Just need 8 more points

[Anonymous]

i am in dying need of advice. I need  credit score of 680 to qualify for a mortgage loan, I am at 672. would paying off my high cc $4500 cl of $13000 and $7600 cl of $20000 help me get there within a month. And r collection agencies able to stop reporting a collection or delete it?

[llecs]

OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".

[llecs]

Welcome to the forums!

Why 680? Are you planning on FHA? If your score is a FICO score, you should be able to qualify now.

If you paid off both cards, and assuming they are current and open now, then you'd certainly hit 680. I bet you'd hit well into the 700s if you middle FICO score is 672 now.

Yes, CAs come and go all the time. Check out the Rebuilding Your Credit board for more info.

[Anonymous]

Hopefully you've been looking around, but quickly here's my thoughts:

1. Sure, paying the cards would help, but you should still have enough left over for a 20% downpayment on your house (3.5% is the bare minimum, but try to put down as much as you can, the more you put down, the lower your rate even with a lower score).

2. Be aware that it can take a month or two sometimes for scores to change if reporting times are different for the cards.  I don't know why, I just know that I thought I'd paid it off in time, and it still reported - so give yourself 2-3 months for optimal results.

3. As mentioned, read about goodwill letters to CA or timelines - they have to report accurate information, but don't have to report all information

good luck on your new mortgage loan/house

[Anonymous]

You definitely will want to lower your credit utililzation rate on each credit card account. Most of what I read states that your balance should never exceed 30% of your credit limits. However, I have observed FICO's spokesman Craig Watts indicate that exceeding even 10% of credit limits will begin to drop your scores. How much of a drop, I cannot say.

You should expect to pay off enough of each credit card to reduce your utilization rate to a safer level. Outside of that, just be careful that you do not use up all of your down payment, since that could affect mortgage qualification also.

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