Hello all,
My husband and I are in the process of buying the small mail courier business he works for as his boss is retiring. He's worked for him for 20 years and knows the business inside and out. Three weeks ago we submitted our application and paperwork to our credit union, which we hold all our accounts with. The underwriters came back twice asking for more documents. A week ago today we were told by our loan officer it would only be a few more days. I'm super on edge and wondering if the length of time they're taking is a good sign by chance. If they weren't interested they'd just shove it back denied, right? It's a $55,000 loan with physical collateral worth $28,500 and a $5000 cash good faith down payment.
Ok here's the long backstory credit details. I'm embarrassed to admit we didn't even know what our scores were until a few days before submitting everything. I started out with Experian's premium service and dropped them a week later due to customer service struggles and account trouble. We are now with myFICO family account. My credit started off three weeks ago at a 596 and husband 589. Our one credit card with our credit union was at 98% utilization and is only in my name. There were two medical baddies on my report and one on his. One auto loan on both. Old closed CC on his. No late payments on anything. I immediately paid all the collections and was able to present proof of that to the underwriters when we applied. My score went to 605 within a few days and was that when we applied but husbands score was still 589. Over the past few weeks I've paid my CC down to 22% and my scores are now across the board in the 640's. We're working on getting him added to it. Not sure if this was a great idea but I added several CC accounts, Cap One Quicksilver, Cap One secured, Kroger US Bank and with AU on all three. I've paid my CC down also to 3% and will be seeing what that does soon. So we're working on our credit now we know we should but understand it won't affect the current loan process.
