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After my divorce, and single parent hood, my credit took a severe beating. I lived for several years without credit and all before finally forced into a car loan after an accident. I had dozens of collections in my report, late payment...I have no idea how bad itreally was...
So the past few years, I have been working on credit repair, and I started a new successfull business.
My credit scores are 651, 651, 686. I am working to get some paid medical derogatories off. (All of the derogatories are paid medicals except for
I have one late payment on the student loan. I'm hoping I can get a GW deletion from that late payment. (I got distracted that the forbearance had expired, when my sons father died unexpectely, resulting in a quick move and rearrangement of life. I have to write and explain what happened, and hopefully they will just do a gw forgiveness of the late payment...
The other negatives are that I don't have an auto loan right now. (It's paid off, in good shape, and I don't need a new car)
My average account age is only about 3.5 years, with oldest account 7 years old. I have a large student loan balance, but its in good current standing, and I have a credit card balance ranging from 0-50 dollars most months. (I have about 3800 total limit.
I am self employed since Jan 2007. My 2007 income was partly self employment and partly wages from a job. I earned 55,000. In July 2007 I started doing my home business full time and for 2008. my income was a lot higher, about 150K-160k net. I have documentation in the form of income tax returns (or will shortly for 2008). I'm appllying at the bank that I deposit my earnings into, so they can also verify my earnings for my business as well.
I have about 25K -30K to use, and I am ready to apply to a lender.
Will I have any trouble with a variable incomes in 2007/2008, esp since 2008 was a whole lot better? (I'm assuming they will average the two incomes) My son gets a Social security death benefit...is that counted under my income? (I have been saving the bulk of it...)
And should I anticipate any problems? And I wonder how much I'll get approved for. I actually have crunched the numbers and it seems like I could get a much bigger mortgage then I need.
Am I going to be a reasonably attractive as a borrower to lenders?
@rivernh wrote:After my divorce, and single parent hood, my credit took a severe beating. I lived for several years without credit and all before finally forced into a car loan after an accident. I had dozens of collections in my report, late payment...I have no idea how bad itreally was...
So the past few years, I have been working on credit repair, and I started a new successfull business.
My credit scores are 651, 651, 686. I am working to get some paid medical derogatories off. (All of the derogatories are paid medicals except for
I have one late payment on the student loan. I'm hoping I can get a GW deletion from that late payment. (I got distracted that the forbearance had expired, when my sons father died unexpectely, resulting in a quick move and rearrangement of life. I have to write and explain what happened, and hopefully they will just do a gw forgiveness of the late payment...
The other negatives are that I don't have an auto loan right now. (It's paid off, in good shape, and I don't need a new car)
My average account age is only about 3.5 years, with oldest account 7 years old. I have a large student loan balance, but its in good current standing, and I have a credit card balance ranging from 0-50 dollars most months. (I have about 3800 total limit.
I am self employed since Jan 2007. My 2007 income was partly self employment and partly wages from a job. I earned 55,000. In July 2007 I started doing my home business full time and for 2008. my income was a lot higher, about 150K-160k net. I have documentation in the form of income tax returns (or will shortly for 2008). I'm appllying at the bank that I deposit my earnings into, so they can also verify my earnings for my business as well.
I have about 25K -30K to use, and I am ready to apply to a lender.
Will I have any trouble with a variable incomes in 2007/2008, esp since 2008 was a whole lot better? (I'm assuming they will average the two incomes) My son gets a Social security death benefit...is that counted under my income? (I have been saving the bulk of it...)
And should I anticipate any problems? And I wonder how much I'll get approved for. I actually have crunched the numbers and it seems like I could get a much bigger mortgage then I need.
Am I going to be a reasonably attractive as a borrower to lenders?