All,
Wife and I will be hunting for our first house ( first time home buyer for both of us) and I'm not sure if we ready or not. We did however (I think) screw up with getting 2 new loan for our car (yes bad Ideas) and I am curious what is our best option to get pre-approval for mortage. Below are break down.
ME:
1) car loan $8k left
2) car loand $45k left (new car loan joint with wife)
3) Chase Freedome $12,500 limit balance less then 9% Ultilize
4) 3 capital one all 3 card combined $12,000 limit with less then 9% Ulitilize
5) personal loan $2,600 left ( planning to paid off before mortage hunting)
6) personal loan $2,300 left (planing to paid off before mortage hunting)
7) had 1 repo- baddie last stopped report 10-01-2014 paid charge off settlement (the only baddie i have in my report, trying to get this delete but no successful yet)
8) mortage fico score 680/684/687
9) income $120K
10) 1 store card $5,800k
WIFE:
1) car loan $18k (New car loan)
2) car loan $45k ( new car loand joint with me)
3) 2 credit card limit $6,5K ultilize less then 9%
4) 2 store card $1,5k ultilize less then 9%
5) no personal loan
6) no collection/charge off or baddies
7) income $30K
8) mortage fico score 720/730/733
What do you guys think? Will we be approved? what is our best option to get better rate. I know we screw up by getting 2 new car loand before mortage, but the damage is done and we never missed any payment.
All my small personal loan will be paid off soon, we always kept our credit card and store card less then 9% ultilize or paid off.
any thought or advice thanks in advance.
