topic Re: whats the likelihood that i can get a (good) mortgage in Mortgage Loans

whats the likelihood that i can get a (good) mortgage

Anonymous — Tue, 25 Nov 2014 21:48:32 GMT

current income 120k/year. work for a bank. this is my salary+bonus

debt: 0

paid off my car loan of 36k in one year

credit score from myfico.com experian : 622, transunion 594, equiax, 612

totally amount of cash for downpay around 120-150k.

the reason i have such low credit score was due to that 6 years ago, i lost my job and subsequently charged off on 4 credit cards, even though i paid all these cards back once i got reemployed 3 years ago, they still show as paid/charged off. I only have one open credit card now and havent tried to reopen another credit card for four years

I do play to buy a house sometime next spring and am looking at price tag of 500k-600k. do you think i can get a mortgage?

thanks

TOTAL ACCOUNTS: 9 10 10 OPEN ACCOUNTS: 1 1 1 CLOSED ACCOUNTS: 8 9 9 DELINQUENT: 0 1 0 DEROGATORY: 5 4 5 BALANCES: $292.00 $292.00 $292.00 PAYMENTS: $15.00 $15.00 $15.00 PUBLIC RECORDS: 0 0 0 INQUIRIES(2 years): 1 5 9

Re: whats the likelihood that i can get a (good) mortgage

Lemmus — Tue, 25 Nov 2014 22:08:58 GMT

...the reason you have such a low credit score is because you have zero debt and only one open account ...not because of PIF charge offs from six years ago ...its a catch-22 ...you need debt and open accounts history to have good credit scores

...I'm not going into a long spiel here ...jump over to the Credit Repair forum and start reading and asking questions ...with a little knowledge gained there its more than likely that you can quickly and significantly improve your credit scores ...once you do that, then come back to this forum ...hth

Re: whats the likelihood that i can get a (good) mortgage

sccredit — Tue, 25 Nov 2014 22:42:26 GMT

@Lemmus wrote:
...the reason you have such a low credit score is because you have zero debt and only one open account ...not because of PIF charge offs from six years ago ...its a catch-22 ...you need debt and open accounts history to have good credit scores

...I'm not going into a long spiel here ...jump over to the Credit Repair forum and start reading and asking questions ...with a little knowledge gained there its more than likely that you can quickly and significantly improve your credit scores ...once you do that, then come back to this forum ...hth

Yep, catch 22. You need a couple more open lines of credit. I was told a minimum of 3. Just no balances on them.

Re: whats the likelihood that i can get a (good) mortgage

Anonymous — Wed, 26 Nov 2014 18:37:16 GMT

WOW.

I cannt believe what I just heard from my mortgage broker. He ran my credit report and said my mortgage scores are all above 680+. So I am definitely qualitied for loans now. !

Re: whats the likelihood that i can get a (good) mortgage

Anonymous — Sat, 29 Nov 2014 17:17:33 GMT

Where did you receive the first scores you mentioned? I am just curious because I have seen quite a few different scores before actually pulling my FICO scores