Credit score question. Just pre-qualified for a mortgage and our (wife+I) scores combined are 619. This is one below conventional. My wife's Best Buy card is still showing an amt owed although it is paid off and it does not reflect the recent $200 CLI. Also, her Target card does not reflect the recent $100 CLI. Would any or all of these factors bump up her score enough to average our scores out to 620? If so, how much would they add?
There is no real wayof knowing.. If your wife has a 5k total credit limit.. 200 plus the payment will help the utilization . Will it raise the FICO score who knows.. If your wife has 30k worth of credit.. Is 200 gonna make a difference .. Doubtful.. Will the extra month of payment history raise your score.. perhaps.. Will the total lenght of credit history being raised by a month help.. Who knows.. Could you go run the scores today an already be over 620 yep.. Could you be at 605.. yep.. There really is no telling.. If your mortgage broker cant work with 619 to get you conventional , since the loan is underwritten and these factors should be able to be looked at .. Walk away.. Find one that will get you conventional.. Cause they should easily be able to fudge one stinking FICO point
edoggie, I applied for a mortgage last week and they did in deed verify that 620 was the magic number.
Can you get a copy of the bills of their web sites to PROVE the payments and the CLI or do you have the bills from the mail??? COULDN'T HURT!!! I can't see them not "GIVING" you one BONUS point!!!
Well I confirmed with them today on the phone that they could do that but another thing that hurts us is the upfront costs. And with FHA they can roll a lot of charges into the closing costs up to 6% for the seller to pay whereas conventional only allows for up to 3%.
