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i pulled credit last month & scores are tu-675 ex-620 eq-570 had a talk with countrywide & they told me that they can give a pre-approval letter on these scores expecting the eq score will go up as i have 7 accounts which i paid in full that would help to raise the score with eq and bring the middle score up . i need to know how much can my score increase after these paid in full accounts are updated. i am expecting score update this month as i paid them in full at the end of last month.

blue · Posted: Mon Jun 25, 2007 12:41 pm Post subject:

Hi Bettis,

Welcome to Mortgagefit discussion board.

How much increase occurs in your credit score will largely depend on the type of the account. Are these accounts are positive accounts, i.e. they did not go into default & are just reporting the balance on them or are charge offs or collection accounts which had balance that was paid off?

In case the accounts were positive revolving accounts & had good utilization on them then you can expect a good increase in your score. The number of points by which the score will increase would mainly depend on your total credit profile.

Do let me know if you have any other questions.

Thanks
Blue

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Posted: Tue Jun 26, 2007 12:04 am Post subject:

Hello Bettis,

As the scores mentioned by you are from three different credit bureaus, hence, there would be a difference in the score even after your score increases. Every credit bureau uses a mathematical principle to calculate the scores of the individuals. Many types of information that are there in your credit file are evaluated. Your information is then compared with the past credit reports and then your scores are fixed. Hence, your credit score would increase with each on-time payment.

Jessica

Hi Bettis,

Your credit score will increase no doubt as you have paid off the accounts in full last month. But the increase in the score will vary from one credit bureau to another. From what you've mentioned, I think Equifax score is the one your lender Countrywide will be considering. Currently it is moderate but then as it is likely to increase, so something equal to or above 650 will be good for you to qualify for a mortgage. But I think you should have shopped around a bit and then chosen the right lender for your needs.

Shopping for a loan helps you to come across various offers available in the market and may be you can find a lender who's ready to deal with you considering your TransUnion score which is good enough.

Regards,
Jessica.

ckalvesmaki · Posted: Wed Jun 27, 2007 6:00 am Post subject:

if you go to myfico.com they have a fico simulator that is pretty accurate and the scores are the same a lender or broker will pull. The issue with Countrywide is that they don't often repull credit. So you may need to try someplace else.

ezmortgageloanz · Posted: Fri Jun 29, 2007 12:57 am Post subject:

Reducing your available credit to outstanding balance ratio to 30-35% will have the same effect on your scores as paying the balance in full---paying your balances off will have a direct effect on your debt to income ratio and perhaps this is why you have been instructed to do so.

Please be advised that the credit scoring system consists of a highly guarded, often misintrepretted set of calculations that no one outside of the bureaus have access to or have a handle on.

Regards,

Scott Miller

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