EQUIFAX/FACTA BEACON 5.0
Credit Score:629 Range:300-850
Key Factors affecting the score
l SERIOUS DELINQUENCY, AND DEROGATORY PUBLIC RECORD OR COLLECTION FILED
l PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON BANK REVOLVING OR OTHER REVOLVING ACCOUNTS
l NUMBER OF ACCOUNTS WITH DELINQUENCY
l LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
Applicant:
Name of Score:TRANSUNION/FICO CLASSIC (04)
Credit Score:611 Range:300-850
Key Factors affecting the score
l SERIOUS DELINQUENCY, AND PUBLIC RECORD OR COLLECTION FILED
l PROPORTION OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON BANK REVOLVING OR OTHER REVOLVING ACCOUNTS
l NUMBER OF ACCOUNTS WITH DELINQUENCY
l LENGTH OF TIME SINCE DEROGATORY PUBLIC RECORD OR COLLECTION IS TOO SHORT
Applicant:
Name of Score:EXPERIAN/FAIR, ISAAC (VER. 2)
Credit Score:619 Range:300-850
Key Factors affecting the score
l SERIOUS DELINQUENCY AND PUBLIC RECORD OR COLLECTION FILED
l NUMBER OF ACCOUNTS WITH DELINQUENCY
l PROPORTION OF BALANCE TO HIGH CREDIT ON BANK REVOLVING OR ALL REVOLVING ACCOUNTS
l AMOUNT PAST DUE ON ACCOUNTS
l TOO MANY INQUIRIES LAST 12 MONTHS
