I found this board in December and have been working on improving my credit score since then. I started at 516 for both TU and EQ in the end of December, these were scores from myfico and not FAKO scores. I have removed some collection accounts from 2007-2009 and updated a few lates. My score was up to 573 last week and when I pulled it yesterday my TU was 651 and my EQ was 653!! It appears some additional TLs on some student loans have begun reporting on both my TU and EQ.
I have been working on my credit for the main purpose of getting a mortgage for the first time. My credit issues all stemmed from 6-7 years ago. I have been going to school full time for the past 3 years while being a single mother. I just graduated with my nursing degree and would really like to get a mtg for 50k-100k instead of paying rent. My question now that my credit score is higher is if now is the time to obtain a preapproval and start looking for houses? My current lease will be up May 1st.
Here is some background info:
Income: I have been employed for 8 and a half years at the same company. The past 2 years I have been working part time two jobs as I have attended attended nursing school full time. I graduated in December with my BSN. I have just begun working about 20-25 hours per week ($15 an hour) at the office again. I have also been an employee of a hospital for over 2 years. I will resume my position there on Monday, making $17 per hour (24 hours per week) and then increase to an RN position on March 20th making $24 per hour (36 hours per week).
Debt: 2 credit cards that total $754 dollars of combined $800 limit. About $55,000 student loans, currently in a income based repayment and grace period so no payments are needed at this time. I also have two old (2007 and 2009) collection accounts. One is a medical collection that I am going to do a pay for delete that they have agreed to. Few old charge offs from 06-08 that have been paid or settled years ago. I currently have no late payments since the old charge offs.
I will be receiving my tax return shortly and intend on using that for my down payment. I know once I pay off my credit cards in the next 2 weeks my score should increase a little bit because my util is currently very high on those. So my main question is now that my score is high enough is it a good time to get the ball rolling for an FHA?
Thanks in advance!