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Have I ruined my chances?

New Contributor

Have I ruined my chances?

I have been working on repairing my credit for the past year, thanks to the help of myFICO forums!  I was planning of applying for an FHA mortgage in June/July 2013 once my last collection falls off but I am now worried that I have hurt my chances. My report:

I have one baddie left, Midland Co. which will fall off reports in 5/2013, leaving 8 + tradelines which will all be paid to under 10% utilization. They are credit cards, store cards, student loans in diferment until 06/2014, and one opened auto loan.

I have one paid Judgement, placed on report in 2009, PIF 2011.

3 late payments on opened auto loan with Wells Fargo Dealer Services, tried multiple times to GW, but I have obviously not found the appropriate email for good luck.

The lates are from 01/2012, 04/2012, and 06/2012.  They were all for 1 stinkin day over the 30 day error. My husband was laid off at Christmas 2011 which caused a spiral down in our auto payment. I have been current since then, and plan to be for the rest of the loan. Will these lates prevent me from getting a mortgage even after 12 months of good payment? I read somewhere that you may only have less than 2 lates in the past 24 months. We can certainly stay in the house we are renting to save more money if needed after the 12 months of clean history in June 2013, but I would much rather be building equity in my own home!

Message 1 of 4
3 REPLIES
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Valued Contributor

Re: Have I ruined my chances?

You will be just fine. But you will have to wait till June.

Message 2 of 4
New Contributor

Re: Have I ruined my chances?

Thanks for the reply! I thought for sure I'd have to wait 2 years! This makes me very happy Smiley Happy

Message 3 of 4
Valued Contributor

Re: Have I ruined my chances?

Worst case you will have to write a letter explaining it.

Message 4 of 4