Have spent some time on these forums trying to clean things up and it is getting better. We are looking at houses and I have a few questionable items on my credit that I am unsure how to deal with.
- Credit. My credit scores are TU 645 EQ 650, my boyfriend is TU 670 EQ 685. He has one negative, a medical collection that he went to court for and the insurance company ended up paying -he has not pulled new scores since then, I have asked him to, I think he would be in the 700's at this point. Plus, he opened a new auto loan since then and has over 6 months of on time payments. On the other hand, I have late pays and a few charge offs, all are from 2008-2009. I have one collection account that I have tried to remove. I don't know how much my credit would go up from removing it at this point as it has been there since 2011. It is very frustrating but I think the damage is baked in to the numbers. I have boosted my credit score by correcting some inaccuracies and opening a secured credit card. I recently (3/13) got a new auto loan that has yet to report. We both have credit going back for over a decade.
- Income. I make $110K a year, my BF abut $160K
- Source of income. Employment -we are both commissioned salespeople.
- Monthly debt payments. I am paying on two closed credit cards, a student loan, and have a car payment. My BF has two open credit cards and a car payment. We are right at 35% DTI.
- Employment All W2 income. We have both been in our industry for over a decade. I have been with my current employer for 7 years, my BF longer - I think 11 years.
- Assets/Reserves. We have about $120K in reserves. We plan to use about $70 as a down payment. I should state right now the majority of this is in my BF's name, if that makes a difference.
- Location. We live in WI -Dane County
- Property. We are looking at a singe family home - prefer newer construction.
- Value. We are looking in the $300K-$350K range
- Occupancy. Primary residence
- Transaction Type. New home purchase. We have both owned a home before, so no first time homebuyer programs will apply.
Many years ago, I was a loan processor so I kind of know what gets looked at, but the rules are different now so I just want to know if we should try to get pre-approved or if there is anything additional I should try with my credit before that? I also am wary of "poking the bear" and something getting updated negatively, so I want to be very careful how I proceed.
Thank you so much for the help.