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Will Updating Accounts to IIB Hurt FICO Score for Mortgage?

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Established Contributor

Will Updating Accounts to IIB Hurt FICO Score for Mortgage?

Hi,

 

We are approximately 60 days from closing on our forever home and I noticed that some of my student loans that were included in a Chap 7 BK are not identified as such on my Experian & TransUnion reports.  YIKES!.  I can't believe I missed this!

 

My FICO scores are in the 700s and I want to keep them there so I'm not sure if it will make sense for me to update this information before closing.  The only baddie is the BK from 2013.  The loans are currently in deferment.

 

How will this affect my scores if I submit the discharge documentation to the EXP & TU to update accordingly? 

 

Thanks for your help!

2 REPLIES 2
Frequent Contributor

Re: Will Updating Accounts to IIB Hurt FICO Score for Mortgage?

Why would you change it ? I wouldn't mess with them unless the underwriter says to do so

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


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Message 2 of 3
Established Contributor

Re: Will Updating Accounts to IIB Hurt FICO Score for Mortgage?


@kaylord84 wrote:
Why would you change it ? I wouldn't mess with them unless the underwriter says to do so

The underwriter has no clue about this newfound information.  I was going through my BK papers from 2013 and found the information.

 

I am NOT going to do anything until I have a solid idea of how it would affect my scores and our ability to purchase.  Right now, I am leaning toward leaving them as they are because they are in good standing.  

 

I posted my question because I wanted to get some feedback on the pros & cons of changing to IIB vs leaving them as is.

 

Thanks for replying.

Message 3 of 3
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