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Should I even try?

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movinonup79
Regular Contributor

Should I even try?

So I have been steadily cleaning up my credit - hopefully it will be much better soon after a couple of HIPAAs and if some PFD's go through.  I currently make like 50K a year.  I work full time and go to school at night.  My question is - how will they figure out future payments of student loans?  I have currently about $30K in student loan debt which will rise significantly over the next few years as I'm working on going to law school.  I have been rebuilding and just received a CLI on my orchard and hopefully credit one will do the same.  Can anyone shed any light on this?

 

Thanks!

04/01/10 - TU: 659 / EX: 648 / EQ: 601 (LO Scores)
2/25/10 - EQ 588 / EX 660 (LO) / TU 633
2/9/10 - EQ 567 / EX 585 / TU 601
1/12/09 - EQ 544 / EX 570 / TU 593
12/12/09 - EQ 536 / EX 555 / TU 582
11/13/09 - EQ 536 / EX 586 / TU 566
11/03/09 - EQ 540 / EX 544 / TU 574
07/18/06 - EQ 478
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Anonymous
Not applicable

Re: Should I even try?

If you're going FHA and you can get some kind of proof saying they're deferred for 12 months (assuming they will be since you're still in school) then they will likely be excluded from your debt-to-income ratio.  Even if you can't get proof, there's still a chance you can meet the DTI requirements, depending upon how much house you want to buy, what property taxes and home owner's insurance will be in that area.  Definitely wait till your scores top 620.  If you don't have TU and Equifax FICO scores, you might want to check those out to see where you're really at before you apply.  Good luck!
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