@Anonymous wrote:
Hello everyone, I've been following tis forum for awhile and it has helped me tremedously, last year my credit scores were in the 550's. As of 5/12 my fico scores from TU were 640 and my EQ was 680. I ave a couple of collectons on my CR. I have 3 on my TU report, with the most recent being for midland fund from 6/11. The other two should come off in November, I have1 collection on my EQ report. I have a combined $3,000 credit limit with about a 2% utilization rate.
I'm trying to buy a house in August, currently I have $4,000 saved, and I hope to have atleast $7,000 by August. I'm looking at houses under $150,000. I've been at my current job for 2 years and I make $75,000 a year. My question is what kind of loan should I apply for? Are there any advantages to being a first time home buyer? When should I start applyng for home loans?
This is considered new and more then likely will not have your loan approved unless it is paid off in full or settled for the full amount.
IMO I would wait until all collections getting ready to fall off this November finally fall off. Once they fall off I would work on having the other collection left on your report removed and or save enough to either pay it off in full or see if they will settle and accept a settled payment in full. Once you have acheived having the collections removed and or paid then as long as you have not added any negative information to your credit reports you would be able to apply.
While you could apply sooner your chances of approval with a clear to close are slim but as in anything credit YMMV.
Good Luck
May all your dreams and wishes become a reality!
