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Will my credit rise fast enough before my house is built?

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Valued Member

Will my credit rise fast enough before my house is built?

Hello! I’ve asked some questions on here before about the mortgage process and working with Pulte Mortgage. I’m wondering if anyone knows of any ways to assist with the moving of the FICO mortgage scores!

In June my scores were this:

Experian: 535
Equifax: 563
TransUnion: 521

And now they are this:

Experian: 588
Equifax: 556
TransUnion: 543

My husbands credit is in the high 600s so his is just fine, mine is the one that’s pretty bad. I have four paid collections on each plus two open collections (one medical at $1400). He cannot go on the mortgage by himself because I make more money than him. I am paying off the other collection (just slowly, because my loan consultant said he doesn’t want a dip in my credit before the house is done).

We close late November/early December and I’m wondering if that’s enough time to get my scores high enough? My loan consultant says we need at least 2 scores over 580 and we will then both qualify for the FHA. My fear is one of the medical collections being sold then reporting again..

Any advice would be awesome! Also any advice on how to boost my scores as well.
6 REPLIES 6
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Community Leader
Super Contributor

Re: Will my credit rise fast enough before my house is built?

We need more information.

 

What type of loan?

What is your UT?

How many CCs and how many reporting balances?

What is the open collection that's not medical and can you get a PFD?

 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 2 of 7
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Valued Member

Re: Will my credit rise fast enough before my house is built?

FHA loan
Utilization 78%
One card $300 limit had $18 on it.
One card that I’m an authorized user on - $738 of a $1000 limit
Open collection is from an old apartment complex that I was fighting with because I sent them checks and they apparently never cashed them - 2 years later come back to collection. Closed dispute for the mortgage per loan consultant’s advisable.
Message 3 of 7
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Community Leader
Super Contributor

Re: Will my credit rise fast enough before my house is built?


@Quzy wrote:
FHA loan
Utilization 78%
One card $300 limit had $18 on it.
One card that I’m an authorized user on - $738 of a $1000 limit
Open collection is from an old apartment complex that I was fighting with because I sent them checks and they apparently never cashed them - 2 years later come back to collection. Closed dispute for the mortgage per loan consultant’s advisable.

Work your you-know-what off to get that UT to less than 28.9%, then 8.9%. That alone is going to increase your scores because you will be crossing 2-3 threshholds. Remove yourself as an AU (the UT is too high). Call the apt. complex and ask if a PFD can be negotiated or at least a payment arrangement can be made unless a payment is going to increase your DTI.  


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 4 of 7
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Valued Member

Re: Will my credit rise fast enough before my house is built?

Awesome! I’m working on getting it down now Smiley Happy My mom can probably remove me as an AU but will it report within that time frame? The collection is in a payment arrangement status I’m paying $175 a month on it now Smiley Happy
Message 5 of 7
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Community Leader
Super Contributor

Re: Will my credit rise fast enough before my house is built?


@Quzy wrote:
Awesome! I’m working on getting it down now Smiley Happy My mom can probably remove me as an AU but will it report within that time frame? The collection is in a payment arrangement status I’m paying $175 a month on it now Smiley Happy

When you said your UT is 78%, was that for your mom’s card only? If yes, having that removed should give you a nice bump if the only other card you have is the $300 card with an $18 balance. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 6 of 7
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Valued Member

Re: Will my credit rise fast enough before my house is built?

It’s mostly my mom’s card. I don’t have any credit cards besides that one and the $300 one. I try to steer away from cards because of the trouble I got myself in ages ago lol. She said she was going to pay it down to $0 sometime this month, I was going to wait on that.. hoping it would help!
Message 7 of 7
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