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I have recently been approved for a loan and being FHA insured is the only reason why. The bank that has approved me is telling me that I need a credit score of 580 for them to approve a stream line repair program. My average credit score is 561. I have hired a credit repair company recommended from my loan officer/broker. I am paying down my credit card and have recently paid off two things that are on my negative account on my credit report. It has been almost 30 days and none of those negative accounts have reported to me and I can only assume that they will be taken off my credit report. If they are taken off I know it will not be forever. It’s really had to figure out what is it that I can do to get those 19 points.
My question is : If I’ve paid two of those negative account off and if a couple never report back and I pay down my credit cards , Will I get those 19 points within 90 days?
Extra information: Negative accounts on my credit report are a hospital bill, repo,c-cards

3 Thoughts on FHA Question?
  1. Reply
    A W
    July 23, 2011 at 7:26 am

    All I can tell you is you are not the smartest for PAYING someone to repair your credit when you can do it yourself. Not to mention that it was someone your loan officer recommended….have you heard of the term kickback? Want to bet your LO is getting an incentive from that company? I can tell you that from working as a loan officer at a bank, we could never EVER recommend names of specific companies like that and we certainly wouldn’t suggest paying a company to do what you can do yourself for free. Then again, I worked for a bank that had ethics and morals.

    There is no guarantee how much your score will raise in 90 days. It honestly is a wait and see.

  2. Reply
    July 23, 2011 at 8:24 am

    The 3 credit agencies only update once a month I’m told, so just relax. Unfortunately, in paying off some items, your score could decrease, at least temporarily, if its’ an old bill. For instance, if the bill is 6 years old, lying dormant, and you suddenly pay $ 20 on it, the bill gets resurrected and the 7 year period can begin again. Or a collection agency can buy an old bill and restart the 7year period.

    The repo will take the longest amount of time to correct, because it usually involves a balance owed of several thousand.

  3. Reply
    Heaven Lee
    July 23, 2011 at 8:39 am

    Sometimes it takes a while to come off your credit report. Contact the bureau that still shows it owing and insist they remove it.
    Be very careful how many times your credit is pulled. That will bring down your scores.

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