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Established Member
Cthomp7280
Posts: 22
Registered: ‎07-22-2012

Do I Qualify?

I'm in the process of trying to engage some Mortgage Brokers and want to know what my chances are of getting a loan.

 

I've been employed at the same company for 2+ years. I W-2 about $105k per year. My Transunion score is 627 and my Equifax is 628. I only have one major bill which is a $375 student loan payment per month.

 

Any thoughts?

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Do I Qualify?

First thought is why are scores so low?

 

What negatives do you have on your accounts?

 

You can find a lender still approving a 620 mid score but they are getting harder to find.

 

Good Luck
May all your dreams and wishes become a reality!
Established Member
Cthomp7280
Posts: 22
Registered: ‎07-22-2012

Re: Do I Qualify?

Had two charge offs from 2009 that I recently paid off (both were with OC). One I paid last summer, the other about a month ago. I have one collection for $145 and a collection (with debt collector) from 2009 as well.

 

Apparently the CO's had my utilization rate at 95% as recently as the beginning of this month and I didn't realize that the CO was weighing me down (debt was still with OC). When it reported this month, my score jumped 34 points.

 

 

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Do I Qualify?

Do you have any CC's?

 

Any other type of positive credit besides school loan?

Good Luck
May all your dreams and wishes become a reality!
Established Member
Cthomp7280
Posts: 22
Registered: ‎07-22-2012

Re: Do I Qualify?

I have a secured Credit Card with a $300 Limit and my school loan...that's it. I paid off my car in 2011 so that was the ony other positive line that had.

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Do I Qualify?


Cthomp7280 wrote:

I have a secured Credit Card with a $300 Limit and my school loan...that's it. I paid off my car in 2011 so that was the ony other positive line that had.


If you can, increase this limit. Since it is secured you can add add

Good Luck
May all your dreams and wishes become a reality!
Established Member
Cthomp7280
Posts: 22
Registered: ‎07-22-2012

Re: Do I Qualify?

So, do you think that I'd see a score bump from adding a few hundred to it?

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Do I Qualify?

Probably not over a few hundred. A few thousand a better possibility. YMMV

 

You should visit the CC board and see if they can recommend a card for you to apply for. Let them know your scores and your negatives showing.

 

You should also visit the rebuilding board and see if they can help you deal with your negative accounts.

 

Please do not take this to heart what I am about to say...

 

We all make mistakes, including myself, I have been in your situation.

 

While you can find a lender who accepts a 620 FICO mid score, but getting harder and harder to find, and you will jump through a few more hoops and hopefully get approved.You need to look at it from a UW position and realize he is going to say to himself.... $375 in student debt only, makes $105K a year, whats wrong with this picture in regards to your credit profile?

Good Luck
May all your dreams and wishes become a reality!
Established Member
Cthomp7280
Posts: 22
Registered: ‎07-22-2012

Re: Do I Qualify?

I appreciate the input...

 

I've actually done those things. Which is why I am where I am now. I started this last summer with a 571 Equifax, 555 Transunion,and a 533 ExperIan. I probably could have increased it sooner if I'd realized that it was the utilization that was weighing me down so much.

 

i spoke to a broker last year who said that he could work with me when hit 620. I'm just trying to collect additional information concerning the FHA since I'm weary of applying for a card, getting declined, and thus taking a hit that would drop me below 620.

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010

Re: Do I Qualify?


Cthomp7280 wrote:

I appreciate the input...

 

I've actually done those things. Which is why I am where I am now. I started this last summer with a 571 Equifax, 555 Transunion,and a 533 ExperIan. I probably could have increased it sooner if I'd realized that it was the utilization that was weighing me down so much.

 

i spoke to a broker last year who said that he could work with me when hit 620. I'm just trying to collect additional information concerning the FHA since I'm weary of applying for a card, getting declined, and thus taking a hit that would drop me below 620.


Okay then go apply... I agree not worth risking.. Just make sure you know in advance if they have lenders accepting a 620 mid score.

Just remember some lenders that were approving a year a go with a 620 are no longer approving them.

Good Luck
May all your dreams and wishes become a reality!

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