I need 23 points-best way to acheive?

[Anonymous]

I need 23 points very badly for a mortgage. Is there anyway possible to gain 23 points by removing the most recent collection (first reported 12/08-it's medical)?

If not possible, would there be any way to gain 23 points by paying util on cc's down from 31% to 9%?

We have found a home and will be first time home buyers so, we really want those 23 points.

I know that this is very vague info that I posted, but if more info is needed to determine, I can provide more info.

Thanks!

[haulingthescoreup]

How many other collections, and what are the dates on those?

Do you have the cash on hand to knock down your util?

What scores are you starting from?

[Anonymous]

Well, EX score is 597 (where we need the points from) and they are the worst report to be honest. There are 12 collection accounts total-I know this is bad, very bad, believe it or not, we started with 26 total! Whereas, TU is 606. We are trying to gain 23 points to have a 620 midscore and EX would be the one to gain from because there is an issue on EQ that will not be resolved until 05/06/09 (new OC acting as a CA with hugh balance, showing...long story). We could knock down the util. Some of which has already been knocked down, just not reported yet.

There is a lender that will accept the scores from above to finance the loan, but we have to write a long letter explaining past problems and so forth. The letter counts towards 95% of the lenders decision to loan the money. And with the type of loan that we are going for is an urban development. They are the only lender in this area (TX) as of recently that will accept a 580 mid min. All of the other lenders require the 620.

Basically, we would rather gain 23 points within the next few weeks as opposed to getting rental history (which is not a problem-great rental history), and 2 more letters of 1 year credit reference as the only 12 month "good" on the CR was paid off in Jan and they won't count that as a reference.

Thanks htsu!

[haulingthescoreup]

Have you played with the simulator on your most current EQ report?

See what happens if you select the option to pay down your balance. Enter whatever figure will get you down to $99, and see what it projects.

I'd actually do all three --pay down the balance(s), pursue the HIPAA deletion, and practice my letter-writing skills. I'm glad to know that there are still lenders that want to hear from applicants who've had rough times and are making their ways through.

[llecs]

And to confirm OP, the scores you mentioned are from your lender? Or did you pull them from another source?

[Anonymous]

Hello Ilecs! Yes, they were from the lender. I knew the EQ since I have the monitoring service. It was exactly what EQ and myFICO said the same day that the lender pulled. And TU was +2 points since we last pulled. We knew those were accurate since we have the monitoring service, but of course we were as everyone else is in the dark with EX. And yesterday, the medical collection was pif and should be deleted soon on all 3. The CA has already sent their "tape recording" advising to delete and I have already sent paperwork to make sure it gets deleted asap. 1 CC reported as of yesterday I know to EX as we had a "freebie" due since there was a recent dispute was verified. When I logged in yesterday to get the dispute results, I noticed 1 CC had reported a balance change, so we shall see how the score goes with TU since we can check that and hopefully we will see a score change for the better. And then we can possibly base that on EX as those scores were similar and the only changes on the both will be the same. Thanks!

Also edited to add...the score simulator says the score should be between 665 and have changed it to several different scenarios and it still says score "should be" a min of 665??? I could only wish. But, we will be there one day.

Message Edited by bearcat59 on 04-23-2009 04:21 AM

[Anonymous]

Just to update on this the CA was removed as of 04/23 on EX and TU. The bank re-pulled on 04/24 to see the significance in this being removed. Well. EX gained 15 points (597 to 612) and TU gained 10 points (606-616). On EX the only change was the CA being removed. On TU, the CA was removed and a CC balance decreased from 222 to 0. I was shocked that only 10 points were gained by TU with both changes being reported, but we are almost there to 620. There are a few more CC's to report a decrease in balance but we are not expecting may points gained. On EQ the same CC reported the change from 222 to 0 and only gained 3 points. EQ has not removed the CA yet as they are always the slowest to update. I have faith that we will get there. There's not much more we can do as far as debt ratio on EX and TU and the remaining have the same CC's that report. They are both reporting 23% - 26% debt. EQ shows 49%. We are going to make a push this month to get the ratio under 9% on both. It has been a work in progress learning when each card reports monthly. I think I have it down so we should be as of June. It would be great to get the issue resolved on EQ and have that score back to where it was before the loss of 65 points at the beginning of the month. Which, it would be great to get over 640 for a lower rate, so we shall see.

I have now seen first hand that yes, payind down debt will increase scores. I never would have thought that until I seen it with my own eyes. We were at 102% debt ratio Feb 19th and scores were EX 556, EQ 557, TU 542. And here 2 months later...EX 612, EQ 542, TU 616. And back we we first started in Aug 08...EX 522, EQ 517, TU 562 and TU went to 473 in Sept. So, we are pleased. All thanks to this site!!!