Tricky Mortgage Situation

[Anonymous]

Here is the situation. Just about to put our house up for sale to upgrade to a nicer one that we love. With my sale and an inheritance I just received I will have 212,000. The house is 450,000. My cc's are heavily utilized currently but I can pay them down with some of the inheritance. Will this inheritance be looked at any differently? Our current scores are all around 600 due to heavy utlization and over credit limit on some cards. (I paid for the funeral costs thinking this inheritance check was coming sooner) So my questions are: can I get scores up fast enough by paying cards down to qualify or will i qualify now?

[Anonymous]

Welcome to the myFico forums!

Sorry about the funeral.

My recommendation is to pay the cards down and clear up the UTI before the mortgage app, and scores will be higher.

I cant think of any problem the inheritance would imply, unless there was a tax involved, but I think that is on huge inheritances.

You should also check your credit reports before the mortgage app, just so you are aware of what is on there and you wont be totally blind sided by LO questions.

GL

[Anonymous]

You may possible qualify now.  You didn't list your current credit scores and the exact specifics.  I qualifed for a mortgage while utilizing 45% of my credit cards going through FHA (Mod Cut-Company name).  You can always reach out to someone and see what they tell you in regards to your situation.  The big thing is can you qualify to pay that mortgage once you get the money.

[Anonymous]

I forgot to recommend that at least 10 days before you app for a mortage, do the 'opt out' for pre-screens and credit offers.

That will inhibit CAs from trying to sneak up on ppl and grab some payments they may not otherwise get.

The CAs can subscribe to lists from the CRBs that indicate when someone apps for a mortage and then they try to match your contact info with a bill and send it to you, while you are engaged in a mortage so you will pay it quickly to keep your loan in play.

I am convinced I had two bottom feeders that had their way with me last time, but that was before I was a member here.

HTH

[Sassy_Taurus]

How do you opt out?

[Anonymous]

You can read this article from the Frugal Travel Guy:

http://www.frugaltravelguy.com/2014/08/how-to-opt-in-for-credit-card-offers.html

and it points to this link:

https://www.optoutprescreen.com/?rf=t

I agree with him, I want to get targeted offers for CCs with bonuses

I dont want direct mail advertsing junk tho

HTH

[Sassy_Taurus]

Thanks