Absolutely annoyed with myself.
Put in a contract on a house, applied for a FHA loan. Middle score was exactly 620. Today I get a message from MyFico that a new account appeared on my report and my score dropped. Pulled a fresh report and a credit card I dont remember applying for showed up with a zero balance. Made my score drop to 613.
So now my loans on jeopardy according to my broker. Underwriting had approved with the only condition remaining being appriasal. The broker is telling me not to say a word and hope the underwriter doesn't notice?!
Anyway, I have one credit card with a 16,500 limit and a 9,792 balance. I have late payments and 2 paid charge offs from last year during covid that goodwill and disputes didn't adjust.
If I pay down the balance on that cc to 48%, would that potentially increase a fico 5?.
The broker also mentioned closing the account or disputing it to have it removed, my concern there scoring doesn't typically go back to where it was like he's imagining.
