UPDATED Tried to get lender to pull, having issues and questions....

[Anonymous]

On p.44 of this pdf, the USDA has a list of 'Indicators of Unacceptable Credit'. 

Here are some highlights from that pdf:

Payments on any installment account where the amount of the delinquency exceeded one installment for more than 30 days within the last 12 months.

Payments on any revolving account which was delinquent for more than 30 days on two or more occasions within the last 12 months.

[Anonymous]

Leavingthecity, frugalQ------

I saw the first USDA guideline - if applicant with a middle score at 640 or above has MORE than one 30 day late then its a flag. I thought I'd be ok with just one 30 day late. But it sounds like one is still too much the way you guys post I wasn't planning on APPLYING for USDA though until June or July when that 30 day drops off, I just wanted my final TU score to see where it was. I just spent the $ a few days ago, the two mortgage scores myfico gives are at 656 and 587. I wanted to know where the TU sat so I could have a better idea come applying time (big difference whether it was at 580 now or 610 or 640 or whatnot in my mentality).

I'll wait till June to pull, thanks for the help guys. The end reason being it'd be a HP across all 3 CRAs and I'd like to keep that to a minimal.

I think it's about time to just garden as I've done everything possible this month to fix scores -- though still waiting on a bunch of things to update and affect or not affect credit scores. It's harder to wait than not to wait. I'll be back to the mortgage forums often though, I have SO MUCH to learn as I prepare. 

[Anonymous]

Reading this thread scares me....I just had a charge off update as paid, so now it shows CO for the past 24 months. However, the account was CO'd in Aug 2011. The only reason it looks current is because I finally paid it. Will this be a problem when we go to apply for our mortgage? 

[frugalQ]

OP,  the lender you spoke to recommended you waiting until you are 12 months past the late.  Can you speak with another USDA lender to ask them their opinion?  Although inquiries are not major, they do cause scores to drop a couple of points.  regardless of what your TU score is, 640 is your best case middle score.  with you being borderline, you have to be careful with how you use your inquiry.

can you find another who may be able to give you advice on how to proceed?  Take a copy of your credit report, your FICO mortgage scores, and have a candid conversation with the LO.  then make the informed decision on how to proceed.

[frugalQ]

H2,

have you pulled your new FICO scores from here to see where you stand?  if your scores are ok, the charge-off should not be an issue as it's paid.

[Anonymous]

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@frugalQ wrote:

H2,

have you pulled your new FICO scores from here to see where you stand?  if your scores are ok, the charge-off should not be an issue as it's paid.

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Yeah. I'm just freaking out over every little thing right now. It's such a big deal to us to start building our home and I'm terrified that I'm going to be the reason we can't. SO's score is 818, so I'm feeling a little ashamed. 

698 Equifax data as of 2/22/2015

700 TransUnion data as of 2/20/2015

671 Experian data as of 2/22/2015

[frugalQ]

are the EQ and EX scores that you posted the mortgage version scores?  if so, i don't think you have anything to worry about from a score perspective.  

i completely understand your fears.  We've been at this house finding/building/buying process for years, and there have been fears the entire time.  Now, that we are scheduled to close in 3 weeks, a new fear is popping up which is the same as yours...not wanting to be the reason for everything falling through at the last 11th hour.  It's so bad, I call my LO every other day just so she can calm me down.  Since it's the end of the month and she's busy trying to get her end of the month closings finalized, i haven't been able to talk to her in a few days....i'm going through withdrawls.  ROFL

my DH is starting to give me the side-eye glare.  LOLOL

[Anonymous]

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@frugalQ wrote:

are the EQ and EX scores that you posted the mortgage version scores?  if so, i don't think you have anything to worry about from a score perspective.  

i completely understand your fears.  We've been at this house finding/building/buying process for years, and there have been fears the entire time.  Now, that we are scheduled to close in 3 weeks, a new fear is popping up which is the same as yours...not wanting to be the reason for everything falling through at the last 11th hour.  It's so bad, I call my LO every other day just so she can calm me down.  Since it's the end of the month and she's busy trying to get her end of the month closings finalized, i haven't been able to talk to her in a few days....i'm going through withdrawls.  ROFL

my DH is starting to give me the side-eye glare.  LOLOL

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That's how I'm going to be with our LO, I'm sure!! I totally understand because my anxiety about it is HUGE!

No, those are my Fico 08...Eq Fico 5 is 659, Ex Fico 2 is 679. Considering these aren't real FICO 4 numbers, I'm nervous about these too. I bought my power score a month ago and I want to say it was 655, but I can't remember. I've fixed a few things in the past month, so I'm hoping it's come up.  However, last week, when we went to talk to the owner of the bank doing our construction loan (despite everything I've read) he said that they will use the score of the primary borrower (SO), not the co-borrower (me).  He's not our LO (his old assistant is) but I mean....his word may hold some weight, considering he OWNS the bank....right? Anyone ever had this experience? 

Side note...what does DH mean?  Excuse my ignorance! 

[frugalQ]

The EQ V5 and EX V2 are the mortgage scores.  If you had a lender pull your scores on the same day that you bought from myfico, they would be the exact same.

if you are going the normal mortgage route, i believe it has to be the lower of the two mid scores.  At least FHA, Fannie, Freddie requires it to be that way.  Maybe it's different for a construction loan.

DH = darling husband

[Anonymous]

Op.... Since you know two of your mortgage scores already... 659 is the worst you could do right now. Regardless if your Tu is lower. If TU is higher than Ex than Ex will become your middle score.