Hi there... I have been reading this forum for quite sometime and find it really helpful. Got some questions though... Equifax Score: 600 from My FICO and this score was also pulled for a Mortgage APP Transunion Score: 591 pulled from a Mortgage APP Experian: 698 pulled from a Mortgage APP Anyhow, I have ordered all three credit reports and only Experian is reporting correctly. On Equifax and Transunion, it has items that has been discharged with balances on them still. The funny thing is that it lists that it is part of the wage earner plan or chapter 13 but it still has balances. Should these balances be 0 and some of them say charged off. Also all three bureaus list Chapter 13. I have been told from several mortgage brokers that the scores will increase when the balances reflect 0, is that true? I am trying to get a new mortgage with 0 down 100% financing with my current score as 600 (Middle Score), but it is at a little higher interest rate, I think 7.5%, but it is only temporary because I plan on refinancing in 6 months, but if I can get my Middle Score to 620, I would get a better rate. Since the filing of the Chapter 13 in 2003, I was able to acquire two credit cards from FNB Marin (now CreditOne) and Crosscountry Bank (now Applied Card Bank) and have been paying on time with no lates for the past two years. Hopefully some credit experts can chime in.
Chptr 13 discharged I wish could answer your question, but I have a questions about this as well. In requesting items that are reported inaccuratley, can you request something that has been dischaged in your bankruptcy to be deleted from you credit profile? Any assistance would be helpful.
If the old accounts are still showing balances, that will affect your utilization and yes, it will affect your credit score. Get your original report (online works fine) from each credit reporting agency. If you can get a letter from each company still reporting a balance that your current balance is zero, your mortgage broker may be able to get a rush update with proof (this will cost $$, typically).
Just an FYI Don't count on just being able to refinance within 6 months without paying a hefty fee (usually 6 months interest) With you're scores, and a %100 mortgage, there is a good chance that it will include a 2 year prepayment penalty.
