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I need a 12 step program!!!!

Moderator Emeritus

Re: I need a 12 step program!!!!

I'm hoping that the inquiry plus the decrease in your AAoA doesn't drop you below the 640 that is needed for FHA.  Your mid score is borderline, and the mortgage company will probably have to pull credit at least twice.  Once for pre-approval and once for closing.   If your score drops below 640 you won't be able to close.

 

I just went through this nightmare in january....  For me the target was 680 and the mortgage companies pulled credit so many times it dropped my score by 25 points.

 

Seriously the mortgage is nothing to play around with.  If you're under contract and you can't close, you may lose your earnest money, plus the sellers may choose another buyer, who has stronger chances of closing.

 

Then you have to start the process over again...  ie. more mortgage HPs, decreasing score...  good news is that once you get past 14 inquiries, they no longer hurt your score...

 

I know that from experience  haha!    I had 14 inqs from mortgage.  dont ask me how, because it was a nightmare!  my closing took 4.5 months and caused a lot of tears... 

 

Don't put yourself in that position please. for you and your wifes sake... a dryer or a $15 discount isn't worth it


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Message 11 of 18
Established Contributor

Re: I need a 12 step program!!!!

3 inquiries is not a deal breaker, but a middle score of under 680 could be.  Yes, there are those who have been approved with lower scores, but do you want all the stress that comes with that score vs knowing your 680 plus score makes for smoother sailing and more options?

 

Hope this helps, but if not toss.  Just my cent in a half:smileywink:

 

btw....congrats on your highest limit so far


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

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Message 12 of 18
Moderator Emeritus

Re: I need a 12 step program!!!!

Sorry to be such a debbie downer, but that mortgage was probably the most stressful experince I'd ever been through and I wanted to share my experience in the hopes that you will consider it, unfortunately there's no 12 step program for appaholics.

 

I feel the itch myself sometimes...    Join us in the Garden Club, we'll be glad to have you!  Also congrats on the nice CL.  That should set you up in the future for nice CLs on future apps... that occur after the mortgage. I went on my app spree exactly 30 days after I closed, and it was nice getting all of those approvals Smiley Happy


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Message 13 of 18
Contributor

Re: I need a 12 step program!!!!

When I apply for the mortgage, I will have 4 inquiries listed, including the 3 I just did. I was doing good with no apps, but lately it's been like a rush to see what I can get approved for, pathetic I know! Hoping my score goes up with my last two collections that are supposed to be deleted.
Message 14 of 18
Moderator Emeritus

Re: I need a 12 step program!!!!

Hopefully that will work out! Collections are aweful. I have to wait another yr before my reports are clean.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Message 15 of 18
Blogger

Re: I need a 12 step program!!!!

Would have been better off doing that while buying the washer. But what is done is done.

At least you have a higher CL.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Message 16 of 18
Senior Contributor

Re: I need a 12 step program!!!!

When its time to apply for a mortgage, I don't want any concerns with score, inquiries, or anything but where to put our stuff. Smiley Happy Score is OK but I need to to the rice and beans thing while finishing school, LOL!


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Message 17 of 18
Highlighted
Valued Member

Re: I need a 12 step program!!!!

Exactly! Smiley LOL

TU 792 EQ 782
*In The Garden*


Message 18 of 18