@skigirl916 wrote:
@frugalQ wrote:
@Revelate wrote:
@skigirl916 wrote:
@frugalQ wrote:your scores seem low for your income/employment history.
Um. Income and employment history have no bearing whatsoever on one's credit scores.
Absolutely, but I think what frugal was getting at was simply that those are depressed scores, likely with derogatories which may impact mortgage underwriting. Money makes all things easier when it comes to either maintaining credit or rebuilding it, though of course there's billionaires with scores less than even where I started... certainly having the ability to pay for one's monthly expenses in cash makes it fairly trivial to PIF adroitly.
@OP: If you haven't already check over in the rebuilding forum to see what you can do regarding cleaning up your reports as mortgage underwriting is going to take the lower of you/your spouse's middle scores... and the higher yours are, the better rate and the easier the qualification process.
I realize that income/employment history has no impact on credit scores, but at 195k annual income and at the job for longer than 5 years, it seems his scores would be higher...especially since his wife's scores are high. OP didn't mention it, but i'm assuming his scores may be low because of credit issues. I'm just pointing out the fact that if there are any derogs on his report, they will need to be addressed, if they haven't already done so.
i could be way off in my assumptions, but it's still worth pointing it out.
Why though? You're linking his income and job history to his scores. And why would his scores be higher if his wife's were higher? OF COURSE his scores are low because of credit issues - that's the only reason they could be!
I've been in my job for 15 years and earn well over 6-figures, and 18 months ago, my scores were under 600. Why? Because I was stupid in handling money and timeliness of paying my debts. My income/employment had nothing to do with my scores. Nor did my now-Ex's very high scores play any part in mine.
why are you making such a deal out of this? OP asked what we thought of his situation...he provided income and debt info, but nothing regarding his credit history. i brought up the credit scores for the mere fact of highlighting if there are any issues, they should be addressed. please don't read anything more into what i posted.
OP, if i offended you in any way, please accept my apology. it was not my intention.
@Anonymous wrote:Hi, no offense taken. I purposely didn't get into the credit stuff since I figured there would be a lot of questions around that. I was just trying to figure out IF I can get my credit to a more respectable number then how would I look given my other stats.
And I did look into a GW on the student loan. I called them and they politely declined saying that if it was valid they wouldn't remove. I suppose I could write a letter anyways. After 1+ year goes by I read that the impact on my score begins to decline/phase out. I'm just going to get utilization down to 1% and see what it does. I don't have any collections to remove, so the only big recent derog is the student loan. The rest of the derogs (30 day lates on cc, and paid-closed cc) are all 4-7 years old. The paid closed cc is from 2008 so maybe that goes away this year. But being that old I don't even know if its impacting my score.
Letters are the way to go for GW, sent to an executive in the company typically. Should be able to find contact information for the CEO via search engine and try that route... just calling a CSR won't get you anywhere generally, the way they're incentivized (calls per hour is a common metric) it's not in their interest to even try to help you.
The 30 days are mostly irrelevant compared to the 90 day late which is a serious delinquency - you'll be able to get mortgage qualified but I am not certain regarding 700 in a few months but definitely pay down the balances for all the usual financial reasons (paying non-necessary, non-trivial interest on a credit card isn't a good idea unless you have to float a balance for whatever reason) and see where you wind up. Also and I hate to say this, but the FICO Simulations I've seen are based on a FICO 8 algorithm, which is far more forgiving of older derogatories than any of the mortgage trifecta are... just be aware of this before you go through the mortgage process.
If the paid/closed credit card doesn't have any delinquencies on it, that tradeline is helping you rather than hurting you. Closed accounts can still be positive history if they were kept current.
@Anonymous wrote:Yes, I believe property tax is 1.1% of the assessed value.
Ah - I live in one of the dark blue areas on this graph, where the high COL happens to combine with high property tax as well. Lucky me. 