Re: Increasing my scores? Newbie needs a little help

Posted by observer (64.12.96.205) on October 28, 2002 at 10:18:48:

In Reply to: Increasing my scores? Newbie needs a little help posted by Humphrey on October 28, 2002 at 09:37:21:

I've a feeling you're dealing with a mortgage broker that is doing all they can to reap a commission.
First of all, inquires for credit will lower your score. How many times has your credit been pulled by various lenders since you started trying to find financing? Secondly, you will have to satisfy all of those collections and chargeoffs prior to the loan funding. Just paying off a few will not raise your score.
It really sounds like you're swimming in a sub prime lending pool. Have you investiagetd FHA mortgages? They will require all collections and chargeoffs to be paid but, with 12 consecutive months of good credit they will fund your loan at conventional rates. FHA is not score driven. I believe Scott has recently obtained on of the loans so he'll be more famliar with all the bells and whistles but bottom line, I'd step back and see about other options.

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