Posted on: 05th Nov, 2012 06:40 pm
Hi!
Background:
I recently applied for a mortgage, but due to the fact I haven't had any debt on my credit report for 2 years, my credit scores aren't calculating. My Equifax told me I had a 676 when I pulled my annual report, but a week later the lender said there were no scores calculated. He advised me to open two trade lines, purchase something, and make a payment, leaving about 20% of the balance on it and that credit will appear in 30 days. Today the lender said 30-60 days, maybe 90 days for it to appear. My past credit lines were always paid on time as agreed upon.
I made an offer on a property, contingent on financing. We requested closing to be in mid-January to give time for the credit scores to calculate, but the seller counter offered with a closing in mid-December. We still would like to counter their offer with a closing at the end of December - just worried we will lose our home inspection cost if the financing for some reason doesn't go through. I make $39k/yr and the loan will be for approx $90k (I've been preapproved to $150-175k depending on my score coming back high enough).
I applied for a CapitalOne secured card and it should be on it's way, and I also am getting a Bank of America secured card. I was denied for a Sears card over the weekend. (Lender and Realtor advised me to open secured cards as well as a store line if possible).
My questions:
1. I have 3 released tax liens (that were fault of the dept of revenue) showing on my report - if I dispute these will it increase my score even though they state they are released? They've admitted fault and gotten it fixed each time after wage levies appeared and I disputed those with them.
2. I read some things about a credit rapid rescore. Will this help speed up the process once I purchase and make a payment on my two credit lines to calculate a score for the lender to use?
3. What are the chances that my score is still above 620 (FHA) or 640 (HomePath) after applying for the credit lines?
Thanks!
Background:
I recently applied for a mortgage, but due to the fact I haven't had any debt on my credit report for 2 years, my credit scores aren't calculating. My Equifax told me I had a 676 when I pulled my annual report, but a week later the lender said there were no scores calculated. He advised me to open two trade lines, purchase something, and make a payment, leaving about 20% of the balance on it and that credit will appear in 30 days. Today the lender said 30-60 days, maybe 90 days for it to appear. My past credit lines were always paid on time as agreed upon.
I made an offer on a property, contingent on financing. We requested closing to be in mid-January to give time for the credit scores to calculate, but the seller counter offered with a closing in mid-December. We still would like to counter their offer with a closing at the end of December - just worried we will lose our home inspection cost if the financing for some reason doesn't go through. I make $39k/yr and the loan will be for approx $90k (I've been preapproved to $150-175k depending on my score coming back high enough).
I applied for a CapitalOne secured card and it should be on it's way, and I also am getting a Bank of America secured card. I was denied for a Sears card over the weekend. (Lender and Realtor advised me to open secured cards as well as a store line if possible).
My questions:
1. I have 3 released tax liens (that were fault of the dept of revenue) showing on my report - if I dispute these will it increase my score even though they state they are released? They've admitted fault and gotten it fixed each time after wage levies appeared and I disputed those with them.
2. I read some things about a credit rapid rescore. Will this help speed up the process once I purchase and make a payment on my two credit lines to calculate a score for the lender to use?
3. What are the chances that my score is still above 620 (FHA) or 640 (HomePath) after applying for the credit lines?
Thanks!
Hi pipster!
Welcome to our forums!
If you dispute the released tax liens and if you get them removed from your credit report, then they will have a positive impact on your credit scores.
Rapid rescoring is a practice employed by mortgage lenders and brokers to help lift clients' scores. This actually helps the borrowers to qualify for better loans, allow borrowers to get accurate information updated into credit files within a short period of time.
After you apply for credit, you scores may take a hit. But once you start paying the loan on time, the scores will be on the rise.
Feel free to ask if you've further queries.
Sussane
Welcome to our forums!
If you dispute the released tax liens and if you get them removed from your credit report, then they will have a positive impact on your credit scores.
Rapid rescoring is a practice employed by mortgage lenders and brokers to help lift clients' scores. This actually helps the borrowers to qualify for better loans, allow borrowers to get accurate information updated into credit files within a short period of time.
After you apply for credit, you scores may take a hit. But once you start paying the loan on time, the scores will be on the rise.
Feel free to ask if you've further queries.
Sussane