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Which Fico score carried more weight


I hate EXP
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I have a question. I started the credit repair process in Febuary and I think I have removed everything that I can get off my report for now. I pulled my MYFICO scores last month . According to the basically all I have to do to improve my scores is pay off my credit cards. I currently have about $2000

in credit card debt .I also have collections from 2001 of $400 ( phone bill) $360 ( phone bill) and a $850 collection. I am considering paying them off but will check with a morgage broker first to see if it would be to my advantage or not.

My question however is if i were to apply for a morgage with my current scores or after paying off my credit cards, which one would carry more weight , or would rates be determined by a composite score. By the time I start looking My EQ and TR scores should allow me to qualify for something around 7.5 % but the EX is looking pretty poor. Any advice or info?

TransUnion

651

Date: 7/23/2006

Equifax

636

Date: 8/5/2006

Experian

614

Date: 7/22/2006

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Paying down your balances would do the most to improve your scores. Below 30%, I believe 3% is considered optimal.

The collections should be disputed. Paying them off now would likely lower your scores. If your mortgage broker wants them paid off he/she will probably have you do it at closing so that is doesnt lower your score.

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True: Be prepared to pay the collection accounts, but not until closing.

The broker will work with current information on your scores, so pay down your credit cards to 10-25% of utilization/high credit and you should see an improvement in your scores.

Also, my suggestion is to start saving your money. Assets are important and a goal should be 2+ months of what your think your total PITI (Principal/Interest/Taxes/Insurance) will be.

Also you will need to have enough money in the bank to pay for a years worth of Home Owners insurance in advance.

Charles

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Cool . Thanks. I have about 5k in money in stock, 401k, and in savings. I spoke to a realtor today and as I undestand I have plenty of time to get prepared. They were saying that they do 100% financing , but i'm not so sure if that is a wise thing to do.

I havent spoken to the loan officer yet , but I have been looking at the possibility of purhaps first obtaining a 40 yr loan and then refinancing in 2 years and try to get a 30 year. I'm not sure about so called exotic loans or arms. I live in Atlanta and there is a high rate of forclosure. Any advice ?

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A 40 year loan due in 30 would be a great idea. Just get the info on how much you should pay to pay off the loan in 30 years and in two years if the rates for your situation have fallen, refinance. If not you have a stable payment for the next 30 years.

Charles

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