Hi everyone,
I've been reading and following the great advice so many hear provide for several months now. This is my second post here and I'm sorry I don't contribute much because I don't know a lot still but I do appreciate all the help you give people here so much! I've been working on my credit and I got it to go up by as much as 45 points in the past 6 months (Fico 8) and I know I have a long way to go.
Considering the outrageous rents where I live I've decided that I'd like to buy my own house but I don't have much in savings and I'm looking into the CHFA (requires a minimum mortgage score of 620) which will cover my down payment but not most of the closing costs. I spoke to a mortgage consultant and he pulled my mortgage score which is EX597 and TU581, he said if they're under 600, they avoid denting the 3rd one so he didn't pull EQ.
I have only one account left to settle and it's with Chase with a balance of $6,967. The "credit company" he works with advises that I pay this account off completely which means pay $7000. I've been working on settling it. I have a few 30, 60, 90, and 120 lates from the 5 accounts I've already settled that I will work on goodwill letters with but nothing is guaranteed with those, of course. I also have one secured credit card which I pay in full and has $0 balance and auto and student loans with perfect payment history.
I'd really like to buy a house and I'm willing to work hard on raising my mortgage scores as soon as possible and save a few thousands for the closing costs. What do you think about the advice to pay the $7000? I'd really like to save that money instead. Mortgage consultants and anyone who has an idea, please help!
Note: DTI has already been considered and it will work fine.
Thank you all!
