How can i found out exactly where I stand?

[Anonymous]

Hi there.

My wife and I are thinking about trying for a house at the end of this year.  My credit is checkered as I have collection accounts from a couple debts over 4 years old under 10k total.  I would assume I need to pay these off before I would even be considered for a mortage by just about anyone.  I plan on paying this off by the end of summer. I was hoping to take advantage of the homebuyer tax credit but i guess that wasnt in the cards.

I would really like to see where I stand now though, how mortagge lenders view me.  I would go to my local CU but I am concerned about the inquiry affecting my credit towards the end of the year when we actually start the process.  Is there any way to find out exactly where I stand without a hard credit pull?  

[ShowCredit]

Your CR has to be pulled before you can be prequalified.  Also they will ask that your collection account be paid.  Talk to a LO, explaining your situation and see what they think.  You must have some idea what your scores are.

[Anonymous]

My scores range from 630 - 644.  Thats with these stupid collection accounts which should be going away soon (sol expires at the end of this month and the negotiations begin!)

My wife has mid 700s but unfortunately im the main bread winner in the family.

Message Edited by Plight on 03-09-2010 12:58 PM

[mauve]

Also, before you just pay those collections check out the Rebuilding forum.

[Anonymous]

How much would the pull affect my credit at the end of the year when do our official qualification?  Or is it not worth it and I just hold off?

[ArmyStrong]

I'd say it should only be a couple to a few points, which will undoubtedly rebound if you stay your course, way before the end of the year.

[Anonymous]

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@Anonymous wrote:

My scores range from 630 - 644.  Thats with these stupid collection accounts which should be going away soon (sol expires at the end of this month and the negotiations begin!)

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What kind of loan are you looking for?  Most lenders doing FHA only require 620 middle score and you can still get a good rate.  If you end up waiting to apply, I assume you'll be doing PFDs with the collection accounts.  If you apply before they are gone, you should be able to arrange to have the accounts paid at closing.  Obviously not the ideal way to handle them if you're concerned about your credit in the future but if you find yourself wanting to go ahead with the home purchase that's another option.

If you know you won't be buying till the end of the year, you could wait until fall to apply.  That gives you a couple of months to handle any potential issues that come up.  It's hard to get a great idea of where you stand without actually applying and running your info through..  and another thing to note is that so much is changing with the rules and practices that you might be good to go now but the scene may have changed by the end of the year.  Good luck!

[MarineVietVet]

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@Anonymous wrote:

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What kind of loan are you looking for?  Most lenders doing FHA only require 620 middle score and you can still get a good rate.  If you end up waiting to apply, I assume you'll be doing PFDs with the collection accounts.  If you apply before they are gone, you should be able to arrange to have the accounts paid at closing.  Obviously not the ideal way to handle them if you're concerned about your credit in the future but if you find yourself wanting to go ahead with the home purchase that's another option.

If you know you won't be buying till the end of the year, you could wait until fall to apply.  That gives you a couple of months to handle any potential issues that come up.  It's hard to get a great idea of where you stand without actually applying and running your info through..  and another thing to note is that so much is changing with the rules and practices that you might be good to go now but the scene may have changed by the end of the year.  Good luck!

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I'm not looking for a loan but I am curious about this. What kind of rates are being offered for a 620 score?

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

[leah5570]

I think I've read on here where some people, I think for auto loans, were suggesting you purchase your own credit report, at least for Equifax and Transunion, that way you won't lose points for having a lender pull. Regardless a lender will have to pull Experian. Then you take it in to a lender and show them, asking what they would recommend before you commit to a hard pull. And do be sure to print them off and ask questions on the Rebuilding Forum. I agree with rmily, you need to find out quickly what's on the reports, as some things do need time. Not a last second thing at all. :-)

marinevietvet, based on myfico estimated interest rates for a 30 year mortgage, interest rate for 620 credit score is 6.198%.

[MarineVietVet]

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marinevietvet, based on myfico estimated interest rates for a 30 year mortgage, interest rate for 620 credit score is 6.198%.

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Thanks for the reply. 6.198% is not bad compared to just a few years ago but I still don't understand what the big hurry is to buy a house and pay thousands more in interest compared to waiting a year or two and buying with a better score. I  don't get it but everyone has to make that decision on their own.