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To the members of this board - Thank you for your helpful advice over the past year! I am on my way to scores in the low 700s after being in the low 600s/500s.
I do not want to miss out on the low interest opportunity that exists right now with mortgages. However, both our vehicles are old and have high mileage, 95 Civic and 2000 Accord. The Civic's AC no longer works but, both are (knock on wood) reliable.
I wondered if anyone had feedback - should we first try to get a home mortgage and then attempt a car loan or the other way around?
Currently, I have 3 credit cards (23% Util which will be 0% next pull) and current installment student loan payments $207/month ($4900 bal).
Is it possible that a new car loan would help my score with the different credit mix? MyFico lists my Amount of New Credit to be in the Great and Very Good categories.
Any advice?
THX
I'd definitely go for the house loan first. Much easier to get a car loan with a recent home loan than vice versa.
The credit mix works for calculating your score. I don't think it makes a difference to LOs. However, car payments with count toward your debt-to-income ratio (you didn't post your income)... possibly getting you declined, or approved for less. House loan first is definitely the safer bet... just make sure you include the car payment in your own head when pricing a house so you can afford new cars after the home purchase
If you're looking at FHA or USDA loans, you won't get better rates for scores over 620 anyway.
Thank you, Ladyofnight!
We are looking for a home in the $275k - $300k range and my salary is $140k. We won't have more than 10% down payment as I have been paying off all of our credit cards. I have 3 items still in collection that I am working on disputing or PFD (total of $2000 combined).
Thx!
Disputes can get you denied be careful. How old are the collections? Are they medical? In some cases it's better not to touch them until your LO tells you they need to be paid.
What area are you looking to buy in? FHA only requires 3.5% down, USDA is 0 down. However, both have certain restrictions on price, area, and i think, income.
ladyofnight,
Below are my 3 baddies the first two I disputed over a year ago because of inaccuracies. The last is legit and I haven't contacted anyone -
Account Name: AFNI, INC.
Acct Type: Unknown - Credit Extension, Review, Or Collection/ Open Account/Collection Account Acct Status: Closed Open Monthly Payment:
Date Open: 4/1/2008 4/1/2008 4/9/2008
Balance: $246.00 $246.00 $246.00
Terms: 1 Month High Balance: $246.00
Limit: Past Due: $246.00 $246.00
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department Bad debt & placed for collection & skip Collection account
Comments: Account in dispute-reported by subscriber COLLECTION ACCOUNT Account information disputed by consumer
My comments - Age should be 7/2005 – the debt has been re-aged and sold several times – Cingular/AT&T/SunCom – they didn’t support my plan during the merger and I cancelled my account. They charged me a cancellation penalty which I fought and lost. _____________________________________________________________________________________
ASSET ACCEPTANCE LLC ASSET ACCEPTANCE COR ASSET ACCEPT
Account Number: XXXX
Acct Type: Unknown - Credit Extension, Review, Or Collection Open Account
Collection Account Acct Status: Closed
Open Monthly Payment: Date Open: 7/1/2006 7/1/2006 7/3/2006
Balance: $446.00 $446.00 $446.00
Terms: 1 Month High Balance: $405.00
Limit: Past Due: $446.00 $446.00
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department At least 120 days or more than four payments past due Collection account
Comments: Account in dispute-reported by subscriber COLLECTION ACCOUNT Account information disputed by consumer
My comments - 11/2002 should be the date of this baddie, my utility bill reporting unpaid after I moved out of State
Account Name: NCO FIN/27 NCO FINANCIAL SYSTEM NCO FIN /27
Account Number: XXXX
Acct Type: Collection Department / Agency / Attorney Collection Account
Collection Account Acct Status: Closed Open
Monthly Payment:
Date Open: 4/1/2006 4/1/2006 4/4/2006
Balance: $1,321.00 $1,321.00 $1,321.00
Terms: 1 Month High Balance:
Limit: Past Due: $1,321.00
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department Unpaid Collection account Comments: Unpaid Placed for collection
My worst baddie – OC = BoA (closed account after getting involved with a couple of payday loans) There is also a mark on ChexSystems about this account. I would like to get this removed with a PFD.