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Regular Contributor
Posts: 227
Registered: ‎04-06-2012
0

What are my chances???

I have been working tirelessly to improve both my wife and my scores this past year. So I am going to lay tipi there hopefully somebody can let me know our chances.

Me. My scores are TU 646 EQ 622 EX 629. I know the EX is fako. I have 66% util and I just paid them down to zero and 8%. The simulator here says my TU will go up to a 666-702. My EQ will be 642-672. And TU 641-681. Now I know this is not always perfect but hopefully close. I have a capital one card with a 300 Cl never late. A regions CC 500 was 60 days late in summer of 2010. I have a car loan through US bank that has never been late. As well as a car loan opened in July last summer never late. The bad a sears card that went 90 days late last year in January exactly 12 months. As well as four separate student loans that were unpaid and multiple 120 day lates. All the same time. Very hard time for my wife and I. I won't go in to detail.
I also had previously been at my former employer for over five years. It was sales management. However I had a great opportunity in August for a better job similar pay, in the same field.

My wife- she has some work still. Her file is clean except three student loans she defaulted on in early 2008. She finished her rehab in November and was told they were getting picked up by suntrust and that the collections will be deleted (not lates) and become positive trade lines. She has one unpaid medical collection that we are fighting right now as well as a collection from EOS-cca that I believe I can get deleted within this month. She has a kohls card with a 300cl that is showing maxed out from Christmas. As well as a capital one 200 Cl that shows maxed out as well. I just paid those off same as mine. Her score is low right now 590 to 610. However being maxed out to under 10% should help as well as the student loan rehab completion her file will be completely clean.

We have a combined income of 65k not including my bonuses or her cash tips. Our total bills are around 900 per month. We are looking for an FHA loan in the range of 175-200k in St. Louis mo.
Chase Freedom-(1000) BOA 123-(2000) Home Depot-(4000)
Discover IT-(1000) Lowes GE-(1500) Orchard Bank-(300)
Regions Student Visa-(500) Best Buy Reward Zone-(500)
In the garden till 4/01/2015
Regular Contributor
Posts: 227
Registered: ‎04-06-2012
0

Re: What are my chances???

Just to add I want to apply in match when wife's loans are clean from rehab
Chase Freedom-(1000) BOA 123-(2000) Home Depot-(4000)
Discover IT-(1000) Lowes GE-(1500) Orchard Bank-(300)
Regions Student Visa-(500) Best Buy Reward Zone-(500)
In the garden till 4/01/2015
Regular Contributor
Posts: 149
Registered: ‎04-29-2012
0

Re: What are my chances???

I got pre approved last July with a 623 middle score. I even had a 30 day late that was only 9 months old. We are now in underwriting for the new construction home we started last September. Pay down your revolving debt and that will raise your scores significantly. Good luck!
Regular Contributor
Posts: 227
Registered: ‎04-06-2012
0

Re: What are my chances???

I'm thinking we can do it! I was skeptical of making it happen but I have gotten three key selections in about a week that may have sealed the deal. Still not sure about the UW seeing those major derogatory marks just a year ago..... Makes me second guess.
Chase Freedom-(1000) BOA 123-(2000) Home Depot-(4000)
Discover IT-(1000) Lowes GE-(1500) Orchard Bank-(300)
Regions Student Visa-(500) Best Buy Reward Zone-(500)
In the garden till 4/01/2015
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: What are my chances???

If they are 12 months old, should not be an issue. But as always YMMV

 

Your scores need a little improvement but since you just paid down your UTIL that may have given you the boost you needed.

 

Your wife scores needed improvement also, but see what her credit score is once the negative information is removed.

 

Most banks want a minimum of a 640 mid score, but still a few lenders accepting a 620 mid score, but you will have to hunt one down.

 

Your almost there and I believe you have a fair chance to be approvable come March when all negative infor from wife's report is removed.

Good Luck
May all your dreams and wishes become a reality!
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