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HELP! My score went down my husbands went up????


jcm
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In August my FICO scores were right around 690's, My husbands were 590's. A friend was refinancing and couldn't. Her mortgage friend told her to dispute everything on her credit report and some stuff would go away. So I also took this advice. It didn't change much but we were able to refi our house in only my name with a good rate. We took extra money to pay off credit cards and our car loan. The mortgage broker suggested we not enough money to remodel our kitchen because we wouldn't be using the money until spring. Instead he suggested we get a HELOC before 6 months and we could use our same appraisal. I have looked into this and was SHOCKED to find my scores are now 635ish and my husbands are 640ish. With everything paid off how did my score go down? My husbands went up! One lady from eloan said all the dates of 8-2006 (when I disputed) could make things look current, is this true? Do I need to dispute again? That scares me! Another loan person said it is because of the new mortgage and no history. ANy ideas! I have been working so hard to get our scores up and this is a blow. I was finally close to the 700's and now it just looks so far away!!!

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You can get a score dip when your status is updated and the negative information continues to be reported.

Also, did you get any TL's deleted? The positive history you may have had with those accounts could have gone along with them.

I know people have talked about HELOC's hurting their scores as well since they report at full limit.

Your husband's score probably increased because his utilization decreased.

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The way I read that was you closed on the first and then went back to do a HELOC some time later. The new mortgage at its high credit limit would drag your score down. Also, did you run your own scores or is that what your LO told you? The scores the bureaus sell you are dubbed FAKOS not FICOS.

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Welcome to the world of FICO scoring...no one understands how they arrive at the numbers because they don't tell you the formula. But let me tell you what might be causing it: the HELOC. Heloc's are counted as revolving debt, and as you know this is heavily weighted in FICO scorings. ESPECIALLY outstanding debt -to- credit limit ratio. Also keep in mind FICO counts anything new as against you, since there is no history. Wait a while and your scores will come up. But your guess is as good as mine as to why scores sometimes dip, and other times come up.

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Laguna Heights Condominium Pattaya

Edited by kevin3344
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