?effect disputing has on mortgages?

Discussion in 'Credit Talk' started by bfllover, Oct 31, 2001.

  1. OtherTerri

    OtherTerri Well-Known Member

    Thanks for the reply Kristy.

    My husband's highest score was a 640 on one report, not sure what it is now. I understand they will "throw out" the high and low score and use the middle one.

    His scores that I can check online are lower than I expected, and last week TU gave him only a 615. I am hoping that they may go up this month because of some accounts aging.
     
  2. KristyW

    KristyW Well-Known Member

    Yes, Terri, sometimes those items can make or break your credit score, so they amy affect your interest rate, maybe even your ability to get a loan. You are correct. But if you are close, with documentation, they most likely will be able to bend the rules.
     
  3. KristyW

    KristyW Well-Known Member

    Deb:

    From what I read, I think you are saying that come January, you will have paid on time for 12 months. OK, how late were you on your loans? 30, 60, 90? Also, 12 months may not do the trick for you as far as making them into positives. Typically, they want to see 2 years before scores come up, but since the scoring system is so murky, I may be wrong about this. You may have to wait another year longer than you were planning. I might also suggest getting an additional positive line of credit like a secured card until then.
     
  4. OtherTerri

    OtherTerri Well-Known Member

    Does it help( with imperfect credit) if the house is appraised at 117,00 and we buy it for 90 or 100,000?

    Thanks!
     
  5. KristyW

    KristyW Well-Known Member

    No, it just means that the mortgage company knows the appraisal is ok, if slightly overvalued. You'd have a problem, even on "A" credit if the appraisal was under the purchase price.
     
  6. OtherTerri

    OtherTerri Well-Known Member

    I don't think it's over valued, that is right for the neighborhood. The house needs some cosmetic work, the owner is a friend of ours and would like to sell the house to us.

    Thanks for all your help, Kristy!
     

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