Hi, I am trying to buy my first house - I'm supposed to close next Tuesday. My MID score was 624 last month when I applied, but I found out today that it dropped to 613. My mortgage broker says the closing is going to have to be delayed, and now I'm looking at paying 1 3/8% higher mortgage rate. Can they really do this? Is there any way to bump my MID score in just a few days? Here are my scores: EXP: 598 EFX: 613 TU: 647 I got my credit report today but can't figure out why the score dropped. I have 2 derogatory items as follows: AAA Collectors, paid collection, 1 year old IC System, paid collection, 2 years old Any help would be greatly appreciated!
Did you apply for any credit between when you first ran your credit report for the house and now? Did you add more debt to an already existing credit card/loan? Those would lower your score.
I have low scores and pull PG daily. I've noticed a LARGE point difference just from changes in my balance on CC. My CL are very small, one is only $100, so the difference of a few dollars makes a difference. I'd take the two reports side by side and compare them item for item to look for the reason of drop. You'll find it. I've heard about rapid rescoring. You can do a search here. It costs $$, but it's fast and should save $$ in the interest costs over the long run. It's worth a shot.
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Compare copies of what you have from a month ago and what you have today. If there is NO difference (i.e. no new inquiries or TL balance increases) then complain to the broker. Tell them to have the company which pulled the tri-merge pursue it through rapid rescore. It might cost you $100.
Seems like you're doing quite a lot of misreading here lately.LOL ****************************************************** NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ******************************************************* http://www.send4fun.com/telephone.htm >
I have no defense. Some days you eat the bear, other days the bear eats you. I'm gonna take a few reading comprehension classes; maybe get some meds! LOL
Hey myea! I closed on my house about 7 months ago and experienced similar but not as drastic as an issue. My mid score dropped 10 points, but it was because the Mortgage Lender had pulled my report along with the Mortgage Broker 5 times within a 30 day period. Couldn't figure it out because all mortgage pulls are supposed to be consolodated into one if within a certain period of time. I compared my reports for each CRA and found that my credit card balances had actually lowered, and I had not applied for any new credit. Also, I had some credit cards and accounts that aged so my FICO scores should have increased. So I complained to my mortgage broker and they were able to argue the point with the lender who agreed not to raise my interest rates and we closed on time. Good luck...hope this helps...
