Tuscani is the expert and he is right. You can be too anxious to buy you own house and get yourself into a mortgage that you won't be able to afford. Get your scores up and then get a mortgage that you can negotiate fees on so that you don't have to pay too much. READ his 101 it will help you a great deal.
I was pre-approved with a mid-score of 610 for a $160k loan with a 7.25% interest rate for 100% financing, but the PMI was HIGH...almost $250 a month!! I've raised my score to 630 in a matter of weeks (by paying down a CC) and the PMI has gone down to $135 a month. Now I'm just trying to get my score up to hopefully lower the rate a bit.
Thanks...I've already paid the total "settlement amount" on my Dept Store CC. And, I have my only other CC bill paid directly from by Checking acct. I'm also going to write a GW letter to my creditors in order to have them remove the late payments...I hope this helps!