@Revelate wrote:Think you need to slap your lender as well: hard inquiries every 60 days is an utterly lame practice. It might be common as I'm unfamiliar with new construction loans, but it's doing nothing beneficial for your scores with their doing that. See if they'll accept reports from the bureaus or something other than that to show your good behavior.
I thought so myself when I read that. They are totally working against you.
EQ 817, EX 815, TU 813 (Updated 1/5/18: TU 843
I would guess that the combination of having your only collection removed AND the decreased UTI should gather you more than enough points to get to 700+.
Not debating any of that Andy as I agree with you, but repeated pulls every 2 months and from the description was going on for an extended period of time. I fully understand how much a report can change in 2 months (only have to look at my own to see that recently) and absolutely for underwriting, but every 2 months for a year or whatever? That sounds, well, lame and unnecessary.
I really hope that I can get those 8 points because I spoke to my loan officer today and he had the bank underwriter review my application and the feedback from the underwriter was that the score is the only thing keeping them from completing the mortgage commitment and moving the application through. Everything else checks out fine. All I can do now is wait, I'm hopeful things will go my way. Fingers crossed, I'll keep you posted!
So a quick update. The builder has let us know the house is essentially done and he would like to schedule to close at the end of March. The bank underwriter reviewed my file and confirmed that everything looks good and the only problem is the score. At the end of January my middle score was 692, high score 702. At the time I had 3 of my cc reporting a balance. Card 1 was reporting $175 with a CL of $2000 (9% utilization), Card 2 was reporting $21 with a credit limit of $600 (4% utilization) and Card 3 was reporting $788 with a credit limit of $2500 (32% utilization). My total utilization was 7%. So I tried to take everyone's suggestions and optimize my utilization to get the 8 points I need. I paid off all my cc except for 1. I also had CLI on 4 of my accounts. The only account showing a balance will report this week. The balance is $218 with a credit limit of $3000 (7% utilization), my total utilization is 1%.
I have 4 closed accounts that show late payments, my worse late was 90+ days in December 2007. I have 2 60+ days late from 2008 and my last 30 day late was in Apr 2010. There isn't anything I can do about those I've tried to GW them but had no success. I have student loans that I have a perfect payment history with but the balance of those loans exceeds $100k. I am slowly chipping away at the principal balance but there isn't much progress I'll be able to make. Those are the major issues affecting my score but there is little I can do about them.
Fingers crossed this gives me the 8 points I need. I'm very hopeful. All my accounts have updated with the CRA except for the account that was at 32% utilization and my scores have done nothing. I know my scores will go up, do you think 10 points, maybe 15?
@shanao621 wrote:So a quick update. The builder has let us know the house is essentially done and he would like to schedule to close at the end of March. The bank underwriter reviewed my file and confirmed that everything looks good and the only problem is the score. At the end of January my middle score was 692, high score 702. At the time I had 3 of my cc reporting a balance. Card 1 was reporting $175 with a CL of $2000 (9% utilization), Card 2 was reporting $21 with a credit limit of $600 (4% utilization) and Card 3 was reporting $788 with a credit limit of $2500 (32% utilization). My total utilization was 7%. So I tried to take everyone's suggestions and optimize my utilization to get the 8 points I need. I paid off all my cc except for 1. I also had CLI on 4 of my accounts. The only account showing a balance will report this week. The balance is $218 with a credit limit of $3000 (7% utilization), my total utilization is 1%.
I have 4 closed accounts that show late payments, my worse late was 90+ days in December 2007. I have 2 60+ days late from 2008 and my last 30 day late was in Apr 2010. There isn't anything I can do about those I've tried to GW them but had no success. I have student loans that I have a perfect payment history with but the balance of those loans exceeds $100k. I am slowly chipping away at the principal balance but there isn't much progress I'll be able to make. Those are the major issues affecting my score but there is little I can do about them.
Fingers crossed this gives me the 8 points I need. I'm very hopeful. All my accounts have updated with the CRA except for the account that was at 32% utilization and my scores have done nothing. I know my scores will go up, do you think 10 points, maybe 15?
Unless I am reading this wrong, since your last credit pull, you have made your UTIL improvements that you outlined above, as well as having your collection drop off? If so, when they pull your final report to seal the deal, I am pretty confident that you will have gained your 16 points. Improvements:
1. Last collection: gone
2. Total UTIL: down to 1%
3. Biggest card UTIL: From 34% to 7%
4. Cards reporting a balance: From 3 to 1
That's a good amount of improvement, and should probably net you at least the points you need. Good luck!
EDIT: After reading more carefully, it looks like you have pulled your score from this site with all the changes but #3 reflected? Even if that's the case, have faith! UTIL is a MAJOR component of your score, and lowering that card from 34% to 7% is a great step. Still can happen.
msf12555 wrote: Unless I am reading this wrong, since your last credit pull, you have made your UTIL improvements that you outlined above, as well as having your collection drop off? If so, when they pull your final report to seal the deal, I am pretty confident that you will have gained your 16 points. Improvements:1. Last collection: gone 2. Total UTIL: down to 1% 3. Biggest card UTIL: From 34% to 7% 4. Cards reporting a balance: From 3 to 1 That's a good amount of improvement, and should probably net you at least the points you need. Good luck! EDIT: After reading more carefully, it looks like you have pulled your score from this site with all the changes but #3 reflected? Even if that's the case, have faith! UTIL is a MAJOR component of your score, and lowering that card from 34% to 7% is a great step. Still can happen.
I hope you are right, I feel good about it, the Equifax score actually didn't change at all once the collection account was removed, which shocked me! My hope is that the utilization improvement will cause it to go up more significantly with both improvements. I got 20 points on both Experian and Transunion. I truly believe I will get at least 10 points because I will not longer be dinged for the 32% utilization of the one card. If nothing else that alone should get me the 10 points I need. I'm just so anxious because I want to be so excited about the house. I truly believe it will work out fine. I have faith!
So here's a quick update. I did everything that was suggested on the board, the last time I checked my scores I was still at 692 for a middle score but that didn't include my utilization change. So I reapplied yesterday morning and didn't hear a thing back from the bank. Given the situation I would have expected a call if there were issues because this is the builder's bank and our closing date is March 27th, so we are under the gun. Anyway, about an hour ago the loan officer I deal with e-mailed me to clarify my employment dates with my current company. I'm viewing this as a positive sign that suggests I passed the 700 score hurdle and now they are actually putting my file together with the underwriter. I'm anxious but excited!! Fingers crossed all goes well from here!
My husband and I are currently getting a house built also. My husband is in Real Estate class getting his license and I will be rite behind him. The mortgage company we are going through also ran a report and told us to get our scores to a certain number. That was a few months ago and since then they have not ran the report again. They must understand that they are contradicting themselves by telling you that you need to get to a certain number but then every time the do an inquery that brings your number down. Sounds like an up hill battle to me. I am going to talk to my lender some time today to find out why that is happening in your case.