1.Credit. Primary borrower middle score 644 Co borrower (wife no income) 680 Primary borrow Credit history 7 years. Had current mortgage for 4 years along with credit card payments and other misc. loan never had any late payments or missed payments except 3 late payments 2 1/2 years ago on a auto loan that we had so much trouble with a bank we ended up refinancing at new bank and have never had another late payment they were never late! Tried to dispute 2 credit borrows took off one didn't. Co borrows credit is clean with no late or missed payments but small amount of history.
2.Income. Gross income is $102,000
3.Source of income. Hourly income. Has been at same job 6 years with gross income ranging from $80-102k with 2014 being the highest.
4.Monthly debt payments. Auto loan $232 monthly with be paid off nov. 2015 Auto loan $440 monthly Auto loan $162 monthly Cc- $35 limit $700 Cc $35 limit $800 Cc $35 limit $500 Cc $35 limit $1000 Cc $35 limit $500 All balance are high using 80% but plan to pay all those down by feb 2015( wouldn't be before we applied for loan.)
5.Employment Full time 6 years
6.Assets/Reserves. We have no reserves. Our checking account states out ending balance around $2000 but if you looked closely weekly their usually only a $200-300 Saving is a couple hundred. To be honest we live basically week to week right now. (WHY we need to move closer to husbands job!)
We plan on using our tax return $13,000 and money made from current home sale $10,000 for closing and down payment.
7.Property. Is it a single family house, on morganfeild ky
8.Value. Homes listed at $213,000
Problems that concern me. Our bank accounts are not in line. We took out 2 cash advances(threw our bank) for $500 one in November another in December to help pay house payment. We repaid them the following week for a small fee. We basically live week to week with not much extra money floating around and aren't able to save any living in our current home the house payment nows $1100 and would be about the same on new loan but it would be in the county my husband works and we'd save money on travel and a few other areas.
Questions - if we aren't using any money from our checking or savings for down payment and closing would they still require bank statements? Will they really look at weekly balances or will they just look at that ending balance monthly?
We have been pre approved BUT I worry once they see out bank statements and those cash advances they won't approve the loan. Waiting a few months to get these things in line aren't an opinion as we have an offer on out home right now!
You can manipulate your scores with your income and debit to optimize your scores.
As card #1 is about to close pay to $0 After statement cuts use card for expenses that the cash would have went to.
Repeat for other cards except for 1 card with a 2-3% balance (1-9%).
Tighten your belts for the next 30 days until you get your returns and can actually pay it all off.
Maintain a reserve with the balance, don't spend extra for the next few months. This will be your reserves.
If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015. Current FICO Scores EX: 715 EQ: 756 TU: 762 Last APP April 21, 2015. Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.