Hello All, this is my first post. I have been afraid, very afraid. Kind of screwed up my perfect 9 yr credit hx. when I went back to school between 95 and 97. I have hiding ever since. Have a great job now, with good income, but need to do some work on my credit. Its kind of sad that you pay these companys for 9 yrs on-time every month and now not one of those on-time payements really means a thing. My FICO is 617. My wife and I have already been pre-approved for a mortgage. Escrow will be closing in May. I have been told by the mortgage agent that my rates will improve if my FICO goes up before the close of Escrow. I, like most of you, have determined that this will be my hobby. I presently have 8 negatives on my equifax and am awaiting the other two reports. 2 of these negatives are charge-offs. My biggest question at this point is how many approximate points will my FICO increase with each deleted negative?
Hi I dont know the anwser to your questions but you have came to the right place for help. What is the rate they quoted you with the score you have now.?
Well, the rate for the first is 7.75% (it is a jumbo, so, unless I'm wrong, they add 1%). This is fixed for 2 yrs, then goes to variable. We are doing a zero down program, which isn't really, so what they do is take out a second, which is 20% or the cost of the house. The interest rate on the second is 11%. This is the rate that will go down if my FICO improves. Nothing is set in stone, it's only a pre-approval at this point. We are looking at options.
FICO is so unprecise, it hard to say what the score increase will be. I would work on disputing the worst thing first and of course, any late pays. If any of your situation is related to student loans, do a seach here. There is a lot of good advice. I had three collections deleted and my tu went up 30 pts. If you have balances on credit cards, paying them down substantially can really bump up your scores also.
