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Regular Contributor
Cyan007
Posts: 237
Registered: ‎08-02-2009

Re: credit limit increase

I thought the current tax credit was valid until April 30th?  I guess you're not speaking of the first time home buyer but rather the $6500 loan type deal. 

EQ (11/16/2007): 573

Starting Score (1/1/2010): EQ: 712 -- TU: 726
Current Score: EQ: 748 (12/22/11) -- TU: 726 (1/7/10) -- TU04: 701 (1/27/10) -- EX: 747 (1/27/10) (LO)
Goal Score: EQ: 760


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Valued Member
darluwa
Posts: 38
Registered: ‎01-04-2010

Re: credit limit increase

Hello,

 

I was speaking in reference to the $8k first time homebuyer or $6500 non first time homebuyer.  According to the agent a centex and DR Horton homes a contract must be written and accepted by April 1st, and close by June 30 to qualify for tax credit. 

Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009

Re: credit limit increase

You will need to get a automated FHA approval with a lender that knows what the heck they are doing. You also can do zero down w/no PMI through USDA if the area is eligable.

 

Be very careful who you work with... What state are you in?

 

PM me, and I will try to answer you more directly.

-800 or Bust...!
Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009

Re: credit limit increase

Don't pay any bad accounts, unless the approval requires it.

 

If you do it will kill your scores, if you are required to, it just becomes a closing condition, and you just pay right before you close, and give escrow/closing lawyer proof!

 

 

-800 or Bust...!
Valued Member
darluwa
Posts: 38
Registered: ‎01-04-2010

Re: credit limit increase

RED,

 

that's just the thing. Well, I only went to the mortgage company to see what I needed to do in the future to apply for a mortgage loan, say within a year or so.  No one has really told me what to expect or anything like that.  The only advise I get is to get the score above 620, then we will work on getting you pre-approved.  So how do I get the score up was my question.  I have read this forum and have gotten some great feedback. 

 

Paying of the CA with PFD will give me a boost, getting a secured card should give me a boost since I have no revolving credit.  But, it all just so confusing.  I really just want to sit down with a good broker who knows what a UW would need in order to get me qualified. 

 

Any suggestions?

Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009

Re: credit limit increase


darluwa wrote:

RED,

 

that's just the thing. Well, I only went to the mortgage company to see what I needed to do in the future to apply for a mortgage loan, say within a year or so.  No one has really told me what to expect or anything like that.  The only advise I get is to get the score above 620, then we will work on getting you pre-approved.  So how do I get the score up was my question.  I have read this forum and have gotten some great feedback. 

 

Paying of the CA with PFD will give me a boost, getting a secured card should give me a boost since I have no revolving credit.  But, it all just so confusing.  I really just want to sit down with a good broker who knows what a UW would need in order to get me qualified. 

 

Any suggestions?


 

Hi darluwa,

 

What is the age of your oldest account and what is your average of accounts (AAoA)?

 

One way to add age to your history (which could then help your scores) is to be added as an authorized user (AU) on someone else's credit card. Do you have a family member who has an older credit card...with a perfect payment history...with no balance on it? If someone would help you out by adding you onto one of their credit cards, the age and history of that account will be shown on your credit report. They don't even have to have a card sent to you if they'd rather not...and they can remove you after you close your mortgage if they want.

 

If you do this, you need to be very careful that the card has no lates and carries no balance. Even if they pay it off each month, you don't even want a statement balance showing.

 

That's just one idea to help raise a score. It also gives you an added tradeline without adding an inquiry.

Regular Contributor
-RED
Posts: 231
Registered: ‎08-07-2009

Re: credit limit increase

^ great advice. Without doing that I'm not sure you will get an approval with FHA, at this point at all w/out the Rev history.

 

USDA is your best bet, and it has no/PMI, so that is what I'd do If I were you. The guidelines are better with USDA as awhole much more forgiving. Good Luck, and keep us posted. Only deal with the builders lender if they buy down your rate!!

-800 or Bust...!
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: credit limit increase

We thought we'd have to wait until next year to refi, but were lucky enough to qualify for a good loan this year.  We didn't even have to go FHA (but would have been happy to).  DH's oldest open revolving account was about 8 months old, with several additional newer accounts.  The only comment we got from our loan officer was to make sure at least one of those revolving accounts was a bank/national cc (it was!) - no comments at all on how young the accounts were. YMMV - best of luck in your rebuilding process.
Just puttin' syrup on something, don't make it pancakes.
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: credit limit increase


darluwa wrote:

RED,

 

that's just the thing. Well, I only went to the mortgage company to see what I needed to do in the future to apply for a mortgage loan, say within a year or so.  No one has really told me what to expect or anything like that.  The only advise I get is to get the score above 620, then we will work on getting you pre-approved.  So how do I get the score up was my question.  I have read this forum and have gotten some great feedback. 

 

Paying of the CA with PFD will give me a boost, getting a secured card should give me a boost since I have no revolving credit.  But, it all just so confusing.  I really just want to sit down with a good broker who knows what a UW would need in order to get me qualified. 

 

Any suggestions?


The point is that paying off your baddies may very well tank your score - the opposite effect from what you want.

 

The advice you get from mortgage brokers regarding your CBR's/credit scores is frequently flawed beyond all recognition. Tread carefully.

Valued Member
darluwa
Posts: 38
Registered: ‎01-04-2010

Re: credit limit increase

Where do I find my AAoA on myfico?


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