I am hoping to get some thoughts on my current credit situation and how it will affect our plans to apply for a mortgage in 4-6 months. My husband and I have different credit situations. His is near perfect (scores in 780-790 range), but mine not so much. My latest FICO from Equifax is 575. I haven't pulled the other two because I am disputing a reported '60 days late' status on a loan that has been paid off since March (shows up that way on all 3), and I want to see if that will affect my scores. My score is the result of several late payments, and I used to have a lot of cc debt which is now paid off. I have no bankruptcies, chargeoffs, collections, liens, etc.
We have no debt other than student loans, totaling payments of about $500 month, so we have a good DTI ratio. We also will have at least 20% to put down on the new house.
My question is - does anyone have a sense of how much my low FICO will pull us down when we apply for a mortgage? I know scores aren't everything, and that our DTI and money down will be favorable, I'm just wondering if my score will make much of a difference in interest rates.
Any advice would be greatly appreciated.