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Mortgage Pre Approval Help

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Anonymous
Not applicable

Mortgage Pre Approval Help

Had lender pull credit report today and the scores were as follows 

 

EFX 631

TRU 625

EXP 568

 

The only bad things on my credit report is a 90+ from student loan because I thought it was in forebearance and it was not and a collection that I paid 1 week ago. The collection was a paid in full settlement/deletion but it wont send me letter stating as such for 21 days. Will this help raise score to at least 640 middle score. Any help would be great! 

Message 1 of 7
6 REPLIES 6
Blackhawks_girl30
Contributor

Re: Mortgage Pre Approval Help

What do you have in the ways of good credit?  What are you credit card limits vs balances?

Message 2 of 7
Anonymous
Not applicable

Re: Mortgage Pre Approval Help

1 credit card with 500 limit 200 balance
3 car loans with no missing payments since opening in 2009
Message 3 of 7
webhopper
Moderator Emeritus

Re: Mortgage Pre Approval Help

The 3 car loans will hurt your mortgage chances because they carry a fixed payment that is included in your DTI. Are all 3 loans still open; or are some closed? If you were successful in PFD on the collection then you should see a nice boost from the deletion... possibly putting you in the 640 range for a Fha or Usda mortgage.

What is your income and how much are the car payments?

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 4 of 7
Anonymous
Not applicable

Re: Mortgage Pre Approval Help

62k a year and the balances are around 635 total
Message 5 of 7
webhopper
Moderator Emeritus

Re: Mortgage Pre Approval Help

So you pay 635 per month; or do you only owe $635 total on all the cars?
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 6 of 7
Anonymous
Not applicable

Re: Mortgage Pre Approval Help

That is the payments per month
Message 7 of 7
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