@Anonymous wrote:
I have 4 negatives in my history. All report a balanace of $0. My debt to income is 4%. The utilization on my wifes card is currently at 15%. Today we are going to pay it down to 5%. I will call the lender today and see which scoring model they use. We have found a few houses we are interested in and are looking to purchase as soon as we get approved. I have had two removed after agreeing to pay the balance. But since paying everything off within 4 months it has jumped over 100 points. But right now all i have revolving is my wifes credit card.
The mortgage industry uses fico 04. You are going to have establish your own credit you cannot stand on someone elses credit on a mortgage app. I would try to get 2 un secured cards from Cap-1 on the same day (Platinum and QS1) and you will need a 3rd card as well I would possibly go for a secured with SDFCU. I would not app until all the updates have been reported to the CRAs.
@gdale6 wrote:
@Anonymous wrote:
I have 4 negatives in my history. All report a balanace of $0. My debt to income is 4%. The utilization on my wifes card is currently at 15%. Today we are going to pay it down to 5%. I will call the lender today and see which scoring model they use. We have found a few houses we are interested in and are looking to purchase as soon as we get approved. I have had two removed after agreeing to pay the balance. But since paying everything off within 4 months it has jumped over 100 points. But right now all i have revolving is my wifes credit card.The mortgage industry uses fico 04. You are going to have establish your own credit you cannot stand on someone elses credit on a mortgage app. I would try to get 2 un secured cards from Cap-1 on the same day (Platinum and QS1) and you will need a 3rd card as well I would possibly go for a secured with SDFCU. I would not app until all the updates have been reported to the CRAs.
This is no longer accurate for all lenders. Some simply mandate a score be generated; dpeezy stated his institution does this.
