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Trying to get FHA, mid score 617 HALLLP!

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Anonymous
Not applicable

Trying to get FHA, mid score 617 HALLLP!

Hi there,

Hubs and I are trying to get preapproved for FHA, all of his mortgage scores are over 650. My mid score was 615, and i'm desperately needing it to go up to 620-640.

Here's what i'm working with

TU-616

EQ-554

EX-615

Student loan-good standing, owe about 94k

Car loan-good standing, owe about 16k

Synchrony-good standing $849/1500

Discover-good standing $773/1500

Cap one-90 day late in OCT/2018, current now 888/1750

Commenity-good standing 0/400

Commenity-60 day late in AUG/2018, current now 0/1800

Commenity-60 day late in 2019, account now closed

Student loan account-120 late in 2019, I closed this account and consolidated my loans

 

1 collection for a medical bill for $429 from 2013, disputed through TU and taken off, disputed with EQ with no luck, only CB still reporting this.

1 collection for directtv, paid off in 2019 for $61 (they never sent me a bill), all 3 showing this

1 collection for a tow company for $500, paid off in 2016, only EQ and TU showing this

 

Any ideas on what I should do to get this score up to 620-640? I've been searching these forums and I obviously will pay down my remaining balances and use the AZEO method. Do you think that will be enough of a boost to get me into the 620's-640's? I've signed up for lexington law, because I'm seriously out of ideas. Please help!

6 REPLIES 6
egaithe
Regular Contributor

Re: Trying to get FHA, mid score 617 HALLLP!


@Anonymous wrote:

Hi there,

Hubs and I are trying to get preapproved for FHA, all of his mortgage scores are over 650. My mid score was 615, and i'm desperately needing it to go up to 620-640.

Here's what i'm working with

TU-616

EQ-554

EX-615

Student loan-good standing, owe about 94k

Car loan-good standing, owe about 16k

Synchrony-good standing $849/1500

Discover-good standing $773/1500

Cap one-90 day late in OCT/2018, current now 888/1750

Commenity-good standing 0/400

Commenity-60 day late in AUG/2018, current now 0/1800

Commenity-60 day late in 2019, account now closed

Student loan account-120 late in 2019, I closed this account and consolidated my loans

 

1 collection for a medical bill for $429 from 2013, disputed through TU and taken off, disputed with EQ with no luck, only CB still reporting this.

1 collection for directtv, paid off in 2019 for $61 (they never sent me a bill), all 3 showing this

1 collection for a tow company for $500, paid off in 2016, only EQ and TU showing this

 

Any ideas on what I should do to get this score up to 620-640? I've been searching these forums and I obviously will pay down my remaining balances and use the AZEO method. Do you think that will be enough of a boost to get me into the 620's-640's? I've signed up for lexington law, because I'm seriously out of ideas. Please help!


AZEO will get you there. The lates may be an issue.

EQ-660, TU-687, EX-646
Goal: 750s in all
Message 2 of 7
CreditInspired
Community Leader
Super Contributor

Re: Trying to get FHA, mid score 617 HALLLP!


@Anonymous wrote:

Hi there,

Hubs and I are trying to get preapproved for FHA, all of his mortgage scores are over 650. My mid score was 615, and i'm desperately needing it to go up to 620-640.

Here's what i'm working with

TU-616

EQ-554

EX-615

Student loan-good standing, owe about 94k

Car loan-good standing, owe about 16k

Synchrony-good standing $849/1500

Discover-good standing $773/1500

Cap one-90 day late in OCT/2018, current now 888/1750

Commenity-good standing 0/400

Commenity-60 day late in AUG/2018, current now 0/1800

Commenity-60 day late in 2019, account now closed

Student loan account-120 late in 2019, I closed this account and consolidated my loans

 

1 collection for a medical bill for $429 from 2013, disputed through TU and taken off, disputed with EQ with no luck, only CB still reporting this.

1 collection for directtv, paid off in 2019 for $61 (they never sent me a bill), all 3 showing this

1 collection for a tow company for $500, paid off in 2016, only EQ and TU showing this

 

Any ideas on what I should do to get this score up to 620-640? I've been searching these forums and I obviously will pay down my remaining balances and use the AZEO method. Do you think that will be enough of a boost to get me into the 620's-640's? I've signed up for lexington law, because I'm seriously out of ideas. Please help!


Hi and welcome to MyFICO

 

First, IMHO, the money you are planning on spending on LexLaw, use it to pay down debt. They can't do anymore for you than you can do yourself.

 

Second, PIF Synchrony and Discover ($0 balance), and pay Cap1 to a $5 balance before applying for a mortgage.

 

Third, those lates in 2019 are definitely a mortgage loan killer even if you got your score to 620. Lenders want to see no lates 12 months prior to mortgage application. So, I think you should wait until the youngest late is older than 12 months.

 

Fourth, is there anything showing disputed on your CRs? If yes, LOs will ask for these disputes to be removed.

 

Finally, while you're waiting for your scores to increase (they will once you follow #2 above). However, I don't know how many points because you're in a dirty bucket with the collections and lates. But, commencing today, please make sure there are no more lates even if you have to setup autopay. This is extremely important for getting a mortgage.

 

GL2U


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 3 of 7
Anonymous
Not applicable

Re: Trying to get FHA, mid score 617 HALLLP!

Great advice!
My youngest late is 10/18 which makes sense why our LO recommended reapplying 10/19. I was hoping lex law could help with my collections accounts, I’ve tried disputing them myself and had no such luck with Equifax, TransUnion was easy peasy on the other hand. And yes!! I have not had a late payment since I pulled my head out in October last year. Everything is on autopay!

Thanks!
Message 4 of 7
Anonymous
Not applicable

Re: Trying to get FHA, mid score 617 HALLLP!

Thanks. I figured those lates would come back to bite me.
Message 5 of 7
CreditInspired
Community Leader
Super Contributor

Re: Trying to get FHA, mid score 617 HALLLP!


@Anonymous wrote:
Great advice!
My youngest late is 10/18 which makes sense why our LO recommended reapplying 10/19. I was hoping lex law could help with my collections accounts, I’ve tried disputing them myself and had no such luck with Equifax, TransUnion was easy peasy on the other hand. And yes!! I have not had a late payment since I pulled my head out in October last year. Everything is on autopay!

Thanks!

Your youngest late, as you listed below, says 2019 unless you meant 2018:

 

Commenity-60 day late in 2019, account now closed

Student loan account-120 late in 2019, I closed this account and consolidated my loans


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 6 of 7
Anonymous
Not applicable

Re: Trying to get FHA, mid score 617 HALLLP!

Oops! I meant 2018, not 2019 for those lates. From October 2018 on I have had no late payments!
Message 7 of 7
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