Timeline between fixing credit and applying for a mortgage.
Is there a certain time frame you shouldn't try to do anything to your credit to keep it from falling in points? Currently we have 6-8 months to inprove credit from 587 to 620. Since he didn't have any credit cards we just got a Capital One Secured Card and I am in the process of doing PTD on a couple medical bills. Our car will be paid off in full in October so any other money we have we will be using for more PTD if any come up. There are two really big baddies a judgement that we are trying to get off since it was paid off before it went to court and 120 day late on his vehichle that is paid off. He was laid off at one point and we got behind but we got caught up and it is paid off now. I sent in a good will letter for that to see if it would help. I don't want to cost him points while I am trying to fix things. This site has been very helpful and I find that it is almost consuming my everyday thoughts on how I can improve it more.
Re: Timeline between fixing credit and applying for a mortgage.
Recommended timeframe is around 18-24 months with all your PFD gone, no credit inquries 6 months prior to applying for mortgage. If you just got a capitol one card, you may want to wait for a while and give the 120 late a while to age off as well.
Recommended timeframe is around 18-24 months with all your PFD gone, no credit inquries 6 months prior to applying for mortgage. If you just got a capitol one card, you may want to wait for a while and give the 120 late a while to age off as well.
120 day late is a major derogatory and will affect someone's score for the entire 7 yrs.
