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expert opinion on likelihood of getting a loan

Regular Contributor

expert opinion on likelihood of getting a loan

hello,
 
I want to purchase a home in the near future. my credit is horrible. i have been given information from real estate agents that my credit score is not the only thing looked at to get me approved for a home. so what is looked at???
 
i have 42k in 401k
7k in the bank
i make well over 50k a yr
i've worked at the same company for 6 yrs
 
my credit scores are TU 561; ex 571; eq 498. I have three lates in the past year while i was off work for maternity leave. what are my chance of getting approved. Smiley Indifferent


Starting Score: 474
Current Score: 583
Goal Score: 650


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Message 1 of 8
7 REPLIES
Super Contributor

Re: expert opinion on likelihood of getting a loan

with low debt ratios, you have an average chance of getting an fha loan.
can you pay down some credit card debt to increase scores?
Retired Lender
Message 2 of 8
Regular Contributor

Re: expert opinion on likelihood of getting a loan

Thanks for the response. I am wanting to purchase a home soon. I recently paid off credit card debt. The only one left is a collection account that transferred to a baddebt/charge off. I want to pay it off but I don't want to hurt my score. I do have a car pymt. House is in 153 range. Are my chances still average?


Starting Score: 474
Current Score: 583
Goal Score: 650


Take the myFICO Fitness Challenge
Message 3 of 8
Super Contributor

Re: expert opinion on likelihood of getting a loan

i havent seen a reason to not apply yet....
is the recent credit card debt reflected paid down on the reports yet?
Retired Lender
Message 4 of 8
Regular Contributor

Re: expert opinion on likelihood of getting a loan

i just checked eq and my score dropped to 492 because of an increase in cc balance last month. thought i had statement dates down - guess not. Smiley Sad So I think i need to wait a few more months. my other scores are the same.


Starting Score: 474
Current Score: 583
Goal Score: 650


Take the myFICO Fitness Challenge
Message 5 of 8
Super Contributor

Re: expert opinion on likelihood of getting a loan

hang in there.
 
 
Retired Lender
Message 6 of 8
Regular Contributor

Re: expert opinion on likelihood of getting a loan

Here is the overall picture. Maybe you can advise me if I should apply.
 
My scores: EQ 492; TU 561; EX 571
 
I have a victoria secret account that was settled for 190. on my credit it shows settled acct w/balance of 190.00 and recent late payments since the settlement was reached 6/2007. (I've disputed several times)
 
I have a Spiegal credit card that was charged off recently and assigned to Midland as of 12/2007 the balance is 643 ( I want to pay it, but I am not sure if I should pay now, or wait until after I apply for mortgage)
 
Credit card account opened in 3/2006. It has two lates reported since it opened - 8/2006 and 11/2006.
 
HSBC opened 3/2007 late:12/2007; 1/2008
 
I have student loans that are deferred.
 
Car loan opened in 12/2005. Late pymts in 8/2006; 11/2006; 2/2007; 9/2007 10/2007 and 1/2008
 
I have two charged off accounts with 0 balances.
 
I have collections for 1157 assigned 12/2007
75 assigned 10/2007
3911.00 8/2007 (disputed - old school bill - should've been paid w/financial aid)
96.00 assigned 12/2006
272.00 assigned 8/2003
 
Should I still apply or pay the loan since the collections were assigned recently and apply once they show "paid"?
 
thanks for the advice
 
 


Starting Score: 474
Current Score: 583
Goal Score: 650


Take the myFICO Fitness Challenge
Message 7 of 8
Super Contributor

Re: expert opinion on likelihood of getting a loan

with the low scores... it may be har to get approval thru automated underwriting. if you have to go manual underwrite, then the recent lates will kill the deal.
 
work on the credit until you are 12 months good pay history
Retired Lender
Message 8 of 8