Mid score 617 ...need to get to 640 in 30 day????

Asked by Shanika Paterson, Katy, TX Thu Mar 20, 2014

I have a mid score of 617 and i need a mid score of 640 to qualify for FHA and down payment assistance. Can someone assist me by telling me how I can gain 26 point quickly??? Thanks.

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Brian Nguyen’s answer
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Mar 21, 2014
That credit score should work for FHA loans with lenders like myself. I can go as low as 580 when it comes to FHA mortgages. If you still want to fix your credit, that's fine as well. The simplest way to fix your credit is to pay off your debt and revolving credit balance on time. There are also other important financial factors such as debt, income, expenses, assets, employment, down payment, as well as credit. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
1 vote
Linda Fisher, Agent, Humble, TX
Fri Mar 21, 2014
Speak to a good lender, and maybe credit restoration may be able to help you as well

Good Luck

1 vote
Don Groff, Agent, Austin, TX
Fri Mar 21, 2014
I would have to evaluate your credit but here are some things that would possibly get you the jump. For one, you don't necessarily need a 640 score for FHA approval. I have lenders that will go as low as 580. But let's look at your options to help your credit.

If you owe anything on credit cards pay them off or pay them down to below 40% or ideally 30% of their available credit limits. This is a fairly large factor. Somebody with 90% credit utilization and a perfect credit history would have a credit score of say 650 or even possibly lower even without any late payments while a person using 30% or less would be in the mid to upper 700 range. So balances count and pay it off ASAP as you never know when the creditor updates it's info with the credit bureaus.

If you would like to see what I can possibly do with your current score please let me know... FHA rates are still great and you can also get a very large lender credit to help you with the closing costs in addition to the down payment assistance. This would allow you to come to the table with whatever your minimum down payment amount necessary after the credit for the program you are using.

Also, because I broker at the wholesale level I actually have many lenders who can most likely get your loan done for you.

Hope this helps.

Don Groff | REALTORĀ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
1 vote
, ,
Fri Mar 21, 2014
The mortgage professional who checked your credit can use a credit simulator feature which will provide guidance as to what steps will need to be taken to improve your credit score.

Good Luck!

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
1 vote
, ,
Fri Mar 21, 2014
HIi Shanika
You're probably just talking to the wrong lender. 640 is not an industry wide cutoff. Some lenders can go as low as 580. Our company goes down to 600.

Now when you get below that 640 cutoff there may be some additional requirements you need to meet, but otherwise if everything else is good (stable job and income, some savings, etc) then you should be able to get approved.

As far as geting the scores up, we can run a credit simulator to see if it is possible and tell you exactly what steps you'd need to take to achieve these results.

Feel free to give me a call or email me and we can discuss things further.


Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
NMLS #167441
T (248) 945-9070 | F (248) 595-7130 | Direct Dial (248) 728-0078
tony.grech@pmac.com | http://www.pmac.com
1 vote
Matt W., Home Buyer, Katy, TX
Fri Mar 21, 2014
I guess the quickest solution would be to see if you can borrow money from your parents, relatives, or friends, at least 4k to 5k to put towards any outstanding debt. Sounds easier then it actually is obviously, but I just did this to escape paying interest on a credit card whose no interest period had just ended. I paid off my credit card of 5k and my credit score jumped 45 points. Everybody has a unique credit situation. How much your credit goes up really depends on what sort of things are on your credit report to begin with. If you have collections or bad debt, your score may not increase significantly. If you are not able to find someone willing to loan you the money, as a last resort, check with your employer, some companies allow you to borrow off of your 401k. This is in the form of a loan, that you pay yourself back over a given time period. Of course it is never good to pull from your retirement since it is for retirement, and will make a difference later on in life. It all depends on how quickly you want to buy. To be honest with you, I have rented for 8 years and have been dying to get a house. I know the interest rates are steadily going up so it is best to act now while they are still low. With that being said, I have a 754 credit score, less than 8k in credit debt, and 80k in student loan debt. My problem is that I don't make a substantial amount of money from my job. SO I decided to wait till it all comes together, and I could buy a house without having to struggle if something happens after I buy my house. Something to think about if you happen to be rushing into buying a house.
1 vote
That's not bad, I am figuring a little over $1,021 to become current on the debt you have. I am sure if you pay those off, it will raise your score a couple of points. Whether it will be reported or not to the credit bureau within a month is of course up in the air. Some companies drag their feet when it comes to reporting to the credit bureaus on behalf of their customers. You may also want to get a credit report with scores from all three credit bureaus and check to see if there is anything that has been on your credit for more than 7 years and should have already been removed. This would definitely increase your score.
Flag Fri Mar 21, 2014
Thanks for your response. Over the last few months I have I have paid and deleted pretty much every negative acct on my credit report. My credit cards are report as 0 on 2 cards, $7 on 1 card and $76 on the last card. Only neg I have now is a medical acct of $262 and a credit card chargeoff for $675. Maybe I should pay those last 2 accounts. I have no late payments either. I just need to find out what I can do to boost my score up 26 points.
Flag Fri Mar 21, 2014
Richard Lueb…, Agent, Katy, TX
Fri Mar 21, 2014
Good morning, I recommend calling Aaron Kirschbaum with Envoy Mortgage (713) 403-6667
Aaron is a Wizard with mortgages.
Best Regards,
"Your Local Realtor"
Richard Luebeck
Elite Texas Properties
12320 Barker Cypress Road
Suite 600-224
Cypress TX 77429
Cell 832-646-2886
1 vote
Tiffanie McD…, Agent, Cinco Ranch, TX
Fri Mar 21, 2014
If you are working with a knowledgable loan officer they should have given you the tools to increase your credit score. If you need help, my husband with imortgage would gladly help you and put you on a Home Action plan. His name is Mike McDermott and his number is 713-503-6086. Hope that helps!!
1 vote
Thank you Tiffanie for your responses. I will give him a call and see how he can help us.
Flag Fri Mar 21, 2014
Valerie Smith, Agent, Houston, TX
Fri Mar 21, 2014
Shanika, are you a Classroom Teacher, Teacher Aide, School Librarian, School Nurse, School
Counselor, or Nursing and Allied Health Faculty, Veteran, Firefighter, EMS
Personnel, Peace Officer, Corrections Officer (TDCJ or TJJD), County Jailer, or
Public Security Officer? If so I know of a program that might be able to help. Please send me your email address: Valerie@helpubuyamerica.com
Also, feel free to check out my website http://valerie.helpubuyamerica.com/
1 vote
Thanks For your response Valerie. But I am not in any of those fields.
Flag Fri Mar 21, 2014
, ,
Thu Mar 20, 2014
Your loan officer should have access to a score simulator that they can apply to your report and tell you EXACTLY what needs to be done to get the scores up. This is provided to the loan officer by the company they use to pull credit.
I have used several different companies to pull my credit reports over the years and they all offer this.
Maybe you need a loan officer who 'gets it'

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
9yr Veteran navigating Mortgages for wonderful clients.
1 vote
Thanks for your response Tom. I spoke with a new loan officer on Fri and he told me what we would qualify for but he still have not given me any ideas on how to raise my scores from 617 to 640. He did mention that he does rapid re-score but I was told my other if i paid these 2 accounts they will result in a drop in score rather than an increase. Both companies will not delete just update to paid in full. So I'm really not sure what to do.
Flag Mon Mar 24, 2014
Dan Tabit, Agent, Issaquah, WA
Thu Mar 20, 2014
First, if you obtained your scores on your own, they almost certainly won't be the same as when a mortgage broker pulls them. If your lender provided your scores, ask if they know about RapidRescore.com. They will review your report and tell you what may be possible based on what is there. Often they will advise you reduce your balances on revolving accounts for example. You do as they suggest, provide proof and they will address two of the three agencies with the information and bring your middle score up. The predict how many points they expect to see when they review your report.
Your lender has to arrange this for you. There is a fee, but if you need it quickly, I'm not aware of any way to get the same results as fast as they can.
1 vote
RapidRescore will do for you in days what may take weeks or months on your own. Best of luck.
Flag Fri Mar 21, 2014
Thank for your response Dan. My scores were pulled by 2 lenders this week. I will have to ask them about this. once they pulled my report and scores and saw my score was at 640 they didn't seem interested anymore
Flag Thu Mar 20, 2014
Estella Hous…, Renter, New York, NY
Wed Nov 22, 2017
my mid score is 601 need to raise it to 640 owe $2400 in credit card debt will paying that off in 2 months possibly raise my score to a 640
0 votes
Estella Hous…, Renter, New York, NY
Wed Nov 22, 2017
my mid score is 604 need to raise it to 640. owe $2444 in credit card debt will paying them off in 2 months raise it to a 640
0 votes
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