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Re: Boosting scores for mortgage app
Hey LK,
I went one trickier than that. I coordinated with my mortgage broker so I knew approximately when My CR's were going to be pulled. About a week and a half ahead of it, I took out a new Credit Line ($15K) from MBNA. I waited a couple of days to give them time to report the new account. I then used the CL to pay down some of my credit card debt. The next day, I got updated statements faxed (these MUST be on letterhead and MUST have a signature on them!) to me reflecting the new, lower balance. I then faxed them to each of the credit bureaus with a (true) sob story about how I'm trying to get a mortgage and I need every last FICO point I can get and would you pleezopleez hurry up and update the balances on these accounts so we can buy our first home. Each of them updated within 72 hours. My scores all bumped up 50-75 points, because the new balance had not yet reported from MBNA. So I had the additional CL improving my ratios, then a whole bunch of debt just disappeared for about three weeks. My mortgage broker then pushed on the lender to get my credit pulled, which they did, with about three days to spare. The scores below have all fallen approx 50-60 points since the balances reappeared. It's not for the faint of heart.
Result: Approved. Stated Income, Stated Asset Loan ($271K) at 6-7/8% with no points and nothing down. I'm signing the loan documents tomorrow and escrow closes Friday. Party's at my (soon to be) house.
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