When to try for Pre-approval?

Anonymous — Wed, 03 Apr 2019 03:35:08 GMT

Hello everyone!!

We are wanting to purchase a home this summer using VA loan. I have cleaned up nearly everything from my husband's TU and EX reports through early exclusions. 1 baddie remains on all 3, a collection account for $266 for an apartment (Trying for PFD). 1 baddie remains on EX, due to fall off Aug (I can EE this May 1st). The baddies that remain on EQ are 5 charge-offs (2 due to fall off in June, 2 due in July, 1 due in Aug). No late payments on my husbands account (not counting these COs). I have not run our mortgage scores yet because I didn't feel we were ready.

My question is, can we try for pre-approval even with all these baddies listed with only one of the credit bureaus. Or should we continue to wait for them to fall off all 3 reports. EE with EQ will not be complete until July.

Re: When to try for Pre-approval?

CreditInspired — Wed, 03 Apr 2019 09:31:59 GMT

@Anonymous wrote:
Hello everyone!!

We are wanting to purchase a home this summer using VA loan. I have cleaned up nearly everything from my husband's TU and EX reports through early exclusions. 1 baddie remains on all 3, a collection account for $266 for an apartment (Trying for PFD). 1 baddie remains on EX, due to fall off Aug (I can EE this May 1st). The baddies that remain on EQ are 5 charge-offs (2 due to fall off in June, 2 due in July, 1 due in Aug). No late payments on my husbands account (not counting these COs). I have not run our mortgage scores yet because I didn't feel we were ready.

My question is, can we try for pre-approval even with all these baddies listed with only one of the credit bureaus. Or should we continue to wait for them to fall off all 3 reports. EE with EQ will not be complete until July.

IMO, you should wait until your CRs are in the best shape you can get them in. This way, you would get a much better preapproval based on higher scores.

GL2U

topic When to try for Pre-approval? in Mortgage Loans

When to try for Pre-approval?

Re: When to try for Pre-approval?