Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

Is this really possible?

Author Message
AZgal

Guest







Post Posted: Thu Jan 26, 2012 3:24 am    Post subject: Is this really possible?
Like 0
Dislike 0

Hello… We contacted a mortgage broker about getting a loan. My middle score is 618 and my wife’s is 624. Well, I know 620 is minimum required for a VA loan. She told us if we get our credit cards down to 25% it will raise our scores by 50 pts. Is this really possible? Is that right as well? We are in AZ.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4828
Location: New Jersey
507.92 Dollars($)
Post Posted: Thu Jan 26, 2012 3:42 am    Post subject:
Like 0
Dislike 0

It is true that if you pay off the credit cards to some extent, they will definitely raise your score. However, it will take some time to get it reflected on your credit score.
_________________
Good is the Enemy of Great.
Icon Mini Profile alvinajohn





Joined: 25 Dec 2011

Posts: 38

7.96 Dollars($)
Post Posted: Thu Jan 26, 2012 3:48 am    Post subject: credit score
Like 0
Dislike 0

If you decide to pay off loans completely than it will raise your score from 10 - 100. but if you are paying 25% than it will just add 10 to 20 points in your credit report. Maybe in less than 30 days.but first negotiate with them and try to get something in writing on company letter head. because sometime They may not do it.
_________________
www.foreclosures-gov.ca
Icon Mini Profile azloanguy





Joined: 08 Mar 2012

Posts: 3

1.61 Dollars($)
Post Posted: Thu Mar 08, 2012 4:40 pm    Post subject: Increasing your FICO
Like 0
Dislike 0

As a loan officer (in AZ) I will often try to help people increase their FICO scores so they can qualify for a loan. I use a program called credit xpert that allows me to input different scenarios to see how much a score can potentially increase. I have found that paying credit cards down to a lower balance can increase scores by as much as 25 points (sometimes more, sometimes less) depending on the limit of the card and what the balance is. It typically takes 30 days for the new balance to be reported to the bureaus, but you may be able to negotiate something with the creditor.

[Contact details deleted as per forum rules. Thanks.]
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.072 seconds.