Super Contributor
Posts: 8,385
Registered: ‎09-28-2007
Re: Trying to get pre-approved

Having a clean credit history for 12 months is pretty much a requirement for any loan program.  There are some exceptions, such as an isolated late payment, or a medical collection... but usually someone with ~630 scores has more than just one late payment in the last 12 months (either that or maxed out credit cards), so if there has been negatives in the past, and then another late payment in the recent 12 months, to an underwriter it appears the credit issues haven't totally subsided.

In the past 12 months, was there just the 1 late payment 7 months ago, or are there other delinquencies that have occured?  Going back beyond 12 months ago, are there any delinquencies?  Do you owe collections, charge-offs, judgments or tax liens?


What is the price of the home you are looking to buy?  How much is your income?  How much are your monthly minimum consumer debt payments (cc's, car, student loans, etc.)?