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Freaking out!!!!

Regular Contributor

Freaking out!!!!

We found a house that we liked last month but when we pulled our scores we found that Equifax was 550 and TU 608.  We were disappointed but decided to pay our credit card under 9% utilitization and work on the baddies.


Today we decided to speak with our lender and he pulled our scores to find TU is 605, Experian is 606 and Equifax is 540 (blah).  However, he checked what our scores will be once the credit card reports and they will jump 40-50 points which will qualify us for an FHA loan.  We are trying to get the credit card company to fax a statement to the bank so they can force the reports (or something like that) and show updated scores.


I am on pins and needles right now.  He told us to put in an offer contingent on us getting financed.  ahhhhhh!!  lol

Starting Score: EQ: 540 TU: 606 EX: 605 (all from lender on 7/26/11)
Current Score: EQ: 601 TU: 648 EX: 642 (from lender on 8/4/11)
Closed on our home on 8/31/11!!!!
Goal Score: 620-650 to start

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Message 1 of 3
Moderator Emeritus

Re: Freaking out!!!!

Good luck!   Hope you get your mortgage.  If this doesn't work, keep plugging away, you'll get there!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 3
Super Contributor

Re: Freaking out!!!!

Most likely happened since the OC's haven't reported yet to the CRA and its not seeing your util below 9%..


Similar situation happened to a friend of mine. He needed 8 points to qualify for an FHA and just paid his util down to 5% from 80%.


He said they dd a rapid rescoring some weeks later and he gained about 30 points all across.

Message 3 of 3