Ok, I'm trying to deep breathe through my anxiety and that's not helping, so here I am.
Some may remember that last month we paid off a significant amount of hubby's debts...from a 15 year old student loan, to delinquent child support, to old collections...all that's left is $1000 worth of meds over 2 years old.
Met with my mortgage broker Monday because we found a house we liked, and she wanted to see it with me. She took 4 hours out of her day and drove to the country with me and was a great help.
Now, here's where my nerves come in. She's a great broker, who helps people fix their credit, much like my own personal Shane
. She pulled our credit...some of the stuff I paid hasn't completely updated and we're going to fix it. He has O score!! NO score at all. She ran mine, which I though we weren't going to do since I haven't worked in 9 years and am acquiring student loans. I have a 587, 590 and a 650!!! And she says we can probably get my scores up paying off a couple things.
. She pulled our credit...some of the stuff I paid hasn't completely updated and we're going to fix it. He has O score!! NO score at all. She ran mine, which I though we weren't going to do since I haven't worked in 9 years and am acquiring student loans. I have a 587, 590 and a 650!!! And she says we can probably get my scores up paying off a couple things.She says she is running my credit too because she is trying to fit us into all types of programs, some of which require the spouse be on the app. We only have $7000 in savings, and she doesn't want us to use more than $1500 tops to get into the house. What if I have to pay off a bunch of crap I don't even care about right now? What if my student loans throw our DTI off? They're all in deferment, and are actually helping my scores right now, but...
I'm nervous. I mean, I made a stupid mistake on our checking account 2 months ago and cost us over $300! What if they tell us no for THAT?
I need a Valium. No, make that 2!!
Someone with more knowledge than I have will probably chime in on this, but I believe (based on what I've read and what I will likely have to do as well) that so long as your student loans have a minimum of 12 months out on deferment, they don't have to include them on DTI. If you are still in school and they are going to be out a ways for repayment, you should be ok.
As for the "don't worry, it'll all work out..." - consider it said. There are some great folks out here, plus it sounds like you've got someone working hard for you on that end. Best of all, you have SOME money saved up - that's huge in my book!
I'll be crossing my fingers and toes for you!!
As for the "don't worry, it'll all work out..." - consider it said. There are some great folks out here, plus it sounds like you've got someone working hard for you on that end. Best of all, you have SOME money saved up - that's huge in my book!
I'll be crossing my fingers and toes for you!!
Starting Score: EQ 622, TU 676, EX 643 (mtg lender pulls) 2/1/12
msensa wrote:
I'm nervous. I mean, I made a stupid mistake on our checking account 2 months ago and cost us over $300! What if they tell us no for THAT?
Checking account activity is NOT reported on your credit reports so no need to worry about anything that happens there.
If you bounced a bunch of checks (I'm guessing), call the bank and ask them to waive some of the NSF fees. Explain how you have had the account for X period of time, just made a mistake which caused a domino effect, etc. Also ask them to not make a negative report to ChexSystems. This is the FICO equivalent for banking; if you are a bad banking customer you can get blackballed from opening accounts at other banks.
If you didn't bounce checks, then just ignore the above paragraph. But if you are ever charged fees, always always always make a phone call and ask for them to be waived or refunded. You usually have to escalate to a supervisor.
I helped a friend do this recently. First CSR said sorry, absolutely nothing I can do. I said, thank you, could I speak to a supervisor please? Whamo, $70 in fees refunded instantly. 
I've gone OT here, so good luck with the house!
msensa...they usually only ask for your 2 most recent bank statements. So, maybe you can squeeze out a few more weeks before they ask for them....that way the NSF's won't be on them!!Our banker didn't even want ours, he said he calls to verify the balances. Each lender is different, so you can ask exactly what they want.
Good Luck!! Keep us posted!!
Message Edited by sunrise on 03-06-2008 06:10 AM