My scores re 607, 624, 627...I wish they were higher and I could wait, but cant. I have all docs ready to send (w2's, bank statements, etc) but do they need them now? I have NO debt to speak of...but I do have new credit established, 1 year of on time rent payments, 10 collections that are 5.5 yrs old, 25K in savings. What is to be expected? Will I get an approval and will it be today or sometime this century? Will it pass auto approval or go to manual? Any insight from any of you out there in ficoland would be appreciated!! 
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@damnedanddetermined wrote:My scores re 607, 624, 627...I wish they were higher and I could wait, but cant. I have all docs ready to send (w2's, bank statements, etc) but do they need them now? I have NO debt to speak of...but I do have new credit established, 1 year of on time rent payments, 10 collections that are 5.5 yrs old, 25K in savings. What is to be expected? Will I get an approval and will it be today or sometime this century? Will it pass auto approval or go to manual? Any insight from any of you out there in ficoland would be appreciated!!
If those are true mortgage scores then your 624 middle score will be used. It's possible you may be required to pay off any accounts in collections. It depend on the Lender's overlays. Be prepared to write letter of explanatons for all the accounts in collections, any large deposits and late payments. If you have multiple addresses listed on your credit reports you'd ahve to write an LOX for it as well as any mismatch names. If you have revolving accounts with balances payiing those down will help increase your FICO score. You say you can't wait to improve your score before applying for a mortgage. But it may be your best options or you'd be paying higher interest and PMI. There are some loan programs that doesn't have PMI. What state are you located? Good luck!
