My new home

[Anonymous]

So we started the journey about month ago.

We found a neighborhood and a great builder. We used the recommended lender as the removed the origination fee and a few other fees. We sent an offer with purchase price at $321,500 with the builder paying owner's title insurance ($2140) and $2000 closing costs plus some upgrades thrown in.

So we got our pre-approval for a FHA loan, got an accepted offer on the house (scheduled to close in mid-December) and the file has been assigned to the processor. The LO pulled my credit on April 28th.

I think I am good on my file, however the only thing I am worried about is the accounts popping in that are not reporting yet. 

Any ideas or suggestions?

Mortgage Scores:

EQ: 674

EX: 694

TU: 707

AAoA: 1 year and 7 months

Inquires: EQ 59 TU 8 EX 37 (only about 11 recent across all 3)

1 Paid collection from 2008 (reporting open date 10/2010) EQ only

2 Satisfied Judgements 1 Nov 2008 and 1 August 2009 EQ only, not reporting on TU or EX

Barclay NFL Card (upgraded to Rewards)

CL : 500

Opened 2/2015

$0 dollars owed

Chase Freedom (Moved Slate CL to this)

CL: 5000 

Opened 3/2015

$1138 balance

Chase Slate (PC'ed 4/2015 -Closed)

CL: 500 

Opened 3/2015

$0

Chase Amazon

CL: 4000

Opened 4/2015

$0

Chase CSP (not reporting yet)

CL: 5000

Opened 4/29/2015

$353 balance

Chase United

CL: 1000

Opened 7/2015

$0 balance

BBVA Compass NBA AMEX

CL: 4500

Opened 3/2015

$0

Amazon Store Card

CL: was 600 just got a bump to 5000 (CLI not reporting yet)

Opened 2/2015

$411 balance

Ebates Signature Visa

CL: 5000

Opened 4/2015

$0

Lowe's Store Card

CL: 3000

Opened 4/2105

$0

Walmart MC

CL: 2200 bumped to 2800 (CLI Reporting EQ and EX)

Opened 3/2015

0 balance

USAA Rate Adv MC

CL: 6000

Opened 3/2015

$4561 owed

USAA Rate Adv MC

CL: 500

Opened 6/2015

$0 owed

USAA Cash Rewards World MC

CL: 6000

Opened 4/2015

$0

Gettington Credit

CL: 300

Opened 10/2014

$0

John Deere Revolving (Not reporting

CL: 15000

Opened 4/2015

$1632 balance

Nasa FCU Visa

CL: 10200

Opened 4/2015

$3234

USAA Secured MC (closed)

CL: 300

Opened 1/2015

USAA Classic MC (closed)

CL: 3000

Opened 3/2015

AU Accounts

Old Navy CC

CL: 500

Opened 5/1/2013

$0

Walmart Store Card

CL: 3500

Opened 5/2013

$623 Owned

Best Buy SC (

CL:1500 

Opened 9/2014

0 owed

Discover IT

CL: 800

Opened 6/2015

0 balance

Installment:

Kia Motor Finance

32,468 balance (38k high balance)

Opened 5/2014

Automobile Acceptance (closed)

PAID (18K High Balance)

Opened 10/2011 

[gdale6]

You have 6 cards reporting balances without the 2 that have not yet reported. You only want 1 card reporting a balance, pay off some of those smaller balance cards. As far as who could come out of the woodwork you can join Eliminate ID Theft MPM which allows you a pull a day on all 3.

[Anonymous]

Just a quick update, i heard back today and i am approved thru underwriting for my FHA loan!! Now just a waiting game till December and putting away money in Savings for the down payment and closing costs. Feels more in reach now.

[youdontkillmoney]

Congrats on the approval!

[Anonymous]

I'm happy to hear that! Congratulations & don't make any silly mistakes between now & then!

[Anonymous]

Guys,

I am currently in process of building my new home which is scheduled to be done and close in mid-December. However I fudged up and got some hard pulls on my credit and 2 new accounts (Chase United for 5k moved 4k of this to my Freedom and a USAA card for 500 bucks) Also my wife added me and a AU on her discover card. These have no balances but I am not sure if these new accounts and inquires will hurt much given that the closing is about 6 months away. The main reason I got the United was my Freedom was at high util (I use it alot) and is dinged my credit 13 points.

Am I ok? Should I contact my LO and inform him about it? He told me that I was approved thru underwirting.

[Anonymous]

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@Anonymous wrote:

Guys,

I am currently in process of building my new home which is scheduled to be done and close in mid-December. However I fudged up and got some hard pulls on my credit and 2 new accounts (Chase United for 5k moved 4k of this to my Freedom and a USAA card for 500 bucks) Also my wife added me and a AU on her discover card. These have no balances but I am not sure if these new accounts and inquires will hurt much given that the closing is about 6 months away. The main reason I got the United was my Freedom was at high util (I use it alot) and is dinged my credit 13 points.

Am I ok? Should I contact my LO and inform him about it? He told me that I was approved thru underwirting.

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You have too many accounts with balances.  You can't keep applying for cards to get your DTI lower.   Pay the biggest balances off.  It affects your DTI greatly and you may see your scores increase.   You should not be applying for any new cards given that you have balances on multiple cards and scores are average.  That is a red flag and the underwriter may not like that, all.   Given your current credit scores your application may get  scrutinized.   Also you have to report those inquiries to the LO by writing LOX.  An appproval can later get denied for what you just did.  you're not safe until funds have funded.   Good luck!  

[Anonymous]

I can't really pay off the bigger ones as all the extra cash is going for towards the needed downpayment. I don't intend to have anymore accounts or inquires at all.

[Anonymous]

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@Anonymous wrote:

I can't really pay off the bigger ones as all the extra cash is going for towards the needed downpayment. I don't intend to have anymore accounts or inquires at all.

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If you get denied look for a home at a lesser amount.   When the final application is submitted to underwriter your liabilities will be updated.   

[Anonymous]

Should I contact my LO and do see what I need to do to fix the situation?