Worst case scenario, max FICO w/ a PR?

[thankfulheart]

I'm trying desperately to get my scores up to where I can purchase a house next year. My kids need roots in a home of our own.  I'm in the midst of the clean up, but need a reality check.  Any thoughts on what the maximum score possible might be with a paid state tax lien?  I'm trying my darndest to get it off, but it looks like it might be the one big thing that I will have to wait out.  I hate to get the kids' hopes up if there isn't a chance.

[llecs]

I've seen a couple of verified posts where the posters shared their FICO copy and paste with scores in the mid-700s, with a BK reporting no less. They had a good mix of credit, moderate length of history, and a perfectly clean report aside from the BK.

[Anonymous]

thankfulheart,

do you know what any of your FICO scores currently are?

If you do pull one from here (I don't know if you have), share the score.  If you also share what's listed on the myfico reports under "What's Helping your FICO score and what's hurting your FICO score" you'll get some excellent feedback.  Also, the FICO score you buy here comes with a simulator that helps you know where your score can be in 3 or 12 or 24 months.  Very helpful tool when you're trying to hit a goal i.e. buying a home.  Sometimes ScoreWatch has a free trial (they do right now) - so you can see it for free.  Just cancel within 10 days or whatever it is to keep it free, or keep it running to monitor your score until you hit your goal.

If that paid tax lien is accurately reporting, then don't dispute it.  Only dispute things that are incorrect.  And work with what you have.  As llecs mentioned, you can have a score in the mid 700's with a PR.  And you can get a mortgage with a PR - definitely.  We've done it and with a great rate, to boot.  So don't give up.

Best wishes!

[cashnocredit]

It would really be nice if the FICO simulators could simulate a score after a PR dropped off. Tax liens have a huge affect. I got a mortgage with a tax lien and several CAs but my FICO was stuck at 690 climbing slowly until it reached 720 when only the tax lien was left. After the lien dropped the score went up to 780. Tax liens are killers. Even old ones. And it doesn't matter if they are paid or not.

[Booner72]

Are tax liens worse than judgments?

[llecs]

I'm fairly certain that judgments are scored on par as liens.

If you look at your last FICO report, you should be able to go back into the simulator and throw in a scenario for a disappearing lien...I think (unless the only option is a payoff vs deletion).

[drkaje]

I have a paid tax lien but it's pretty old and will finally fall off TU in April.

[Anonymous]

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@llecs wrote:

If you look at your last FICO report, you should be able to go back into the simulator and throw in a scenario for a disappearing lien...I think (unless the only option is a payoff vs deletion).

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Right.  The simulator that comes with a FICO score does not seem to account for accounts (PR or otherwise) dropping off. 

The FICO Credit Score Estimator is the tool to use.  Just pop in your info with and without the PR and you can compare the scores.

[RobertEG]

I would suggest a pre-application consultation with a mortgage lendor, explaining your situation, and asking them what criteria are most important in their lending decisions.  It varies from lendor to lendor.  Perhaps, due the fact that it is fairly aged and paid, they might take that into consideration.  All does not revolve around your three-digit FICO score.

[Client9]

I had a 748 (can't remember if it was TU or EQ) with 1 paid judgment.  It fell off at the beginning of October of 2011 and I my score went up to 778.