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Helping out a friend. His scores were pulled earlier today showing 613 as mid score (590 and 622 other two). He Would qualify for FHA (600) required with lender, but he does not have the 3.5 upfront fee at moment. He only has two payments that are reporting to bureaus - $350 loan from finance co. and a secure credit card obtained about 6 months ago. His secured card has $300 limit and he has been paying minimum of $25 a month leaving a bal. of $275. My question is if he were to pay around $200 down on his card leaving $75 balance, is there a possibility this may "jump" his score to 640 ? * He is OK on income and ratios **Appreciate all responses.
How old is his credit file? Any deliquencies?
I would recommend having him pay off that card down to 8% which is 22.00. You get the most points this way. But I don't think it would jump up that many points but I could be wrong. Also what bureau is his mid score from? And does that card report to that bureau? Also, are these his FICO mortage scores that were pulled or just the general Fico ones?
less than 2 years
Mid score is Transunion (613)
Assume they were Fico mortgage scores since a mortgage lender pulled scores
Have your friend open another revolving card account and keep that balance below 30% at all times between now and the day after he closes his USDA loan.