Credit Scores - Should I wait for dispute to be resolved?

Question

Hello BP. I am actively looking to purchase my first property in the next few months. I started monitoring my scores closely to try and bring them up. In the process I found one inaccuracy that is only coming up on my Experian report which is lowering my score by 30+ points, although the Experian score is still above 750. I filed a dispute, but it can take up to 30 days to resolve. Meanwhile, my other scores are 795 for Equifax, 798 for TransUnion, and 783 for FICO. While I am obvisoulsy going to continue to pursue the dispute to fix my Experian, is it worth waiting a month until the dispute is resolved to shop for loans? Or would all of my other scores be high enough already that it won't impact the rate I would receive?

Maureen Campbell · Answer

Thanks for all of the clarifications!

Charlie Fitzgerald · Answer

Every lender has their own credit score overlays.  Generally, above 740 is going to get you the best rates available.

Maureen Campbell · Answer

@Charlie Fitzgerald Thanks for all your answers, this has definitely been helpful. Just to clarify your last comment, is there any significant advantage to being over 780? Once the Experian issue is resolved all of the scores should be in the 790-800 range. I just want to avoid any  mis-steps if I am on the verge of another break-line in the credit scores.

Charlie Fitzgerald · Answer

Generally, anything above 740 is going to be the same up to about 780 with no investor overlays.

Maureen Campbell · Answer

@Charlie Fitzgerald Thanks for the tip. I didn't realize that I wouldn't be able to get conventional financing with an active dispute. If I cancel the dispute and go with my scores as is, do you think that the 754 score on Experian will impact the rates that I receive. Or is anything above 750 going to get me a good rate regardless?

Charlie Fitzgerald · Answer

You won't be able to get conventional financing in most cases with an active dispute.  So either wait for it to resolve (30-60 days) or cancel the dispute, get your loan, and dispute after the loan closes.