Will your scores go up because tradelines on Equifax are listed as disputed? Mine seem to have gone up 40 points or so? Would this cause that to happen. If not I am finally in the home stretch. My Life is about to change.
IT will go up. However you will need to apply for instant credit decisions. Any human looks at it, they will see all the negs.
So what did they do ? Take the negatives out of the equation? I am not about looking for credit. I want an SBA loan and have been told that I need a 680. Is this only temporary?
Patsy, The negatives will still appear on your reports even if they are disputed, but it will show a tagline of "account disputed by consumer- under reinvestigation". While the investigation is taking place, those negatives will not be figured into your FICO score. With the SBA loan, will they approve STRICTLY upon your FICO score or are there any other factors? I'm almost certain with a SBA loan, there will be a manual review eventually and the loan would get denied. Some lenders (like Household, for example) seem to go just by your score- if it's within their ranges you're approved. Some, like American Express or Citibank- will deny you no matter how high your FICO score is if one of the negatives they look for is on your report (recent late pays, public records, unpaid chargeoffs etc)...
Hey Patsy, Are your applying for one of those "Express" loans with the SBA?? I hope to be applying for an SBA loan soon. Can you share any other details about the SBA loan. Do they only run Equifax, do they run all three, take the middle of the three?? Thanks
I am new to this but I understand that it also depends on the cashflow of the business along with working capital. We have a very strong partner with plenty of cash and an existing business. This is a deal with a huge corporation who will review our applications. It never hurts to try. I will report any success or failure, but I hope that the imfo SBA gave me was somewhat accurate. We have a house and an excellent 4 year history. We do have BK in The past but I had it remove from TU and Ex, just EQ to go.
