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Hello-
im currently sitting with a middle score in the 590's. My friend who is a mortgage loan officer said nothing can be done for me until I get a middle score of 620. I am not in a position right now where I can sit and wait another 2-3 months for my scores to increase. I want to buy ASAP. Is there anything that can be done for me? Do lenders approve below 620? Thanks for any help you can provide!
Find a different lender. Some lenders can go as low as 580
You might be able to get your scores up quickly depending on what's on your report that's keeping them low.
Do you have any old collections or CO that are due to fall of automatically within 6 months? If so, call the CRAs and ask for early exclusion on those.
Do you have any balances on your credit cards? If so, pay all of them to ZERO except for ONE account where you pay that down BELOW 9% but not at zero.
Between those two, if they apply, your score could go up significantly.
@Anonymous wrote:Hello-
im currently sitting with a middle score in the 590's. My friend who is a mortgage loan officer said nothing can be done for me until I get a middle score of 620. I am not in a position right now where I can sit and wait another 2-3 months for my scores to increase. I want to buy ASAP. Is there anything that can be done for me? Do lenders approve below 620? Thanks for any help you can provide!
Hi Mike,
Yeah find a new lender. There are some that will go down to a 580 & some that will even do a zero score as long as they have alternative trade lines.
A good mortgage lender will be able to tell you what can be done to help raise your scores in the short term.