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.
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.
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
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?