Increasing my scores? Newbie needs a little help
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Posted by Humphrey
(208.10.242.191) on October 28, 2002 at 09:37:21:
I am applying for a home loan. For this loan, my middle credit score must be 580. When my mortgage broker pulled my scores about five weeks ago, my middle score was 580. He pulled them up a few days ago, and my FICO went down to 574. Problem is, there is no accounting for it. Everything is exactly the same as it was six weeks, and he nor FICO can explain why it went down six points. Here are my questions: My broker is suggesting I pay off some of my charge offs. I have about six "small ones" ($100 or less), and one HUGE one. He feels if I pay off about three or four of the smaller charge-offs, and he sends it in for rapid rescoring, that this should increase my credit score by six or more points. How does one increase is credit scores? Will paying off debts help? Any and all advise is much appreciated. Thanks
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