Here is the summary of my financial situation: Salary is $90k Live in the San Diego area, started job here about six months ago after moving from the northeast. Job is in the same industry I previously worked in. Employment history is good. Currently carrying CC debt of about $9k and util is about 33%. Debt is being paid down at the rate of $1,800/month. Car loan with $580 payment, student loan with $150 payment, and unsecured loan with $475 payment with about 15 months to go. My EQ FICO is 699, and last time I checked, EX and TU were only slightly below that. The only negatives on my credit reports are four inquiries in the last year on my EX report (only one for EQ and TU), a CC settlement from Chase Bank done May 2005, and a CO CC from Chase now in the amount of $14k DOLA November, 2004 which is now held by a CA and no active collection. My questions is, how much that collection account is going to hurt me in underwriting given that it is less than six months from expiring under California's SOL? Would I need a 10% or higher downpayment? Will getting my revolving credit paid down to minimal amounts as well as the unsecured loan be enough? Should I wait until the collection account becomes statute barred? I would expect that in six months my FICOs should be over 700 one way or the other.
