I have a friend who is a realtor. He told me about an awesome lender he has...and that, if your credit score is in decent range they work with you over a period of time to get it to the right place in order to get a mortgage.
I figured...what the heck. I know my scores are in the high 500's (almost 600's)...and if I'm within 20-40 points of a mortgage, it cannot hurt to have a conversation and start establishing a relationship with a lender.
To my amazement, the lender pulled my score and said it was a 520. I wanted to throw my computer out the window. I was so frustrated.
Why the heck am I paying myfico.com, and creditchecktotal for a score if they're reporting I have a 599, and the lender is saying I have a 520 mortgage score.
myfico.com says my score is a 588 for mortgage. I was just so bummed. The lender made me feel better and said they're going to come up with action items and that I could be within 6-12 months of bringing my score up to get a mortgage. I'm in no hurry...but I was just bummed to see my scores have supposidly been rising, only to find out they haven't.
Any advice? What's going on? Why the difference in score? Is it really possible to get in the 620-640 range within 6-12 months from a 520 FICO mortgage score?