Profile picture for hathathat

Hello I tried to refinance this year but my mediocre credit score and my jumbo loan are not helpin

My husband and I have decided to try to refi next year. We will have paid down some of our mortgage and we will will tap into our savings to put enough money down to change our Washington DC mortgage rom a jumbo ($644, 000) to a conventional ($620,000.) We also plan to pay off most of our debts that are affecting our credit score. We have never been delinquent and we have a steady good income. If we paid our debts off by next June will our credit scores improve by next August? We need to make sure our scores go up before we go through the refi process. Also by reducing our mortgage we will no longer need to pay PMI because our LTV will be under 80%. Is this a good plan?
  • June 29 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Quizzle.com and CreditKarma.com also have credit score simulators with their free credit reports.  

Check them out, they'll point you in the right direction.
  • July 18 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hathathat,

Most companies have access to a credit score generator tool once they have pulled credit on a customer.  In the credit score tool you can show different scenarios and the generator will then tell you what the "potential" score increase can be if the right steps are taken.  you may want to talk to someone and have them run your credit to see what the score impact will be once all cards are paid off.  If you would like more info you can contact me through my profile page.

Thanks
  • June 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.