@Anonymous wrote:
- Mortgage Credit Scores:Not sure, according to Quicken Loans scores were 523,574,617 at the time of application denial 30 days ago
Unpaid Negatives:
Collections:
Bank $375
Comcast $100
Insurance company $100
2 Capital One secured cards (2)- total CL $450
1 Discover It secured just opened this month- CL $500
- Source of income. FT employment $37,500, employed since 02/2012, 4 years in my industry
- Monthly debt payments. No debts in my name, car is in mother’s name and will be paid off in September ($364/monthly), also paid off another car that was in my mother's name 5 years ago- have proof of all payments
- Assets/Reserves. 3k in savings, hoping to apply for down payment assistance up to 10k, tons of first time homebuyer incentives out there that I'd like to take advantage of
- GA
- Fulton
- Atlanta 30303, 30305
- Property Description:condo, hoping to qualify for 90k-130k
- Transaction Type. purchase
What else do I need to do at this point to get my credit up? Quicken said my credit history was too short. Will it help me to pay off those collections items or do I leave them alone? When should I apply again with another lender?
Cannot exactly say "when" as you would need to raise your scores and that is something that varies greatly from person to person. Some people can get 50 points in a week, some people take 2 months to see an increase of 50 points. Try getting PFD's for those collections. At this point with scores in the range that they are, it may take a few months to get over the 620 range. My advice would be not to rush to get a house. Take care of the credit first so you can be on solid footing for such an important and large financial transaction.
