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Established Member
gglam12
Posts: 55
Registered: ‎02-23-2013
0

Re: Home loan

2000 credit limit

Amex BCE 2K - BoA Cash Rewards 5K - Chase Freedom 3.5K - Chase Sapphire Preferred 5k -
Starting score: 643
Current score: 712 (11/22/13)
Goal score: 750+
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Home loan

List the types of credit you have..

 

Example

 

Cap One CC - credit limit 1000 -  payment due 0- balance 0- late payments 0

AMEX CC - credit limit 1000-  payment due 0-balance 0- late payments 0

Chase CC - credit limit 1000- payment due 0- balance 0- late payments 0

 

student loans- balance 5000- payment due (deferred or payment) - balance 5000- late payments 0

 

Car loan- credit limit 25000- payment due 450- balance 15000- late payments 0

 

Collection - balance 500- 4 years old

 

BK- 2009

 

Maybe you can get other ideas of how to increase your scores if you give some type of break down of reports.

 

 

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: Home loan

you paid off 50 percent of your util which is very good. If you want to maximize the scores, go buy something on one of the cards and let it report. You want under 10 percent of your total limits reporting. So go buy some groceries on one card.

Established Member
gglam12
Posts: 55
Registered: ‎02-23-2013
0

Re: Home loan

Cap one cc - 500 limit / 0 bal
Boa cc student - 500 limit / 0 bal 1 late 2011
Boa 123 rewards 1000 limit / 0 bal

Student loans all loans are in repayment status
1631.76 / 1 late payment - 50 a month
1549.76 / 1 late payment - 17.59 a month
2279.43 / 1 late payment - 27.09 a month
2066.39 / 1 late payment - 23.45 a month

Collections
89 - paid july 2011
277 - paid aug 2010
79 - paid july 2010
754 paid may 2011

He is 22 and we don't have any car loans.

Amex BCE 2K - BoA Cash Rewards 5K - Chase Freedom 3.5K - Chase Sapphire Preferred 5k -
Starting score: 643
Current score: 712 (11/22/13)
Goal score: 750+
Established Member
gglam12
Posts: 55
Registered: ‎02-23-2013
0

Re: Home loan

The late payments on all accounts are about 1.5 years old also.

Amex BCE 2K - BoA Cash Rewards 5K - Chase Freedom 3.5K - Chase Sapphire Preferred 5k -
Starting score: 643
Current score: 712 (11/22/13)
Goal score: 750+
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Home loan

As suggested by Tooleman, use your BoA 123 rewards card and purchase something, I would buy something totaling $25 and let it report on your statement. Once statement comes out pay the $25 off so no interest charges. Repeat this process for best scoring opportunity month after month.

 

When do the collections fall off? Being paid is good in the UW's eyes but sadly usually does not help your credit scores. It is the collection itself that has the biggest impact.

 

Your lates are also still dinging your scores, I would try to send GW (GoodWill) letters, and possibly they may remove them. Will be hard with the school loans but possible.

 

I would also send GW letters to the collections and see if they would remove them earlier since you paid them already.

 

You can get examples of GW letters on the rebuilding board, and even get excellent advice on how to improve your scores.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Home loan

Are you both joint on all the credit cards?

It just seems still like there is something else on his reports hurting his score to be sub 620. Those collections are over a year old and shouldn't be hurting his score that much. Is there anything else derogatory on his credit report such as a tax lien, judgement, or other public record? What are your husband's positive trade lines?

I still have not gotten an answer about how much you make gross without your husband's income and the home price you are looking at purchasing. You may be able to qualify on your own. For a $100K home, you would need to make at least $25K a year gross, and $50K a year gross for a $200K home (as an example).

Also, please visit the rebuilding forum here to learn how to write a GW (Goodwill letter). You will need to write a goodwill letter to the collection agency to get those collections removed. Also what is the Date of First Delinquency (DOFD) on all those collections? In other words, when were they first reported? It might be easier to wait for them to fall off if they are scheduled to delete soon.

While very few lenders are still approving sub 620 loans, it will become increasingly difficult to find them after June 1st as the FHA rules are changing and will require loans for those with sub 620 scores to be manually underwritten and a recommendation letter from a LO or Broker will be required. Even those who approve 620 loans can be hard to find. The industry standard is a 640 score. My lender required a 660 for FHA.

Lastly, how much do you have for a downpayment and when are you looking to purchase?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Member
gglam12
Posts: 55
Registered: ‎02-23-2013
0

Re: Home loan

He doesn't have anything else on his report that we ran l. His only positive was that his accounts have been open for 4 years. The boa 123 and capital one are joint accounts.

We have about 12, 000 for a down payment without cleaning out our savings.

Last year he made 41, 000. I just got a job about 3 months ago my salary is 30, 000. The house price range we are looking at is 130, 000.

Amex BCE 2K - BoA Cash Rewards 5K - Chase Freedom 3.5K - Chase Sapphire Preferred 5k -
Starting score: 643
Current score: 712 (11/22/13)
Goal score: 750+
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Home loan

You can most likely qualify on your own with just your salary and downpayment right now. I had to get our home loan by myself. My husband did not qualify.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Home loan


MovingForward_2012 wrote:
You can most likely qualify on your own with just your salary and downpayment right now. I had to get our home loan by myself. My husband did not qualify.


Not on just becoming employed. She will most likely need her husbands employment history.

 

Truthfully they are excellent candidates for the NACA program

Good Luck
May all your dreams and wishes become a reality!

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