That's awesome! You are giving me some hope. My mid is a 597 currently. Unfortunately I bought into the TrueCredit gimmick, and I have been applying for mortgages and looking for houses with what I thought was a 720 mid. What a rip-off. I soon found out that it was a 597 mid... Yeah...
I too am going with First Guaranty Mortgage Corporation (they are getting a lot of good word of mouth here so far!)
So, I spent a lot of time looking at options and judging whether or not it was worth it to even keep trying right now... And after a lot of thought, I ended up applying yesterday with FGMC. I sent in my initial docs (about 50ish) today. I'm already on pins and needles... because the house we found is perfect for us and right where we want to be.
Our LO seemed to think that my information looked OK (totally to my surprise). I have never paid rent late, but did pay the landlord in cash for about half of the year... so word to the wise, pay for your rent with checks, or in some way you can document. I'm not sure if this will end up being a problem or not, so wish us luck..
The rest of my collections were from when my wife and I were both laid off from our jobs at the same time, only 5 months before our son was to be born. It was traumatic. We have been good for the last two years though roughly, but our scores haven't moved much. My credit utilization reported last at 26%, so I will be paying this down to 19% next week. I hear that anything under 20 will put you in a better position. My scores are 585, 597 and 631.
Another issue that is haunting me every minute is that T-Mobile rolled two of my accounts into one, but neglected to move the balances together too. The account that was no longer, had a balance on it that I did not know was sitting out there. I received no letters... and no calls, even though they did definitely have my number. I pulled my credit last week and guess what...? a new account in collection. It was like being punched in the stomach. I immediately called and paid it... and the CA and Tmobile kept telling me that the other would be responsible for the reporting... so basically its going to remain on my credit. I have paid every collection I have ever had in full, and am hoping that they will understand that this was something that was somewhat outside of my grasp (I should have paid more attention, lesson learned). I don't want to dispute it yet because FGMC is going to make me withdraw my disputes before closing if we get to that point.
I will let you guys know when i hear back from the First Guaranty Underwriter. Do you think this will sink me? All collections are reporting at $0 (called them all on my own and paid each in full last year) and I have not had a late payment on any installment loan or credit card since two years ago. My front end DTI will be 17%, back end will be 33%. My car is 5 payments from being paid off and i don't intend on buying another soon. I have a lot of student loans, but none are late and I included the estimated payments from the loan servicers in the packet to the LO and also figured this already in my back end DTI.
Its going to be a looooong weekend. I really hope the house we like doesn't get a contract while we are in this process. I'm hoping for the best.
Starting Score: TU 589 EQ 526 EX603
