Nervous about late payment? Wanting to buy home this year?
I have been looking over my credit report and I paid off a CC over a year ago I was late on some payments and then settled with them. This was in Jan 2008. When they updated my Credit Report they had shown my last payment over two years ago but once I paid updated to Dec. 2007 and Jan 2008. I agreed to make them two payments.
No other lates on my report have had to auto loans just paid one off and have another that is over two years old and no lates. My TU and EQ should improve had a CA that showed on my report it was a paid bill and it was deleted from my EQ. Suppose to be deleted from TU and EX.
My DTI is good 10% kind of over looked the late payment and this has me worried.
Fico Scores 2/8 TU 649 4/27 TU 662 2/8 EQ 611 4/27 EQ 619 6/2 EQ 649 2/8 EX 689 ????
Re: Nervous about late payment? Wanting to buy home this year?
Are you looking at FHA? They typically require 12 months clean history so if your last late was Jan 2008 you should be just fine. You need a midscore of 620 and it looks like you're above that. Don't see anything holding you back, although you didn't give dates with the collection. Otherwise you should be fine to apply now.
Re: Nervous about late payment? Wanting to buy home this year?
Thanks for the reply. The CA was medical and I have checked it was deleted from my report. At this time I am looking a VA for my loan. Is there requirements the same as FHA. I can go FHA but do not want to have to pay PMI since I can go VA.
Re: Nervous about late payment? Wanting to buy home this year?
I don't know much about VA loans but from what i've read on these forums, the requirements seem to be in the same ballpark. You could do a search of this forum for VA loans, i'm sure you'll find tons of information.
