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My Scores 612, 627, 642
Her Scores 577, 587, 587
A lender in Arizona will do it with a 580 middle score. It looks like we can just squeeze by with my wife's score since they take the lowest of the two scores.
The Issue:
Lates on Cap 1 Credit card from when our auto payment did not process.
Feb 2014 30 day
March 2014 30 day
April 60 day
May 60 day
June Current
Otherwise, on both of our profiles we don't have any lates since 2007.
Job History.
She was with an empoyer for 7 years and changed jobs last year and has reached her 1 year annivarsary. (same field, retail manager)
I have been with my current employer since Feburary, I was with my employer before that 5/2013 to 2/2014. I had a 2 month gap of unemployment when my previous job laid off its entire retail field. All positions and changes are for upward movement and increase in Salary. (42k, 52k, and then 62k currently)
With these details do you think we'd have a problem getting approved?
I am not an expert but with her scores so low you will probably get a high interest rate. Also with all those current 60 day lates and 30 days late, that may be an issue. Best thing to do it talk to a lender and see what they say. I do think the lates are what will hurt you the most.
I think the multiple 30 and 60 day late payments this year will prevent you from getting a mortgage until you can show 12 months with no lates. If you only had one 30 day late, you might be able to overcome it. However, you are showing lates for 4 consecutive months.
+1 on the others consensus. Unless you get a very forgiving underwriter I don't see this happening until next May or June. The auto payment failure reason could work for 1 late payment, but 4 consecutive late payments the underwriter is going to want to know how you didn't notice, and would start to doubt the reason for it going late. It also looks a little weird that the earlier months are less late than the older months, i.e. if the payments weren't posting at all then wouldn't Feb be 120 days late, March would be 90 days late, April 60 days and May 30 days? Guess it's better to only have 2x30 & 2x60, but again it's going to be very tough to get approved right now. I'd look into writing a goodwill letter and see where that gets you.
I think you will be ok. They may just ask you for a letter of explanation on the late payments and the employment gap. Your scores will qualify you.
@ap84 wrote:I think you will be ok. They may just ask you for a letter of explanation on the late payments and the employment gap. Your scores will qualify you.
No. Getting a mortgage is different than getting a car loan or another credit card. It is not just your scores (anymore). Scores are one component only. Multiple recent late payments matter. Once they are over a year old though, then they are less important and can be explained.
AP84
when did you close on yourfirst house that you say your lates didn't matter. If that was prior to 2008ish lending practices and getting home loans were much much different. Today the rules and requirements are much tighter.
My personal opinion is that the recent lates if still on the credit report will be an issue. To the OP I do wish you luck and hope that Cap1 will remove them for you. With them removed you will 1 not be a big red flag to underwritters and 2 your score should go up significantly. Recent lates are devastating to a credit score.