08-06-2011 11:27 AM - edited 08-06-2011 11:28 AM
Estimating to close on a home in November, December. I want to app for the Zync ASAP but obviously I'm waiting for my home to close so my scores stay where they are. I have a chex systems entry from about 3 years ago that I paid and I have 4 30 day lates on an auto loan(orig owe 30k now 10k) since I got the car in 2007, 1 was 3 years ago, 2 were 2 years ago, and a single late in the last year(november). I have $1.00 balances on two cards with small limits.
Should I app in December so all my lates are over 12 months? Or should I wait till january? I was thinking that if I apped before my mortgage loan hit my credit report I wouldn't take such a score drop. My scores are listed below.
08-06-2011 12:33 PM - edited 08-06-2011 12:34 PM
08-06-2011 02:30 PM
Here is my account info:
Length of Credit History: 7 Years , 8 Months
Average Account Age: 4 Years, 1 Months
I had better AAoA but through the deletion of bad accounts its been lowered. My revolving credit history began 6 years ago, which myfico says is a negative.
08-07-2011 09:51 AM
I would wait until well after closing before apping for ANYTHING the mortgage LO (loan officer) will want to know why you have the INQ's (i just went through this) and they will want an explaination for each one and another thing to remember with amex charge cards and a mortgage loan when they look at your DTI ratio if you charge 1k a month the payment will show as 1k a month and could disqualify you (this happened to my wife's friend recently) but as they say in the credit world YMMV
08-29-2011 12:15 PM - edited 08-29-2011 12:16 PM
Okay. So the house is getting a closing date of September 26th. If I apply in december, I will have NO 30 day latesin the last year, and 2 in the last 2 years and 4 in the last 3 years and there are no other negatives at all what so ever. Experian FICO 736 from mortgage lender which will drop due to the mortgage which will surely report by december and my installment loan will disappear screwing up my credit mix... Then again I'll have a mortgage instead of installment so thats kind of a wash?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.