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Hello, I am new to this so hope I am doing it right!
I was pre-approved for an FHA with down payment assistance. At that time, my scored were 656, 653 and 621. That was about 3-4 weeks ago. The only that that has changed since then is an inquiry from another mortgage company and a $49 collection account being added. I disputed the $49 negative account as I have paid it and it was always paid on time (cell phone if it helps).
Now my scores are 623, 583 and 550.
I am in contract as of last Thursday (7 days ago) and the bank is working to close Sept. 28. Now I am freaking because my scores have dropped so much. (I don't know why it dropped THAT much).
I am worried the financing won't go through now. When will the pull the next report? How long until its updated from the dispute?
Hello, I am new to this so hope I am doing it right!
I was pre-approved for an FHA with down payment assistance. At that time, my scored were 656, 653 and 621. That was about 3-4 weeks ago. The only that that has changed since then is an inquiry from another mortgage company and a $49 collection account being added. I disputed the $49 negative account as I have paid it and it was always paid on time (cell phone if it helps).
Now my scores are 623, 583 and 550.
I am in contract as of last Thursday (7 days ago) and the bank is working to close Sept. 28. Now I am freaking because my scores have dropped so much. (I don't know why it dropped THAT much).
I am worried the financing won't go through now. When will the pull the next report? How long until its updated from the dispute?
Thanks
My $00.02
When I was an LO, many times used to work borrowers to boost their credit score.
It takes credit bureaus 30 days to investigate disputes. If they can verify the information within 30 days the information comes off or is updated. If the information is verified on the 31st day of later, the changes affect following month credit report.
Now your mid score is 583 from 653, foresee a problem the your might not close. You need to talk with your loan officer.
If you have paid from an appraisal - it is good for 90 days. One suggestion is not to have any further "Hard Pulls" on your report, it can keep your score low.
A really good site for more information and help you understand credit, creditinfocenter.com
You can ask specific credit questions It is free and there are a lot of good people that can help you.
Thank you for your insight. I was nervous so I did talk to my loan officer and she said she expects us to close before Sept 25 and if we do close before that day, we will not have to pull another report.
I hope shes accurate because I have been a lot less stressed about it. Does it sound right?
Does a $49 collection normally drop a score that drastically?
Another update... just checked my scores online, 2 are now back to 642 and 615. I am not sure if the dispute went through or what already, although I didn't receive notification that it did go through.
I recently had mine pulled and on a 'consumer' credit report, I was over 820, but for the mortgage credit report I was at 696. The only collection on my report was a $70 unpaid medical bill that I wasn't even aware of.
Not sure why there's such a large delta but the mortgage guy did say that the mort report is different (but that's a big difference).
I recently had mine pulled and on a 'consumer' credit report, I was over 820, but for the mortgage credit report I was at 696. The only collection on my report was a $70 unpaid medical bill that I wasn't even aware of.
Not sure why there's such a large delta but the mortgage guy did say that the mort report is different (but that's a big difference).
Yeah that's a big difference. I know when I checked online before the initial pull, it was lower than what the lender got. Hopefully if they do pull again (lender says she shouldn't have to) its the same way. Just glad it went back up even if it's still not the best, it's better.
Mortgage companies use the FICO system of credit scoring.
Your "consumer report" probably used one of the other scoring systems which have different low-high ranges. Comparing apples and oranges expecting those scores to be the same.
Mortgage companies use the FICO system of credit scoring.
Your "consumer report" probably used one of the other scoring systems which have different low-high ranges. Comparing apples and oranges expecting those scores to be the same.
I paid off the $70 yesterday to the collection company that was the only blemish on my report. Any idea how long it will take before that impacts the credit report?
A couple of things - your personal credit report that you pull yourself is usually a little higher.
Secondly, you should never dispute an account while going through a loan process.
Do not close accounts either.
Third - anytime you deal with a collection account, it makes the status of that account more current which has a negative impact on your score. Even if you pay it. Best left undone and if required by the lender, they will tell you to pay it off at closing.
If your credit was pulled by another mortgage company recently, that's okay, it won't affect your score much at all.
I work on repairing and raising credit scores.
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