Member
Guyute1916
Posts: 7
Registered: ‎06-22-2009
Mortgage Pre Approval Help

Had lender pull credit report today and the scores were as follows 

 

EFX 631

TRU 625

EXP 568

 

The only bad things on my credit report is a 90+ from student loan because I thought it was in forebearance and it was not and a collection that I paid 1 week ago. The collection was a paid in full settlement/deletion but it wont send me letter stating as such for 21 days. Will this help raise score to at least 640 middle score. Any help would be great! 

Contributor
Blackhawks_girl30
Posts: 81
Registered: ‎05-18-2012
Re: Mortgage Pre Approval Help

What do you have in the ways of good credit?  What are you credit card limits vs balances?

Member
Guyute1916
Posts: 7
Registered: ‎06-22-2009
Re: Mortgage Pre Approval Help
1 credit card with 500 limit 200 balance
3 car loans with no missing payments since opening in 2009
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: Mortgage Pre Approval Help
[ Edited ]

The 3 car loans will hurt your mortgage chances because they carry a fixed payment that is included in your DTI. Are all 3 loans still open; or are some closed? If you were successful in PFD on the collection then you should see a nice boost from the deletion... possibly putting you in the 640 range for a Fha or Usda mortgage.

What is your income and how much are the car payments?


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Member
Guyute1916
Posts: 7
Registered: ‎06-22-2009
Re: Mortgage Pre Approval Help
62k a year and the balances are around 635 total
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: Mortgage Pre Approval Help
So you pay 635 per month; or do you only owe $635 total on all the cars?

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Member
Guyute1916
Posts: 7
Registered: ‎06-22-2009
Re: Mortgage Pre Approval Help
That is the payments per month