And as far as your credit score difference? I have seen as much as 100 point difference. That is because there are three different modules that credit scores are determined on. One is the consumer aspect (credit cards), which is the one you get online, auto loans, and mortgage loans. They all 3 have different things that are more important then the others. So you could possibly have different scores on all 3.
Just work on establishing your credit, lower your balances, and pay on time and your score will rise. Don't close any accounts or open any more unless you don't have at least 3 tradelines. Be sure to keep copies of your rent payment cancelled checks or bank statements to show timely rent payments.
Hope this helps!
Wells Fargo recently announced that effective Jan. 15, 2011, it will accept FHA-insured mortgages for borrowers with credit scores as low as 500. For borrowers with credit scores ranging from 500 to 579, a 10 percent down payment is required, and the down payment may not be a gift or be part of a down payment assistance program. Borrowers with credit scores of 580 to 599 are required to put down 5 percent, and the down payment may not be a gift or part of a down payment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent down payment, and a gift is acceptable. For all borrowers, seller concessions are limited to 3 percent.
If you have questions I can recommend a Wells Fargo
Home Mortgage Consultant.
Best of Luck!
Yes, there are lenders (I've been one) who work with our clients and their credit to improve their score before we apply for a mortgage. RapidRescore is a service I've used through my credit report supplier who can examine your credit and advise what can be done to improve it and by how many points. If there are legitimate steps you can take and prove, they will meet or exceed their estimates.
Chances are you are not far off. FHA does not rely on score as much as other sources, so find a lender who is familiar with credit repair, and take some steps. You may be a homeowner by late spring or summer.