Finally some good news

Anonymous · ‎06-11-2019

Last Decembe my FICO (not sure which one, whatever my mortgage lender uses) was about 580 and they told me that because of my score, refinancing would only be possible if the new loan was solely in my wife's name. Since she doesn't show income, that meant no loan. Had a ton of CC debt on current card, 2 collections, and one CO'd card (about $1500).

Paid off the CC debt in March, score still not high enough to qualify for refi.

Paid off one collection in March (now shows $0 balance), the other in April (no longer on reports), now lender says my score is good enough to get a loan but not good enough to get their best rate.

Paid CO last week, this week it reports $0 balance and card company added 'Paid after CO'. Called lender, this last one put me over the top.

So today I'm pretty happy.

Remedios · ‎06-11-2019

Congrats, that's great!

Anonymous · ‎06-11-2019

@Anonymous wrote:
Last Decembe my FICO (not sure which one, whatever my mortgage lender uses) was about 580 and they told me that because of my score, refinancing would only be possible if the new loan was solely in my wife's name. Since she doesn't show income, that meant no loan. Had a ton of CC debt on current card, 2 collections, and one CO'd card (about $1500).

Paid off the CC debt in March, score still not high enough to qualify for refi.
Paid off one collection in March (now shows $0 balance), the other in April (no longer on reports), now lender says my score is good enough to get a loan but not good enough to get their best rate.
Paid CO last week, this week it reports $0 balance and card company added 'Paid after CO'. Called lender, this last one put me over the top.

So today I'm pretty happy.

Great news! Good work getting the CO’s paid off! Do you have any DP’s on point increases after each CO was paid? I’m curious how much each one impacted your score.