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Regular Contributor
Posts: 184
Registered: ‎04-06-2013
0

Think we would qualify?

[ Edited ]

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

 

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 :smileyhappy:  Thoughts?

 

Let's see how far we've come...
06/2012 - Mid score 556, BoA Secured Card $250
09/2014 - Mid score 733. Chase Freedom 6.5K | Amex Everyday 6.5k | Discover IT 6.5K | BoA Rewards 10K | Ashley Furniture 5.5K | Amazon Store Card 1.5K | Closed on our mortgage 07/2013!
Valued Contributor
Posts: 1,146
Registered: ‎11-30-2012
0

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.
Valued Member
Posts: 130
Registered: ‎02-15-2012
0

Re: Think we would qualify?

[ Edited ]

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.

Regular Contributor
Posts: 184
Registered: ‎04-06-2013
0

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 :smileyhappy: thanks!
Let's see how far we've come...
06/2012 - Mid score 556, BoA Secured Card $250
09/2014 - Mid score 733. Chase Freedom 6.5K | Amex Everyday 6.5k | Discover IT 6.5K | BoA Rewards 10K | Ashley Furniture 5.5K | Amazon Store Card 1.5K | Closed on our mortgage 07/2013!
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