Hello,
I will be purchasing a home in Las Vegas, Nevada. Me and my wife make or will make over $100K each. My credit score is following: EX 765, TU 658, EQ 655. My wife credit score is about EQ 700. The house we are planning to purchase is about 350K +/- 50K between october to december timeframe. This will be my first home. We have about 18K in CC debt (about 20% of avilable credit) which I will reduce to 0 to 7% of available credit before applying for a loan. All our cars loans are paid off. We have no other loans.
I have been working for the same company for the last 8 years. My wife will start her job (straight out of school) this august.
The reason for the big difference between my scores is that I had a collection (measly $50 about 8 months ago) which I was able to remove it from EX. I was an idiot and paid off the collection without them removing the item from my credit report. I am trying to get it removed from TU and EQ (crossing my fingers). I was never late on paying a credit card for the last seven years. My wife was 30 days late one time eight months ago. Based on my median credit score, my credit rating is not good. I was already told by one company (quicken loans) that they cannot give me a loan. I should be above sub-prime. I will be polishing up my credit reports for the next six months.
What should be my plan of action? We will not have lots of cash to put for down payment (maybe upto 5%). How much money should I save for the down payment?
Message Edited by EddieV on
05-30-2008 01:05 AM
