First Time Home Buyers Here

[CostantinoA]

Hello everyone:

My wife and I are looking to start the process of getting pre qual on January 2, 2018.  We are note sure if we qualify due to the high CC debt.  In the signature, is my updated scores and info.  My wife's scores are about 20 points higher than me across the board.  We have matching debt as I am on everything of hers and she is on everything of mine for the most part.  I have paid off 10 cards that is reflected in the debt numbers but havent been reported yet so I am expecting an increase soon.  We make about $150k a year combinded.  We have a special program from her work that is going to put down 20k as down payment for us.  We are in Nevada.  What are the odds of us getting a pre qual next month?

[CreditInspired]

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@CostantinoA wrote:

Hello everyone:

My wife and I are looking to start the process of getting pre qual on January 2, 2018.  We are note sure if we qualify due to the high CC debt.  In the signature, is my updated scores and info.  My wife's scores are about 20 points higher than me across the board.  We have matching debt as I am on everything of hers and she is on everything of mine for the most part.  I have paid off 10 cards that is reflected in the debt numbers but havent been reported yet so I am expecting an increase soon.  We make about $150k a year combinded.  We have a special program from her work that is going to put down 20k as down payment for us.  We are in Nevada.  What are the odds of us getting a pre qual next month?

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IMHO, I think your middle score should be at least 640. Also, you have left a lot of info out, like what are you and your combined monthly CCs, any and all types of loans (I "think" deferred student loans have to be include), any vehicle notes, any child support payments, any unpaid collections or judgments reporting, or is there a BK showing. All these make up the profile for getting a mortgage because it depends on your debt to income (DTI) ratios. So we know your monthly gross is about $12.5K so we need to know your monthly debt (don't include rent, utilities, phone bills, etc.).

Also, even if you qualify for a mortgage, keep in mind that the interest rate would be high due to the low credit scores.

Hopefully, someone with a lot more knowledge will chime in.

GL2U

[CostantinoA]

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@CreditInspired wrote:

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@CostantinoA wrote:

Hello everyone:

My wife and I are looking to start the process of getting pre qual on January 2, 2018.  We are note sure if we qualify due to the high CC debt.  In the signature, is my updated scores and info.  My wife's scores are about 20 points higher than me across the board.  We have matching debt as I am on everything of hers and she is on everything of mine for the most part.  I have paid off 10 cards that is reflected in the debt numbers but havent been reported yet so I am expecting an increase soon.  We make about $150k a year combinded.  We have a special program from her work that is going to put down 20k as down payment for us.  We are in Nevada.  What are the odds of us getting a pre qual next month?

---

IMHO, I think your middle score should be at least 640. Also, you have left a lot of info out, like what are you and your combined monthly CCs, any and all types of loans (I "think" deferred student loans have to be include), any vehicle notes, any child support payments, any unpaid collections or judgments reporting, or is there a BK showing. All these make up the profile for getting a mortgage because it depends on your debt to income (DTI) ratios. So we know your monthly gross is about $12.5K so we need to know your monthly debt (don't include rent, utilities, phone bills, etc.).

Also, even if you qualify for a mortgage, keep in mind that the interest rate would be high due to the low credit scores.

Hopefully, someone with a lot more knowledge will chime in.

GL2U

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Hello:

I do not have any BK showing or any public record on any of my reports.  The negitive marks on my reports are all medical bills and all from 3 plus years ago.  They total about 3k.  I recieve child support per month and do not owe any per court order.  I do have two car payments that total $1,397 per month.  I did pay off numerous accounts 3 days ago.  That dropped my utlization down 10%.   I believe the number of accoutns was 11 so that should give me a score increase in next 30 days.  

[CreditInspired]

@CostantinoA wrote:

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@CreditInspired wrote:

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@CostantinoA wrote:

Hello everyone:

My wife and I are looking to start the process of getting pre qual on January 2, 2018.  We are note sure if we qualify due to the high CC debt.  In the signature, is my updated scores and info.  My wife's scores are about 20 points higher than me across the board.  We have matching debt as I am on everything of hers and she is on everything of mine for the most part.  I have paid off 10 cards that is reflected in the debt numbers but havent been reported yet so I am expecting an increase soon.  We make about $150k a year combinded.  We have a special program from her work that is going to put down 20k as down payment for us.  We are in Nevada.  What are the odds of us getting a pre qual next month?

---

IMHO, I think your middle score should be at least 640. Also, you have left a lot of info out, like what are you and your combined monthly CCs, any and all types of loans (I "think" deferred student loans have to be include), any vehicle notes, any child support payments, any unpaid collections or judgments reporting, or is there a BK showing. All these make up the profile for getting a mortgage because it depends on your debt to income (DTI) ratios. So we know your monthly gross is about $12.5K so we need to know your monthly debt (don't include rent, utilities, phone bills, etc.).

Also, even if you qualify for a mortgage, keep in mind that the interest rate would be high due to the low credit scores.

Hopefully, someone with a lot more knowledge will chime in.

GL2U

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Hello:

I do not have any BK showing or any public record on any of my reports.  The negitive marks on my reports are all medical bills and all from 3 plus years ago.  They total about 3k.  I recieve child support per month and do not owe any per court order.  I do have two car payments that total $1,397 per month.  I did pay off numerous accounts 3 days ago.  That dropped my utlization down 10%.   I believe the number of accoutns was 11 so that should give me a score increase in next 30 days.  

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A huge congratulations to decreasing your UT from 69% to 10%, or did you mean from 69% to 59%? If to 10%, you should see a really nice boost in scores. If you meant to 59%, there may not be much of a change because you're still in the same bucket (50-74%), which is high. If this is the case, continue to work on getting your score to <30% to see a sizable boost. Or, at least pay debt down to get into the (30-49% bucket).

I do think the collections have to be addressed. Have you considered doing goodwill letters or pay for delete?

[Anonymous]

The data points you shared aren't helpful, unfortunately.  The only way we can give you specific advice is if you give us specific data, otherwise all we can tell you is vague advice which is useless.

A few pointers:

1. Aggregate utilization over 8.9% is "not good" but over 28.9% is worse and over 48.9% is "bad" and over 68.9% is "terrible".  So please post your AGGREGATE utilization expected this month.
2. Individual card utilization is also important -- having one card maxed out or over limit CAN ding you as much as 40-50 points.  So please post every card you have that is open (including those with $0 balances) and post EACH limit and EACH current balance.
3. Having ANY balance on more than 1/3 of your cards is "bad" -- so if you have 10 cards and you have balances on 4 of them, that's bad to FICO.
4. You need to pull your FICO Mortgage scores, not just FICO8.  You can buy them at MyFico if you want them.  Buying your own scores doesn't hurt your score.
5. Those inquiries hurt but not knowing the type of inquiry (auto, mortgage, credit card, etc) and the date of the inquiry isn't helpful.  Inquiries stop counting for FICO scoring after 12 months, so knowing the age helps.
6. Need a list of every open installment loan, the original balance and the current balance.
7. Need a list of the most recent 30D late, 60D late, 90D late, etc.  Just the most recent one.

With these data points we can give you tailored advice on what to do to get your scores up.