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Can I get pre-approved?

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kendreia
Established Member

Can I get pre-approved?

  I made the mistake of falling in love with a house before getting pre-approved.  I have a 641 middle mortgage score, 10% down, my only debt is a car payment of $220.00 per month, I have three credit cards and two charge cards all with a $0 balance, I have worked at my job for 15 years and have an annual income of $75k + $425.00 in child support monthly. I have two small medical collections that are a few years old that total less than $150.00, and then a judgment that was paid off over a year ago.  I can't even get a dang lender to call me or email me back!  I'd really like to get pre-approved and make an offer on this home.  Do you think I will qualify for a loan?

 

Edited to add that one of my charge cards is not a year old, and I refinanced my current home last year so that loan is also not a year old.

Message 1 of 3
2 REPLIES 2
StartingOver10
Moderator Emerita

Re: Can I get pre-approved?


@kendreia wrote:

  I made the mistake of falling in love with a house before getting pre-approved.  I have a 641 middle mortgage score, 10% down, my only debt is a car payment of $220.00 per month, I have three credit cards and two charge cards all with a $0 balance, I have worked at my job for 15 years and have an annual income of $75k + $425.00 in child support monthly. I have two small medical collections that are a few years old that total less than $150.00, and then a judgment that was paid off over a year ago.  I can't even get a dang lender to call me or email me back!  I'd really like to get pre-approved and make an offer on this home.  Do you think I will qualify for a loan?

 

Edited to add that one of my charge cards is not a year old, and I refinanced my current home last year so that loan is also not a year old.


What are you going to do with the current home? Sell it? Rent it?

You can boost your score a lot by letting a very small balance report on one of your cc's (like $25) rather than having all report zero. Believe it or not, all zeros will result in a drop of your score. Weird, right? But true.

 

Also is the score you quote (641 mid-score) a mortgage score or FICO 08 score? if it is a FICO 08 score, pull your mortgage scores - after you let $25 report to one of your cards Smiley Happy

Message 2 of 3
kendreia
Established Member

Re: Can I get pre-approved?

The 641 is a mortgage score- I learned about that the hard way!  I just paid my cards to zero for a jump, but will go charge a tank of gas, then. Thanks for the advice.  I have a flipper that wants to purchase my current home- that is how I am getting my 10% down.  A lender finally called me back.  He seemed optimistic. 

Message 3 of 3
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