I am currently at 692 on all three of my scores.... I have 2 credit cards and use less than 10% of them each month and pay them off in full every month. I have had one charge-off from 2006 but that was paid off years ago. In the past I have had some missed payments also, as of right now I have no delinquent accounts and my last late payment was 5 years ago. My fiance really has no credit at all but recently got a credit card and is usling less than 10% utilization and paying off in full monthly. We are looking at getting a home loan in 13 months. She has 60k in student loans and I have 10k.... we will have around 32k cash in the bank around the time of applying. We bring in gross of 6500/month and our only debt are student loans payments of $1000/month. Do you think we have much of a chance at getting a mortgage? And if so at what rate do you think. Is there anything I should be doing to have a better chance of getting approved?
A little more information:
My income 40,000
We have both been steeadily employed for multiple years.
This will be a single home purchase.
We will be putting around 15-20k down.... We will have 32k in the bank specified for the house.... Overall we will have around 45,000 with savings and all.
Please help me out with some info.
I ruined my credit a few years back in my college day. Got down to the 500's.... luckily I was able to bring it back up to 692 by being meticulous with my credit.... hopefully it will be in the 700's by the time I apply.