Just a few quick questions

TonyaLynn · ‎09-03-2014

Me and hubby were trying to get approved for a mortgage only to find out we could not be approved! The mortgage broker told us a few things we could do to bring up the credit score in 30 days. She recommended to pay off a medical bill and have them remove it from his credit report, the collection agency said that they don't do that, that they just update it to paid in full. She the broker said if they aren't going to remove it once paid, then there is no point in paying. So is it better to leave it sit unpaid or pay it?

I plan to call the oc to see if we pay them in full if they will pull it back not sure if they will.

Also the reporting date of each item we have on the credit report, that is the date that they update each month? I want to be sure that I am right about that and I need to try and make payments before they reporting date to have it so it's updated accurately when the broker runs our credit again.

Hubby's credit score is a 609, and we are roughly 50points away from being approved for the mortgage, can we get his score up 50 points in 30 days?

We have a four credit cards that need to be paid down some, we are paying one off tomorrow and then throwing some extra money at the rest in the next couple weeks.

We did successfully dispute a 30 day late from Badcock, the report state the late was in January of 2013, and Badcock's records indicate the late was in February of 2013. Badcock is sending out the dispute letter to them tomorrow and stated they have 15 days to remove it.

taxi818 · ‎09-03-2014

Well first of all. where did you get Dh score from. Hopefully it is accurate. if 609

Second. most mortgages. only require minimum of 640 to be approved. so you will only need about 31 points.

Now to other question. If collection agency will not. PFD>

Which is pay for delete.

For God sakes dont pay it. it will change the date of activity on your score. and your score wil drop even further.

If they do Pay for delete. get it in writing via certified mail first. before you drop a single dime.

The bigger question. How can you get points fast.

You need to give a little more information. like how many credit cards you got.?

Total limits of said credit cards?

and total amount of Debt on said credit cards.

this way we can tell how to get those points fast.

it is important to know your due dates. because in most cases your statement date will be 2-3 days after that. this is important. because statement date is the date they will report information to credit bureau.

so example. say you have total credit card limits of 5k.

to get points fast.

lets say you owe about 2k on that amount . which in fact mean you are using about. 40 percent of your limit. Example only.

If you can pay that 2k down to 500 dollars. it will bring your utilization down to 10 percent and you would see big bump in score.

This is example only.

So you need to be more specific. to get the best help here. Good luck.

Anonymous · ‎09-05-2014

First sorry it took so long to get back to you! I forgot my password, got locked out, etc. Set up a new accout.

Dh got his scores from the mortage broker. Experian-563, Transunion-606, Equifax-560, those are from the letter the mortage broker set us. After looking at it we may have a ways to go, to get his score where we need it.

Dh has 4 credit cards, 2 pretty close to max, and 2 a few bucks over.

CC1 Limit $500, balance $448

CC2 limit $700, balance $621

CC3 Limit $1500, balance $1513

CC4 Limit $200. balance $202

I am now thinking there is no way to get where we want to be in 30 days, but maybe 60 days. I know we need to get these paid down, but I am not sure if we should start with the smallest or the highest.

Thanks for any and all help.

AAG1903 · ‎09-05-2014

We're in the same boat, so I'm interested to hear what others recommend. We haven't applied yet, knowing we probably won't get approved yet. If you don't mind me asking---Where did you apply through? FHA or Conventional?

Based on what I've read, if the cc balances were paid, or at least almost fully paid that should help the score significantly.

CK starting score 514, goal 600 in 6 months or less

taxi818 · ‎09-05-2014

IMO. Start with the lowest. Pay in full. Will help asap. Remember util is 30 percent of score. If you can pay all down except 1 card. Let report under 10 percent. You would get hge bump. More than you need maybe to qualify. You have to at least try.

Anonymous · ‎09-05-2014

@AAG1903 wrote:
We're in the same boat, so I'm interested to hear what others recommend. We haven't applied yet, knowing we probably won't get approved yet. If you don't mind me asking---Where did you apply through? FHA or Conventional?

Based on what I've read, if the cc balances were paid, or at least almost fully paid that should help the score significantly.

We applied for a usda loan.

Anonymous · ‎09-05-2014

@taxi818 wrote:
IMO. Start with the lowest. Pay in full. Will help asap. Remember util is 30 percent of score. If you can pay all down except 1 card. Let report under 10 percent. You would get hge bump. More than you need maybe to qualify. You have to at least try.

That was my plan but wasn't sure!