Fico Score With 2 R9's..
Hi guys..I'm new to this forum and its my first time posting...
I just got my credit reports from equifax and Trans..my Fico score at one is 657 and at trans its showing a 560..
I have 2 accounts showing lates over 120 but both have been paid off and the balance is zero owing..unfortunatley i've tried to have the Bad debt removed from these two accounts and have been unsucseefull..I'm asking for a couple of corrections be made at my tansunion report that i hope will bump my score there..
My question is even though i have 2 accounts rated as R9's with balances of zero can i be approved for a mortgage if my fico score is showing a 650, or will abnks just turn me down because of my past r9's?
I have 2 intall loans at present that have been reporting for 24 mnths now and i'm uptodate with no lates..i'm thinking of asking for a secured card also to help my score or do you think i can be approved for a regular card?
Thanks
Tony
Are the R9s showing with a zero balance because they were paid off? I was unclear reading your post whether these were the "over 120" lates (should be R5).
If the R9s have any kind of "paid" notation, their effect on your mortgage app is only going to be one of lowering your score, and perhaps disqualifying you for some loan programs.
If the R9s are unpaid, nearly all mortgage lenders will want them paid off because they could become lawsuits which could become liens, which could impair the mortgagee's security interest in the home.
The r9's were paid off..my mistake for not bargaining for the r9 to be removed..the accounts now show in the comment section "account setteled".
one of the r9's is for a bank visa card..i'm still a customer of this bank with my savings and cheq accounts there...someone told me to ask the bank to re issue me my visa acct..with a security deposit...that way they take the r9 away because the account is now active and i'm up to date..does this sound possible or is my friend just getting my hope up?
It can't hurt to chat with your bank about that, but I'm dubious.
I have had different visa cards from the same bank. One was an old card that was closed (some bank merger or something like that)
The point is both account showed on the credit report as the report is organized by account number.
It might depend on how your bank organizes their reporting files.
John
Tony,
You can get a mortgage but you said one score was 657 and 560. The mortgage LTV and interest rate would be based on the lower of the two or the middle of the three. You also have to add in your debt ratio to factor the above.
As far as getting a credit card, if you are trying to buy a house GET THE HOUSE FIRST. The reason is once you get a mortgage you will be flooded with credit offers.
By you paying your mortgage on time your score will go up.
Lori
[addsig]
Thanks for the info guys..i'm starting to feel a little better already.
You're fine. Thre is a big disparity between the two scores. Any idea what the third is? Mortgages use the middle score. Many loan programs even ignore this kind of thing if it has a zero balance.