Preparing to get a prequal

[outofthewoods]

Hi all

I'm getting ready to try and get a prequal within the next couple of months. First off...how long does a prequal last?

ok got one fico score last month..635

got all 3 reports. there are some charge off's, some late payments, and one collection item. the bulk of these were from my divorce. ALL were paid/settled. no open problem accounts.

The "newest" late payment is from 13 months ago. auto loan..now paid off.

1 credit account (medical credit card). credit limit 1500..balance 500 approx. all payments on time.

authorized user on another charge account..all payments current..balance near zero.

no other debt

income 65k

working in law enforcement...many years (20)

enough in bank to cover FHA 3.5 % plus extra

able to borrow against pension if necessary.

looking in suffolk county ny

will be primary residence. looking in the 150k range

monthly expenses...just normal stuff..cell phones food/gas, etc. nothing major.

do you think I have a chance at a prequal? or should I wait longer and keep working on my credit. I'm not in a rush to leave where I am...just want to take advantage of the housing market and become a homeowner again.

thanks in advance

[Anonymous]

Looks good! The only thing might be the score. They take the lowest middle score. You only have one score of 635, so it might be a good idea to get the other. If that one is also above 620, you'll be just fine.

If it turns out your other 2 scores are below 620, you'll need a quick boost. That shouldn't be a problem though... you can just pay your credit card under $150 and you'll be good.

Why are you waiting a couple months, just out of curiousity?

[outofthewoods]

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@Anonymous wrote:

Looks good! The only thing might be the score. They take the lowest middle score. You only have one score of 635, so it might be a good idea to get the other. If that one is also above 620, you'll be just fine.

would getting the other score "hurt" my overall scores? (like checking my report again)

If it turns out your other 2 scores are below 620, you'll need a quick boost. That shouldn't be a problem though... you can just pay your credit card under $150 and you'll be good.

Why are you waiting a couple months, just out of curiousity?

I figured a couple more months of on time payments will kick the score up a bit more.

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Thanks for the reply

[Anonymous]

Absolutely not. You can pull your own scores as often as you want. It doesn't count as an inquiry and it doesn't affect your scores.

I recommend going to get your other score (make sure both scores are pulled from myfico and not some random website so they're real fico scores) and see if they're both over 620. If they are... you're good to go now

[outofthewoods]

Thanks...will do.

[Anonymous]

My pleasure, good luck!

And i also wanted to mention... you do lose points for inquiries when you go to get your pre-approval, so make sure you shop for loans within a couple weeks of each other. That way they only show up as one iinquiry.