Hi all, I'm new to the board...hoping someone can shed some light my way.
I am hoping to buy a home in the VERY near future. I spoke to a mortgage lender last month who ran my credit. Unfortunately, I could not get approved for a loan. This results from many late payments (made quite a while ago), one judgment, and 4-5 derogs (on each CR). He told me my credit scores came back as 544/540/595 (the middle being the one they go by).
Since then, I ordered my CR from all 3 CRA's and my scores were: 592 (TU) and 576 (Exp). I didn't bother ordering Equifax's score, but did get the report. All three reflect the same derogs but only Exp had the judgment.
My first question, are the scores I received FAKO and the scores the lender received FICO?
Also, after receiving copies of each of my credit reports, I disputed all the derogs on all 3 reports at the same time, except for one, which I claim and will have the balanced paid off by January 2008. Although one disputed is still under investigation, I confirmed with both TU and Exp, and was told that all derogs I disputed, INCLUDING the judgment, have been deleted. I assume that it will be deleted from my Equifax report also. The last dispute is still under investigation (keeping my fingers crossed).
I relayed the "deleted" info to the mortgage lender and he told me to call him if my score(s) get above 600, but he thought it may be a possibility.
So, I'm asking any of you here who have experience with this, what are the chances that with these deletions that I may actually get above the 600 mark and hopefully get approved? I'll be honest, I will be somewhat disappointed if it doesn't happen, but I can be realistic too. So, is there a chance or am I looking at maybe only a 10-15 point increase - if that? Also, how quickly will the credit score take to increase, immediately or over the course of a few months? I'm currently in an apt lease that expires Dec 31 and I'd LOVE to get into something I own and out of "renters world".
Anyway advice, comments, are appreciated!
Thanks!
FICO 8/5/10; TU 724, EQ 702
FICO 6/9/09: TU 669, EQ 658, EX ???
FICO 7/20/07: TU 540; EQ 595, EX 544