another mortgage ?

[Anonymous]

yes another mortgage question.

My fico is 580, my wifes is 730. We are looking to purchase a house in the next few months.

I would like to know if we can still get a decent mortgage with my low score. We will give about 15% down, are both full time employed, no other debts whatsoever. All my baddies are at least 3 years old.

I think what's hurting me , is I have no new credit at all in the last 3 years.

Thanks in advance for any help/answers.

[Anonymous]

If you can work on any "baddies" that may exist on your credit reports, that will certainly increase your scores.

There are others here that can offer wonderful advice/opinions.

[Anonymous]

Can she do the mortgage on her salary?

[haulingthescoreup]

Out of curiosity, since your baddies are all over 3 years old, have you thought about starting to rebuilding your credit? I do understand if it's a case of once burned, twice shy, but if you've gotten past whatever caused the problems in the past, it might be time to get a card or two and get some improvement in your scores. You're already faced with one of the most common consequences of not having a current credit history.

[Anonymous]

Thanks for the replys.

The mortgage we need is over the limit she can apply for by herself, I also already applied(last week) for a secured cap1 cc, which hopefully will help me. Also my 2 worse baddies(collections) will be removed by Feb 08.  All there will be left is 2 bads for 30 days late, from 2004.

I just hope this mortgage ois still possible with our current situation, if not we will wait for the spring.

[Anonymous]

Just to update everyone, (and maybe give some hope), we just got approved for a 5 year fixed at 6.04.

Which I am very happy with considering my past credit.

[haulingthescoreup]

Hey, nice work! Congratulations, and you'll be looking pretty good next spring.