|
Re: Boosting scores for mortgage app
Quote:
Originally posted by msb212
Alternatively, you can also dispute the balance on EQ, which will remove it from the fico calulation, at least for 30 days. Only works for EQ, and only if you have high balances, and other tradelines. But for me, my score went up 36 points by disputing two credit card tradelines that are maxed out. I would love to follow the above strategy by don't have the funds to pay down the balances.
|
msb
This will only work if you keep disputing until after the loan closes. Most mortgage lenders repull credit just before closing and if they see a material change, like debt ratio changing materially, then they can decline the loan even on the day of closing. This is a very risky technique and I have seen it bite people a couple of times (and I did warn them in advance not to try).
fla-tan
__________________
Remember renting is just like buying...Only for somebody else.
Professional Disclaimer: "Any advise that I provide concerning mortgages is generic only. You will need to speak with a mortgage professional about your specific situation"
insanity: doing the same thing over and over while expecting a different result
email is on
mortgage forum: http://www.creditboards.com/phpBB2/viewforum.php?f=9
|