Profile picture for ms1569

Help! How much to leave on a revolving credit card ,2 different lender say different totals ?

We live in South Carolina . My fiancé and I are currently working on obtains a first time homebuyer loan which is rural development loan. He 26 and never had credit till his first credit card he was approved for by his bank last year . He was given a credit limit up to 500 . Each treat it will increase in amount if payments are on time and etc . Since June of 2013 He never been late always paid 15-30 % Above the minimal amount of $25.00 and never went over his 500 limit with his bank who sided him the card. No other debt than that credit card payment . He had the same job for 5 years , makes around 14.00 to 16.00 hr. 40 hours weekly, 401 also has money it, never had a NSF with his back since he opened it over 8 years ago . Now here our problem , we were told by 2 different lenders one forms bank to pay off the balance of what was owed on the card of 398 and leave a 70.00. Balance on it and he would rescore his fico which was a 624 at the time . The other lender said pay off all the balance of the card at 398 and leave a 5 dollar balance than rescore and his fico would be over 640 for pre-approval letter for the rural development loan Development lender was with a mortgage company that very we'll know by the real east community . Which is correct? I paid 340 on the card on Cash this week . Leaving a balance of 66.00 on it! Will this rout his score over 640 Or will it hurt us with that balance left on it before he rescore his fico ?
  • April 03 - Spartanburg
  • 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)

Profile picture for missy0347
We have 3 credit scrore from fico 647 , 667 , 621 . Score do not reflect the payment of 340 this week on a balance of 390 that was on a 500 credit card limit . If my awful math skills kicked on and that would put us At 640 fico score . Assuming that payment will up the from 10-75 points margin!
  • April 03
  • 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.

 Hello,   Assuming that both lenders have pulled your credit within 30 days of each other. Both probably ran a credit re-score or score wizard program on your credit report and used slightly different numbers (cash available to pay down debt). With 12+ years experience in the mortgage business I've found these type programs to be 85-90% accurate. While following the recommended steps closely it's very important that nothing else changes to your credit profile. I suggest follow your gut on go with local, reputable lender whenever possible. I'm only licensed in NC and VA. Best of luck!  Keith
 
  • April 03
  • 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.