I have been lurking around this site for quite some time and appreciate all the great feedback everyone gives. Now, I need the village to help me as well. I came out of a divorce some years ago and have been rebuilding my credit. I am now looking to purchase in the next 3-6 months if feasible. This would be a first time home buy for me and I would be looking at FHA. I recently received a nice bump in pay and can now afford to right some things that were wrong with my credit profile. Here I am in a nut shell:
Debt: 36,000 Parent Plus Loan (deferred until 4 years from now), 9,000 car balance (548 a month) 4 credit cards( 3900 CL w/120 balance, 900 CL 0 balance, 2000 CL $100 bal, 750 CL 0 balance)
Collections: At&T- $160 10/2018, Comcast $309 5/2019- (late equipment returns)
Lates: 4 in the past year- 2 for credit card (ordered a new card and old one was on file, it wasn't going through for automatic payments) (same thing happened for car)
*just paid down all credit cards to their amounts last week.
Do you think that I have a chance to get qualified for a loan or will the recent lates or collections kill the deal? I am expecting my score to improve some more with the payments of the credit cards.
Any guidance would be appreciated.