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Think we would qualify?

Regular Contributor

Think we would qualify?

Here's another "would we qualify" post for you guys.. thanks in advance Smiley Happy

 

Combined gross income:  $99K / year  (from full time employment 2+ years at employer, 15+ years in field)

First Applicant FICO Scores:  unknown (suspect 680-700 range)

Second Applicant FICO Scores:  TU:  620  EX 630
DTI (combined): approx 3%

Savings:  approx 5K

 

First Applicant

GEBRC

Balance: $0

Limit: $2500

Opened 4/1/13

Pay Status:  Open, Never late

 

BoA - Secured Card

Balance: $40

Limit:  $500

Payment: $30

Opened 10/12

Pay Status:  Open, Never Late

 

BoA - Secured Card 

Balance: $9

Limit: $300

Payment: $30

Opened 6/12

Pay Status:  Open, Never late

 

Second Applicant:

 

BoA Card - Authorized User

Balance $100

Limit $700

Opened 4/1/08

Payment $15

Pay Status:  Current, Never Late

 

Kay Jewelers 

Balance:  $0

High balance:  $754

Opened 3/1/01
Pay Status:  Closed, Never late

 

GEBRC

Balance: $0

Limit: $2500

Opened 4/1/13

Pay Status:  Open, Never late

 

BoA - Secured Card Authorized User

Balance: $40

Limit:  $500

Payment: $30

Opened 10/12

Pay Status:  Open, Never Late

 

HSBC - Collection / Charge Off  

Balance: $0

High balance:  $545

Opened: 09/05

Derogatory

 

BoA - Secured Card 

Balance: $9

Limit: $300

Payment: $30

Opened 6/12

Pay Status:  Open, Never late

 

Capital One

Balance: $0

Limit: $300

Opened 1/1/2000

Closed or paid/ zero balance

 

Cap One Auto

Charged Off Auto Loan - Derogatory (Repo)

Settled in Full

High balance: $14606

Opened 02/05

 

GM Financial Auto Loan

Balance: $0

Opened 01/2003

High balance:  $11302

Closed, Paid

18 lates (ranging from 30-90 days)

 

Collection from Utility Company

High Balance: $200

Paid

Charged off 02/08

 

Paid State Tax Lien

Released 09/2007

Amount:  $857

 

 

Nasty looking, I know, but we've been working really hard on the rebuild Smiley Happy  Thoughts?

 

Message 1 of 4
3 REPLIES
Valued Contributor

Re: Think we would qualify?

I think financially and credit report wise you'd be ok, the main concern looks to be your credit scores. Most lenders are going to want a 640 though some still do 620. It depends what the mid-score of the 2nd applicant is.
Message 2 of 4
Highlighted
Valued Member

Re: Think we would qualify?

I think the only one that they might (and I said "might") have any issue with is the repo one. But I think you should be ok. Have you tried getting pre-approved.

Message 3 of 4
Regular Contributor

Re: Think we would qualify?

Thanks all...

My EQ score went from 630 to 640 today (yay!) and we are going to hopefully start the pre approval process this week Smiley Happy thanks!
Message 4 of 4