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Hello,
I'm trying to get a conventional illinois smart move mortgage and my mid score is 640..I qualified for the Wells Fargo city lift program which reserved $ 15K in funds to help with closing and down payment assistance. I have until 12/24 to close on a property or I will lose the funds.I need 20 points to get this loan. I was approved for FHA before but it's hard to find condos that are FHA approved. Here my CR right now
Cap1 - Derog but paid..i been trying GW no luck
First Premier - CO - not going to bother paying them it's from 07
HSBC best buy- derog - paid - no luck with GW them so far
HSBC - derog -co paid after co - no luck with GW so far
Cap1 - $ 500 limit $240 balance
BofA -500 limit - $ 480 balance - I just paid the entire balance today
Orchard bank CC-$ 300 limit- $ 134.00 balance
I'm not sure what else I can do to get a 20 point increase within the next couple of weeks. Any help is appreciated as I'm running out of time to utilize these funds.
I am not sure if this will earn you 20 points but I would pay off another cc and leave one at a very small balance ($40). You then have to find out when these cards report to the cra's.
any other suggestions?
Best bet for a quick one month bump is going to pay down your utl rate to 9%.
With your current available limits you should only carry $117.00 on them.
If you have recently purchased your score use the simulator and see if this will move your score enough.
GW adjustments would be huge if you could get them done. I did one with Chase, and it posted to my account in 2 days after I spoke with them.
Search HSBC GW and you may be able to find the back door info and numbers.
GL.
P.S is there a reason you need 20 points, ie lendor stated only way to be approved? Sometimes 640 is high enough not to need to worry. I would view the COs a more of an issue then the score itself.
Best bet for a quick one month bump is going to pay down your utl rate to 9%.
With your current available limits you should only carry $117.00 on them.
If you have recently purchased your score use the simulator and see if this will move your score enough.
GW adjustments would be huge if you could get them done. I did one with Chase, and it posted to my account in 2 days after I spoke with them.
Search HSBC GW and you may be able to find the back door info and numbers.
GL.
P.S is there a reason you need 20 points, ie lendor stated only way to be approved? Sometimes 640 is high enough not to need to worry. I would view the COs a more of an issue then the score itself.
I got HSBC removed with a GW submitted through Planet Feedback a few years ago. GW the others like a madman. In writing, through Planet Feedback, find as many different addresses as possible. If you start googling stuff you can come up with addresses to try. I paid my cc down to 9% and it didn't help, but then I paid them down to 0% and it jumped my score. I think it was due to the fact they all have pretty low limits, maybe? Anyway, I tried it again and again over a few months and always the same result. It was last year, and I don't remember the specific jumps. Good luck.
The underwriters may require you to pay off the old derog before approving you. I know I had to pay any and everything (negative) off before I was approved 4 a mortgage back in 2007.
Like others stated...theres really not much time but getting your UTI down will help.
@Shinoga wrote:Hello,
I'm trying to get a conventional illinois smart move mortgage and my mid score is 640..I qualified for the Wells Fargo city lift program which reserved $ 15K in funds to help with closing and down payment assistance. I have until 12/24 to close on a property or I will lose the funds.I need 20 points to get this loan. I was approved for FHA before but it's hard to find condos that are FHA approved. Here my CR right now
Cap1 - Derog but paid..i been trying GW no luck
First Premier - CO - not going to bother paying them it's from 07
HSBC best buy- derog - paid - no luck with GW them so far
HSBC - derog -co paid after co - no luck with GW so far
Cap1 - $ 500 limit $240 balance
BofA -500 limit - $ 480 balance - I just paid the entire balance today
Orchard bank CC-$ 300 limit- $ 134.00 balance
I'm not sure what else I can do to get a 20 point increase within the next couple of weeks. Any help is appreciated as I'm running out of time to utilize these funds.
Pay off your balances and leave maybe $1 on BOA....keep in mind the like to see 4 active TL so you may have to dig up a non traditional TL to qualify
wgat do you mean by non traditional TL?