New Mortgage

[cerika]

Hi, my scores are not good at all right now, but I am being transferred due to a promotion and need to buy and sell. Current scores are EXP 594, TU 618 and EQ 583 and the mortgage scores are about 20 points lower. I've had 8 mortages that still report, never past due except a brief period in late 2010 and early 2011 when I lost my mind wwhile my daughter was very ill. Before and since all arae on time. One current mortgage is for my home that I'm selling, the other for a rental that I've had for about 10 years. I expect to put down about $400K on a $750K mortgage and I have a 12/88 debt to income ratio (including current mortgage). My income is all W-2 income over more than 10 years with the same Fortune 500 company. Still, I'm very worried that scores will stop me from getting a new mortgage. Also, I only have 3 cc's with a total of $5000 in limit. I can increase to 20K on one of them (it's secured), but will that hurt my scores even if I don't use the credit? Sorry to be such a mess, but any help is appreciated - I already know I'm a mess and need to do better with my personal credit. Thank you!

[StartingOver10]

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@cerika wrote:

Hi, my scores are not good at all right now, but I am being transferred due to a promotion and need to buy and sell. Current scores are EXP 594, TU 618 and EQ 583 and the mortgage scores are about 20 points lower. I've had 8 mortages that still report, never past due except a brief period in late 2010 and early 2011 when I lost my mind wwhile my daughter was very ill. Before and since all arae on time. One current mortgage is for my home that I'm selling, the other for a rental that I've had for about 10 years. I expect to put down about $400K on a $750K mortgage and I have a 12/88 debt to income ratio (including current mortgage). My income is all W-2 income over more than 10 years with the same Fortune 500 company. Still, I'm very worried that scores will stop me from getting a new mortgage. Also, I only have 3 cc's with a total of $5000 in limit. I can increase to 20K on one of them (it's secured), but will that hurt my scores even if I don't use the credit? Sorry to be such a mess, but any help is appreciated - I already know I'm a mess and need to do better with my personal credit. Thank you!

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You have a current total debt ratio of 88% right now including your current mortgage? Are you calculating using gross income or net?

What would it be without the current mortgage for the property you are selling?

[frugalQ]

Also, are you including rental income in your DTI.  If you've been renting it out for 10 years and report the income to IRS, you should be able to count it.