Hello!
My fiance hoping to qualify for an FHA loan before the end of 2009 so that we can buy our first home. My credit is not very good. I am hoping that someone can look at my specific situation and give me some advice on what I should do today.
I am 23 --- never give a school loan and a credit card to an 18 yearold girl who loves to shop and comes from a lower-middle income family! I spent the last 2 years cleaning up my mistakes and paying off my debt - it was HARD!
Here is my situation:
TU: 572 no collections - 15 lates 04/08/2009
EQ: 597 no collections - 28 lates 04/09/2009
EX: not sure
I have been with my company for 5 years, but started a new position at the same company last September. I now make 30k base + 40k in commission + 4k bonus. My 2008 income was 38k working my previous position. As of Friday, I no longer have any debt! I have paid off my 15k school loan, a 1k loan for a computer, an 8k balance on a credit card, and about $400 in medical bills. I still have a car loan that was 12k, but I only have 3 more payments left until it is completely paid off -- I have never missed or made a late payment on my car. I hope this inspires anyone reading this --- there were times when I thought Chapter 7 bankruptcy was my only option, but I did it and paid everything down and now off.
Anyway, I have not checked my scores since the recent developments, I am going to give it a few weeks --- not sure if they will go up or down seeing that all I have now is a tiny revolving car loan...
My fiance will also be apply for loan with me. His EQ is 710 and he has a perfect history. His debt to income ratio is also 0. He makes 28K per year.
We have about 20k in saving and in investments. About 11k of it is sitting liquid in my bank account. We should be able to save at least 10k more between now and December 1st.
I know that I need to get my score up to 620. I hope that the recent developments from Friday will help. Does anyone have any suggestions? Is there anything I can do about the lates on my credit reports? Based off of the housing market of the area we live in, we are hoping for a loan of about 170k.
Thank you!
Message Edited by mkammer22 on 04-21-2009 06:01 PM
Message Edited by mkammer22 on 04-21-2009 06:02 PM
