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How many points will my credit go up after tax lien removed from credit report?

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February 24 - US
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For what your are looking to do , I would try a small local bank for an equity loan. it may be easier than seeking a mortgage.
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February 24
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My credit score is 629. I paid off 1 of my maxed out 2 credit cards 2 weeks ago & my report went up 25 points. I paid off my second maxed out credit card 2 days ago. My house valued at $325,000 was paid in full April 2013. I have no debt. $1,200 Tax Lien was released & paid off in June 2007. My salary is $135,000. I want to buy a home in Florida. I will then do cosmetic work on New Jersey home & then sell it to pay off loan. I would like an equity  loan on my New Jersey house. I was already turned down from Capital One bank. Last month when score was lower I only got one response from company on Lending Tree.com. Should I try that company or reapply with Lending Tree now that my score has gone up?
Where do you suggest I apply? My friend sold her house & is ready to move by May. I need to get loan ASAP. We didn't think she would sell so quickly. HELP
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February 24
Aaron is correct, having a lender look at your report and running a scenerio for you to see what can be done, how many points you will go up and what time from they will go up is your best option right now.

Good Luck!
-Scott
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February 24
Hello Gersey Girl,

This depends on the date of the lien. The older the item, the less impact on the score.

IF it was in the last 2-3 years (tax year 2009, 2010) the score should go up 20-40 points.

It also depends on the rest of your credit report, for example - how many inquiries are on the report in the past 90 days.

Good Luck!

Eric O. Nelson, III
Sr. Mortgage Planner
SVC Funding
408-268-2442
www.campbellmortgagebroker.com
NMLS # 120412
CA BRE # 01258488
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February 24
Hi GerseyGirl,


You should be able to contact a lender, have them pull your credit and then look into a "what if" simulation to tell you exactly how many points it will go up.  Just make sure the lender you're speaking with has that ability before you have them run your credit. 

Hope this helps! 


Thanks,
Aaron
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February 24
It depends. Should be 40+ points :)
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February 24
 
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