Maximizing Scores for House-Buying

[Anonymous]

(Mod Note:  Per OP's request, this thread was created from a few posts off the end of another thread originally started on CC's and moved here for better response, since the focus has shifted to final score-tweaking in preparation for home-buying.  Post titles only were edited to better match new thread intent. - Scamp) 

A long awaited update on my quest. I think I've finally made it to the promise land but there is one thing I need to accomplish and it's the home which is close. I've started a thread in mortgages titled " The official NACA mortgage thread" which has been very helpful in my quest but I still need your feedback on what esle may be needed. ok...the update.

Lender             High credit              Balance

BofA                3500                       0                      21 months opened

Chase              3500                       0                      1 year opened..formally WaMu

Discover           5000                       400                   9 months opened

Orchard             300                        0                      19 months opened

 My cr. Union    18200                     18200              Auto Loan I just opened for wifey.....5.9%

I think after we buy the home I'll just garden these accounts for a couple of years and go from there. I've come a long way since I came across this site and forum and I credit with basically saving my life because without you I wouldn't be where I am today. I need your feedback on where I should go from here and if you think my plan is the right way to go. My Equifax score is 730 from this site( I joined Scorewatch for a year) .

Ps...Wife's score is 735 and she's an au on all my cards as well as joint on auto loan and she has 2 cards of her own.

Pss....Also what do you think the initial drop will be in score and when should I expect to recover?

Message Edited by Scamp on 04-25-2009 11:12 AM

[Anonymous]

bump

Message Edited by Scamp on 04-25-2009 11:09 AM

[Anonymous]

I really would love some advice.

Message Edited by Scamp on 04-25-2009 11:09 AM

[Scamp]

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RichRaven wrote:
I really would love some advice.

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RR, I don't think anybody here in CC's can give you any further advice, since that part of your credit profile seems to be in okay shape for your overall goals.

Would you like me to move these last few posts of yours on this thread over into a new thread on Mortgages to see if anyone there can give you any other input on the most recent information you listed?

Message Edited by Scamp on 04-25-2009 11:09 AM

[Anonymous]

Yes...Thanks

Message Edited by Scamp on 04-25-2009 11:10 AM

[Anonymous]

Is it possible for you to ask more specific questions? I'm assuming you've rebuilt your credit and now you're looking to see if you're ready to buy a home?

Your CCs look great, it is typically recommended to keep a balance on one card between 1-9% utilization.

What is the rest of your situation like? Income? Employment history? Do you have downpayment money? Other debts like loans (car, education)?

What is your credit history like in the last 1-2 years in regards to late payments?

What price range of a home are you looking to buy? Location?

[ShanetheMortgageMan]

As far as the initial drop in score, could be anywhere from a few to a dozen points depending on deep your credit file is - if all the history you have is those 5 accounts then it'll be closer to a dozen... but if you have a lot of other good credit history, just are closed accounts, then more likely just lose a few points.  Only takes 4-6 months to recover though, if that long.