Hello all. So the roller coaster of a journey into my our new home has started. Roller coaster of emotions that is. I expected this. But perhaps I have time on my hands. But not sure. So here is the latest. My scores have come up quite a bit. My mid score was at 613 when I started this Journey in April. Today my mid score stands at 676 with another increase expected when Amex reports the 2,700 payment I made last month which brought my Uti down to about 3% score simulator my LO provided says it should go up some more. Ok so here is reason for my post.
So the Builder of the home wanted me to try their preferred lender. So I did. Everything seemed to be going ok. With the new LO looking at my credit file and saying everything looked ok. We spoke about my derogatory items on my credit and I explained what happened in 2016. Being self employed business dropped in 2016. With companies being 30,60 90 day net in paying me, I was late with everything. I let about 5 cards close but I did pay the balances off in 2017/18, less than what I owed, but paid them and they show zero balances. Last late was beginning of 2017 which was when I finally caught up to everything. Everything has been perfect since. I kept my American Express blue card and have always kept up perfect with that one. I have old credit history which shows as good but just closed accounts that I closed years and years ago.
So I get an email from the New LO yesterday saying she has hit a wall and that she can’t get an Automated Approval with even 25% down. She says it’s because of the past credit issues. She asked if I had a coBorrower. I told her my wife does not work and her credit will not help. She asked about someone else and that at this point income didn’t matter for the co-borrower. I was thrown off by the request because I do not want to involve anyone else and why would they want a coBorrower just to get it through automated approval? Without verifying income? I know I have a challenge ahead of me and one I’m going to have work hard to accomplish, but I thought that older derogatory items, though looked at, questioned and not good, were not as impactful as much as newer activity. Am I looking to buy a home too soon? Should I have waited longer? The roller coaster of emotions I can handle if it has a good outcome. But if I’m being unrealistic and I go thru this journey, sell my current home, move into temporary apartments and then everything falls through. It will not be good. Looking for some encouraging words or a reality check. My house won’t be completed until December. What can I do to better my chances.
Credit scores stand at
Eq-699 TU-676 Eq-640
One credit card
American Express- 10,000 limit balance $381.00
Wells Fargo home Mortgage- last late pay was beginning of 2017.
Wells Fargo Auto- perfect pay
Honda Finance- perfect pay
Rest are good closed accounts and then my
Closed bad accounts.
Thanks in Advance