Hi everyone,
I've posted a bit before, but now that we're done with our wedding, my husband and I are looking to apply for mortgages within the next few weeks. To that end, I have just pulled our scores to see what we have to work with.
His scores: (6/2/09)
TU: 731
EQ: 779
BUT, the bad things against him are that:
"There is no recent activity on your revolving accounts" (on both score reports)
"There is no recently reported activity on any of your non-mortgage credit accounts" (on TU)
He has one credit card (he hates having even one) with Bank of America. When we called to see why they haven't reported, they said they only report negative items and otherwise don't report...What can we do about this?
My scores: (6/2/09)
TU: 716
EQ: 715
The reason for this is that I am an AU on two of my mother's cards and she used these to pay for our wedding. Thus one card, with a balance of around $13,000 has $3,000 on it and one card with a balance of $7000 has $6,100 on it. I KNOW that has to be killing my score...what can I do about that? Should I remove myself and take the hit to the AAOA? Should we loan her the money to pay them off right away?
In Dec. 2008 when I last pulled my scores, I had 756 with TU and 733 with EQ. Since that time, I paid off one student loan and my mother used all of her credit as described above.
Since we have these issues, should we wait a month before looking for lenders or should we go ahead and start looking now and explain the problems? Should I bring in my old credit reports with the higher scores as well? Does the POTENTIAL lender HAVE to pull our scores to give us an estimate or can they look at the ones I just pulled for us? How much time to do we have for people to pull for it to count as one instead of a bunch? At this point, I am worried we might fall under 700 (at least for me) and that would be horrible. We are looking at a conventional loan, since we have 20% to put down.
I also have steady job history and he's a student. We have plenty of money to put down 20% on the price range we're looking for and my only other debt is a student loan that's being paid on that has about $13,300 left on it.
Thanks!
Starting Score: 799