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30 days in between 1 and 2 years - dealbreaker?

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Anonymous
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30 days in between 1 and 2 years - dealbreaker?

I was under the impression that it was 12 months history that needed to be spotless but I've been reading on these threads about 24 months.   Can somebody give some clarification here?

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Anonymous
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Re: 30 days in between 1 and 2 years - dealbreaker?

There is no golden ticket.  The entire credit history is analyzed.

 

The key is that they want to see 24 months of judicial use of credit including 12 months of perfectly clean credit.

 

1 late in the last year on top of 7 years of great credit is not likely to cause a problem.

 

1 year of great credit likewise will not mae up for 6 previous years of horrible credit in most cases.

 

They weight the entire history with more weight given to items that are more recent. 

 

Like everything else with getting a loan, it is not about hitting some minimum or whatever.  If you barely qualify under each of the different factors (DTI, income, job history, credit history, FICO score, etc) then there is a strong chance you will not get approved even though you technically meet that requirements .  For every item that is either below or right at a minimum requirement, they are looking to see some supporting evidence somewhere else in your file to approve it.  Each case is different, but just remember that it is like a scale.  All the good things on one side, all the bad things on the other.  All the stuff that barely meets standards is just sitting in the middle.  Something needs to tip the scale to the good side....

Message 2 of 4
life101
Valued Member

Re: 30 days in between 1 and 2 years - dealbreaker?

Mickie08, what do you mean by 24 months of judicial use of credit? Does that mean 24 months of keeping your credit usage below a certain % usage?

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Anonymous
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Re: 30 days in between 1 and 2 years - dealbreaker?

No, probably bad wording on my point.  I mean that they want to see smart use of credit with little or no lates for the past 24 months.  They are looking for patterns.  the point is that if you have credit issues in the past, just getting the 12 months clean point is not a golden ticket.  it helps, but the overall history is still going to be considered with weight given to the most recent info. 

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