Getting a Mortgage loan

[Anonymous]

Hi there yea ol FICO experts-

Here is my question(s).  I have been monitoring my credit scores through TrueCredit and today I decided to get a report from PrivacyGuard.  I was very disappointed to see that my scores on Privacy Guard were a lot lower then on True Credit.  Here is my analysis:

Privacy Guard:

Ex:572 TU-618 EQ:757

TrueCredit:

Ex:638 TU:621EQ:765

My actual FICO's provided to me by my Mortgage Broker is:

Ex: 564 TU-638 EQ-741

Question 1 should I be concerned about the disparity with the 2 FAKO scores?

My Broker is trying to get my mid score up 2 points (640). I just recently paid off a credit card collections bill, a electric bill that went to collections, and had a credit card deleted as it was deemed fraudulent.  All three of these were submitted for a rescoring on Monday and should come back in the next few days with a new FICO score. 

Question 2-How much of a jump should I see?

Question 3-Where can I get advise on getting to my goal of 750-760 for all 3 bureaus? I think I should also mention that I had been in credit repair but I am thinking I need to come out and do some things on my own.  I actually didn't mind paying off the balances that I did owe as they accepted lower amounts.  Any help is beneficial, just don't know where to start.

Thanks so much for your help.

[llecs]

Welcome to the forums!

1) Don't ever be concerned about FAKO scores. I have one that is currently about 200 points lower than my TU FICO when pulled the same day and I don't care.

2) Paying a CA (collections agency) will never improve your FICO scores. Paying it via a PFD letter to get it deleted will (if deleted). If a CA is reporting the electric bill, then again, only helps if deleted. YMMV based on the CC. If the CC helped your FICO in any way (e.g. length of history, good utilization, helped your mix), then getting that deleted could hurt. If the CC hurt your FICO (e.g. lates reporting, hurt your CC utilization, maxed out), then it's deletion would help. There's no way to predict without knowing your full credit picture first.

3) Check these out:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

[Anonymous]

Thank you IIecs!

I am really nervous now with this information.  However, I must move forward.  I am only looking for 2 points right now but I can say that the CC did hurt it was in collections maxed out and over the limit. I will report what happens when I know more in a few days.  I was getting nervous that no one would answer me so a BIG THANK YOU again!

Happy Posting!

[llecs]

For your two CAs, I'd send a letter asking them to delete. They don't have to but some just might.

I bet you'll see a fair amount of points returned if that CC was over the limit and if you have other CCs aside from that one.

[Anonymous]

Will do!  Thanks again!  Your links were also very helpful...I am  OTJ (On the Job) LOL!