Hey Fico comrades. I am about applying for a home loan and will be meeting with the builder tomorrow to select the home designs and plan. This process would take about 3weeks before my credit is eventually pulled for pre-approval etc. However I will be putting down 5% of the home price before the construction will commence. Look at this scenario and tell me if I may be encountering any difficulties while going through the app for an approval...
Current scores: EX - 686, TU - 660, EQ - 588 (Due to collection I just paid a week ago)
8 Total Accts with 7years credit history, 2 paid collections and one paid charge off from 2007.
Income: $150,000/Annum. Home loan seeking for building: $290K to $330K.
I recently applied for and recieved a southwest CC as I travel weekly for work and need the rewards, this hasn't posted on my credit yet + 1 inquiry on TU. I applied to refinance my car loan with a credit union for $26K and also got approved for a new auto loan for 35K, also they threw in a $10K line of credit causing + 1 inquiry on TU.
These inquiries didn't dent my credit scores as I checked them before and after they still remain intact. Do you think going for pre-approval mid june for this home loan and having these new accounts posts would cause any potential problems as it may seem like I am seeking to much credit?
Would you advise I wait till september when the impact from the new accounts would have subsided, as I am not in a hurry to buy a home. Still like where I am renting for $970/month?
Lastly, does anyone think I should wait as the home prices may potentially go lower, cuz my agent advised buying now but I have a feeling I should wait a bit.......
Thanks for your advice......
