My fiance and I are looking to purchase a home in the next 6 months to a year.
In the interim, we are working on rebuilding our credit. I provided an overview of our financial picture below. We're looking to pull $20k-$25k from the CD to use as a down payment. Any feedback would be greatly appreciated. Please also advise if any additional information is needed. Thank you.
1. Credit
Hers:
TU 661 (9/12/11) EQ 657 (9/12/11) EX ?
Revolving $1368
Installment (Auto) $16,500
Installment (Student Loan) $4000
*Paid revolving down to less than 10% utilization in 09/2011
TU score reflects 59% utilization, EQ score reflects 60% utilization
30 Day Late- Wells Fargo Cd Svc (06/2009)
Collections:
TU- County College (04/2010) Reflects $546 balance; however, PIF
EQ- Public Library (02/2010) Reflects $130 balance; however, PIF
His-
EQ 609 (07/04/11)
Revolving $233
*Paid revolving down to less than 10% utilization in 08/2011
Installment $7915
90+ Day Late- US Dept Ed (12/2009-03/2010)
*Became delinquent while seeking employment after college graduation
Collection:
EQ: 1FBUSA (06/2009) $12,055
*Attempting to settle, became delinquent while seeking employment
Inquiries- Hertz Rental (5/2011), Cable Co. (12/2010)
2. Income.
Hers-
Gross Salary: $30k
Bonus: $10k
His-
Gross Salary: $33k
Bonus: $10k
3. Monthly debt payments.
Hers-
Installment: $350
Student Loan: $50
CC: $28
His-
Student Loan: $100
CC: $10
4. Employment
Hers-
3 years employment with company, 5 years in industry
His-
2 years employment with company
Obtained Bachelor’s prior to employment
5. Assets/Reserves
Hers-
CD- $45,000
401k- $5,000
Savings- $1,000
His-
401k- $6,000
Savings- $1,000
6. Location.
Tarrant County, TX
7. Property
Single Family Home
8. Value
Price Range $140k-155k
9. Occupancy
Primary Residence
10. Transaction Type
Purchase
