Profile picture for nancyjrsr

622

My creditkeeper said I can add 24 points by paying down my credit cards,how quickly does that show and does it go on all three credit reports?Would that be enough for a mortgage?My scores are 579.592 and 622
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 23 2011 - Framingham
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Your middle score needs to be a 620 or higher for a conventional loan and 640 for FHA.  Our guidelines anyway.  I have seen credit scores jump as much as 40 points for paying down credit cards below half the limit.  Creditors report to the bureaus the last week or so of the month and it usually take another week or so for it to actually hit your report, just depending on the company. 

There is something called a Rapid Rescore that you can pay extra for and it is done in as little as 3-5 business days.   Our guidelines for a 620 score is 20% down on a conventional loan.  Unless you are in the USDA area then it would be 100% financing. Again our guidelines.

Good luck, a good lender will be happy to help you with the rescore.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 24 2011
Hello Nancyjrsr, my concern with answering your first question is that I don't feel there is a straight answer.  The credit rating companies keep the specifics of their scoring system to themselves as a closely guarded secret.  Most pros out there in this field can give you estimates and average times, but this is a moving target.  Reducing your debt/income will also improve your financing picture to the mortgage companies.  Dropping your "credit utilization" (the % of your credit line that is your outstanding balance) is what you are referring to, but do you mean you are dropping them to zero, or only 50%?
Scores are a bit easier to answer for you in regards to helping with a mortgage.  There are specific programs that allow lower scores than others, but if you are off by a point, you dont qualify.  Get yourself a local mortgage broker to assist in finding any loan options for your credit scores.  Just know that this is only 1 piece of the puzzle in getting you approved.  You don't want to mess around with internet lenders in this challenging time for financing a home purchase.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 23 2011
Profile picture for shapiroamg
30- 60 days.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 23 2011
 
Related Questions
622
Profile picture for Steffnie Parsons
Latest answer by Steffnie Parsons
June 24 2011 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 78 High St, Ashland, MA Home For Sale
    78 High St, Ashland, MA 01721

     For Sale: $229,900

    • Beds: 2
    • Sqft: 1900
    • Baths: 1.0
    • Lot: 10890
  2. 39 Eaton Rd, Framingham, MA Home For Sale
    39 Eaton Rd, Framingham, MA 01701

     For Sale: $459,900

    • Beds: 4
    • Sqft: 2359
    • Baths: 3.0
    • Lot: 20473
  3. 27 Major Hale Dr, Framingham, MA Home For Sale
    27 Major Hale Dr, Framingham, MA 01701

     For Sale: $639,900

    • Beds: 4
    • Sqft: 3768
    • Baths: 3.0
    • Lot: 25700