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10months from House Hunting: Tips/Advice needed!

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Mickey11
Regular Contributor

10months from House Hunting: Tips/Advice needed!

Hi there long time lurker, so excited to finally seize the American Dream!

Household income: $150k
Personal Income: $95k
Age:27 but I will be 28 by the time we start
EQ FICO: 662
TU FICO: 655
Both should be increasing as I we are paying off all CC debt and I have a collection being removed next month
AAoA: 2 years
No lates for over 5 years

I'm not really sure what I should be concentrating on, I am worried that when I start applying for mortgage loans some old collection will pop up and ruin everything.

Is there a way to block the bad people from seeing my inquiry activity?

Thanks in advance!


Starting Score: TU 660 EQ 623 EX 644
Current Score: TU 670 EQ 683 EX ???
Goal Score: 700 on all 3

Freedom: $3k, CSP: $5k, Chase Disney Premier: $5k, AmEx Zync: NPSL, Cap1 NH: $750, Cap1 Plat: $750, USC CU: $500
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2 REPLIES 2
MovingForward_2012
Valued Contributor

Re: 10months from House Hunting: Tips/Advice needed!

I don't think there is. Old collection agencies have run inquiries just to see if you are applying for something big. It is not guaranteed that they will do this of course but members have mentioned it happening to them. The best you can do is not give any CA any clue that you are applying for a mortgage.

Congrats on starting your new home search! It is quite a stressful process so while you are relaxed now, you should write down what helps you de stress and use them when needed. The fun part for me was searching for new homes. Towards the end is where it begins to get super stressful. But you are young and will get through it no problem...good luck on finding the home of your dreams! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 2 of 3
JM-AM
Valued Contributor

Re: 10months from House Hunting: Tips/Advice needed!

It helps to opt out...

 

It helps to freeze reports.... Would have to unfreeze to apply for mortgage.

 

Neither can stop a collection company from seeing your reports as you owe them money and they have a permissable purpose.

 

What it does do is stop the credit bureaus from sending your information to companies for marketing purposes, which in turn may notify collection company you are applying for a mortgage.

 

While I hear all the different stories and problems others have, if you have a good LO or Broker your loan should close in 10-20 days, pending you meet all qualifications.

Good Luck
May all your dreams and wishes become a reality!
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