Potential Fico Increase

Anonymous · ‎09-11-2013

Hello, trying to purchase a home in very near future. Looking for some warm fuzzies that I can get to 600 next month when the 3 below items get reported

Here are my current scores: 580, 585, 597 as per the report the lender pulled. They need a mid of 600 to pre approve with underwriting support.

The good:

I have one NFCU credit card that was at 40% uti and 2k CL that I paid down and also increased CLI to 10k which resulted in 5% util.

I also got rid of 2 medical collections.

Long credit history

2 years perfect payment on my car loan with NFCU

6 months perfect payment on my bike with NFCU

The bad:

Student loan in collections, but half way through rebuild process that will have last payment in Feb 2014

Thanks in advance for your replies.

Michael.

Anonymous · ‎09-12-2013

bump

09Lexie · ‎09-12-2013

Sounds like your score was dinged by the CAs and high util. How will the SLs report in Feb? Paid as agreed ?

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Anonymous · ‎09-12-2013

Yes, I confirmed with them by phone that all neg history will be deleted and replaced by OK's and paid current.

AndySoCal · ‎09-12-2013

Do you know the score reasons from your credit report? If so look at those for additional ideas how to improve your score. The lowering of if creidt card debt will help. Getting the medical collections off the report will help in the long run. With the student loans being reported in collection I am not sure how much you will gain in the short run by the removal of the medical collections. Remember the score the lender is going to use is the middle score for the mortgage loan.

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Anonymous · ‎09-12-2013

Yes, they are listed in the report.

The student loans will be addressed in early spring when the negative lines get removed and replaced with positive ones. Right now, I'm not worried about hitting 700, that will happen when the student loans reset in the spring. I just want to get above 600, which I think is easily achievable in the next month or so.

jeffg330 · ‎09-15-2013

I think you have an excellent chance to get over 600 on middle score. Curious about getting pre approval with 600, what type of financing?

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Anonymous · ‎09-15-2013

VA financing, I have 2 different lenders that will work with 600.

Equifax already updated to 617 and NFCU has not reported yet, so crossing my fingers. They may still not approve with my student loans still showing in collections though. I do have a letter from them showing my payments while in rebuilding, but that is not complete until February.