Score Dropped In The Middle of Purchasing First Home

[Anonymous]

620 is needed Score for a conventional and 580 for FHA?   

[Anonymous]

A lot of things factor in. If I had a bigger down payment/lower DTI it might have been different. I ended up needing a co-signer but I just got the mortgage commitment today. I'll refinance when I'm back up in the 680 range and get my dad off the loan.

[Anonymous]

I can’t theorize an answer to your question, if you don’t answer the questions propounded. For instance, does your oldest account turn 2 years old at about that time?

[Anonymous]

Sorry @Anonymous , I posted this but it was not under a direct reply to you. My oldest account is from 05, when I took out my first student loans, and this was one of them. The balances were the same (1600, 12,000) and they back-dated the opening dates. No other changes but the inquiry from the mortgage company which only dropped my score about one point. 

[Anonymous]

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@Anonymous wrote:

Sorry @Anonymous , I posted this but it was not under a direct reply to you. My oldest account is from 05, when I took out my first student loans, and this was one of them. The balances were the same (1600, 12,000) and they back-dated the opening dates. No other changes but the inquiry from the mortgage company which only dropped my score about one point. 

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@Anonymous I apologize I didn't see it anywhere. I must've missed it. The reason I asked was there is a drop at two years on the mortgage scores, so I was wondering if that may have been it, but your accounts are past that point so.

How many accounts do you have? and whats the age of your youngest account or did we already ask that? Sorry, I can't remember it's been a while. 

i'll come back and re-read the whole thread after I catch up. 

[Anonymous]

Quite alright! I have 25 open accounts, my youngest one being my car loan that I opened in 2015. (Student loans broken into small loans but aI make one monthly payment account for many of these) I worked on my credit for a long time, got serious and payed off my credit cards to under 3% and paid a charge off to apply for the mortgage and even with a co-signer, the terms have changed, and the sudden drop just really messed things up for me. Never would have entered into this had I for seen the score dropping, needing to ask for a co-signer etc but by the time this became clear I was already $5000 in emd plus $2k+ in inspections.

[Anonymous]

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@Anonymous wrote:

Quite alright! I have 25 open accounts, my youngest one being my car loan that I opened in 2015. (Student loans broken into small loans but aI make one monthly payment account for many of these) I worked on my credit for a long time, got serious and payed off my credit cards to under 3% and paid a charge off to apply for the mortgage and even with a co-signer, the terms have changed, and the sudden drop just really messed things up for me. Never would have entered into this had I for seen the score dropping, needing to ask for a co-signer etc but by the time this became clear I was already $5000 in emd plus $2k+ in inspections.

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@Anonymous please detail any derogatories on your record for me along with the dates please, if you don't mind, and I'm gonna go back and read through thread. I'll try to determine the what caused the drop, if I can. Usually I can, sometimes I can't. 

but, the derogatory may play a part and you said you paid a chargeoff as well, please tell me all the details about that. Because paying the chargeoff could've caused it, depending on the details.

I need to know whether or not it was regularly updating and if not, when the last time it updated? If you don't mind, how much was owed on it?

@Anonymous OK I read back through the thread. OK you said they backdated the loans with the new servicer. OK that's great! Does it show payment history for the past 24 months out of curiosity?

you said the amounts were the same, but what I need to know is what percentage of the loan was paid off prior to this happening, and what percentage of the loan was paid off after the new servicer reported & the score dropped?