Credit Score Killing me!

7 Replies

What a lovely Thursday morning...

I am under contract on a house in Littleton.Co.  Hooray!

The only problem is that my credit isn't perfect.  My credit scores are 705, 715 and 780. Since the lender goes with the middle score I am not getting the best rate on this 30yr loan.  My wife has perfect credit, but since we will be undertaking two loans we need both of our incomes to make this happen.  I have a delinquency that will be removed come December of this year since it will have been 7 years ( $30 Walmart credit card bill has cost me thousands of dollars and is now going to cost me thousands more!) Pay your bills on time kids. :-) 

Does anyone have any ideas to get a better rate?

Hey Jared welcome!!

See if your state has a mortgage program. I am also in contract and i went with my state (NYC) mortgage program. I got a really good rate @3.5 %  No Points on a 30yr on a $250K purchase.

My credit is not bad (800) and I could of gone another route, but I really wanted a low rate and my state had the best.

Good luck and all the best.


With a few clicks you can  dispute any charge on your credit report.
With it being so long ago, I would dispute it and wallmart may take it off since it's almost off anyway.

People - don't mess around with these little merchant credit cards!  The 10% off your purchase is not a deal.  The headaches of keeping up with revolving due dates and methods of payment aren't worth it.  Thank you for sharing about this pitfall @Jared Chipkin !

@Jared Chipkin  Given the time since the Walmart charge and the amount, have you contacted Walmart to have it removed? When was it last reported to the credit agencies?

Have you written an explanation of the delinquency and gotten underwriting to address it?
Your credit is not entirely bad. What loan rate are you getting? My sense is that the mortgage banker is using the delinquency as an excuse to not give you the best rate possible.

PM me if I can answer additional questions.

Good luck.
Upen Patel
Mortgage Banker

I'm looking for the best possible rate. Right now I am looking at 4.125 with no points.

I dispute it at least once a year with the credit bureaus. I contact Wal-Mart about once a year and they don't do anything at all except bs me. I will never shop there again.  It was partially their fault because when I moved to my current house they kept sending the bill to my old address so I didn't realize that I owed money. The collector didn't call me until 4 months later, I paid the bill on that call and have been paying for it ever since! 

The company I'm apart of acutally specializes in improving credit scores, they guarantee to dispute a lot of things, and just have it removed.

Hope it works out for you!


There are so many different ways to generate a credit score....Experian, Equifax and TransUnion are credit bureaus and keep your credit report info.  However, each of those three also have their own proprietary formula and score.  FICO is not a credit bureau, but also has its own credit score formula (and claims to be the most widely used), and uses the info found in the credit reports from the three bureaus. 

Hard to say without more info, but since all three scores were pulled they either paid for each score from each company (inefficient) or they paid for all three FICO scores.

The thing is, every bank has its own internal policies about credit scores.  My local credit union just uses first apartment complex used first mortgage used Fico....and on and on.

I would recommend you first ask to speak to a supervisor (typically the clerks you deal with can't override bank policies) at your bank and see if they will go with your highest score.  If not, I would STRONGLY recommend you call around and ask other lenders for a better rate and asking how they pull your score.  You can even tell them your three scores and see if they will work for you.  Don't just call one or two, call them ALL.  You will probably be better off with small, local banks who don't have to deal with company policies.  

Your other alternative is to speak with a mortgage broker and let them do this legwork for you.

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