03-18-2013 06:13 PM
Hi my name is JBG and i am a recoverying credit idiot...
I'm calling on the experts... and i'm sorry for all the details in advance but I just need help tailored to my situation
I'm bouncing back from my early 20's credit mistakes.... I was just really careless and uneducated.
I am wondering what my next steps should be in order to obtain a mortgage in California.
Income: $46k not including annual bonus
Down payment available: $8k
Employment: 10 years same company
Great rental history
3 Open credit cards: Cap One 1k ; Cap One $350; Fingerhut $200 reporting on credit reports and Seventh Ave charge account $900 not reporting on credit reports but will validate over the phone
( All accounts have a zero balance and no late payments)
2 closed auto loans: Paid In Full with bad payment history
Last late payment: 5 months ago ( on the auto loan)
No installment accounts
Waiting on 3 charged off credit cards to show a zero balance
Waiting on 2 paid collections to fall off next month on my TU and EX
Fico EQ: 573 (zero collections)
Fico TU: 536
Fako EX: 591
Current Middle: 566
I’m sure once my credit report updates with all of my accounts showing a zero balance my score will improve. Based on the simulator I should end up around 600 in April.
As of March 2nd 2013 I’m 100% Debt Free!!!
By the time Sept rolls around my score should be in the 620-650 range. ( crossing my fingers and wishing on stars)
So, now I am left with …. What the heck do I do now??
My current lease expires Oct 2013 so I was thinking that I need to get a pre- approved for the mortgage late Aug – Sept 2013.
Some of the things that I am wondering are- What amount will I qualify for? Do I need to go get another auto loan to mix up my credit? (If I did I would only get a 5k auto loan to keep my DTI low as I could) Should I get another credit card or just do CLI?
I’m finally ready to put on my big girl undies.
Thanks in advance,
03-19-2013 09:38 AM
As mentioned you will have to wait until at least that 30 late is a year old. I would add a third revolving line that reports to the CRAs. I've seen enough to convince me that three is the minimum for the best score. I'd also work hard on getting the derogs off your reports. The CO's are going to kill your score.