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Rebuilding credit and looking to refi


Rebuilding credit and looking to refi

Hello community,

I am looking to refi my FHA to a convetionional and trying to get an esitmate of how long it might take to get a middle score above 680.

My credit history has been pretty bad but I have been working on it hard for the last 12 months. 18 months ago my average score was 425 and today I am at 597/632/635. My current mortgage scores are 598/610/606.


I have 3 open CC with a total balance of $368

I have 1 CC in a charge off reporting active with a balance 0f $864 and a limit of $750.

I plan to pay these off in the next 30 days.

I have 1 30 day late in the last 12 months, 20 older than that.

I have 17 showing for 90 days past


I also have some CC that have been settled for less than balance or just in charge off status that do not seem to effect the utilization, but I am assuming that they are effecting my score, just don't know how much. Should I pay these off also?

Any advise on if these are the correct paths to be taking and what else I can do to help raise my score is appreciated. If you need more information please let me know.




Message 1 of 4
Frequent Contributor

Re: Rebuilding credit and looking to refi

The charged off CC balance is absolutely affecting your utilization % which is hurting. The $864 balance would be reporting over 100% utilization which will be holding your mortgage scores down the most. Mortgage scores are most sensitive to CC debt. Paying off those CC chargoffs and getting balances close to zero will dramatically help your mortgage scores. Other than that only time can help. Those late payments need more time to age. Then of course you can haved absolutely no more late payments.


Good Luck!

Message 2 of 4

Re: Rebuilding credit and looking to refi

pgtackle2003 Thank You, so I was thinking the right thing to work on. At what age do the lates not effect the score as much? 12, 24,36 months or longer?

Message 3 of 4

Re: Rebuilding credit and looking to refi

Just got a notice:

The total balance on all your Personal Finance account(s) has decreased by $270. This change applies to the sum of all Personal Finance balances.


And my score went down 2 point!

Message 4 of 4
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