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Planning for mortgage

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arunkumarmm
Regular Contributor

Planning for mortgage

Hi All,

 

 I'm planning to buy a house by end of 2023. So i want to start preparing from now on. I'm thinking to do AZEO and not apply for any new card after December of this year. But I might need to buy/ lease a car for DW in a few months.

 

 Current Fico8s are all a little shy of 800 (5-6 points). Have 10 open accounts, 9 are CCs and 1 car loan. <1% util and no other debt.

 Car loan will end by sep'2023.

 

I have no knowledge on the types of loans that are available or which one works how. I'm hoping that the 2 years time will be good enough to learn. Please let me know where should I start? 

Message 1 of 4
3 REPLIES 3
Ficoproblems247
Valued Contributor

Re: Planning for mortgage

While I am not the loan expert as I have only gone through the process with conventional myself, I would like to point out a couple things. First, there is nothing you need to worry about if you need to buy a car, or even open another card for that matter in the mean time. With your scores where they are, and as long as your DTI is in line, you are absolutely not going to spook anyone out of giving you a loan so don't sweat that. Second, there is no reason to start AZEO right now. Let things report organically until you are 3-6 months out from your first pull. There will be no difference in your scores if you let them report AZEO for 1 month, vs 23 months in a row. Try it out a few months before hand to make sure the card you're going to let report as your "except one" effects your scores in the manner in which you want it to, but don't stress yourself out over it this far in advance. You'll be fine! Smiley Happy Maybe list a little more about the type of home you're looking for, down payment amount, or any other specifics you feel comfortable sharing, and some of the experts can recommend loans that will suit what you're looking for. 





FICO 8 Sep '23 EX 755 EQ 765 TU 739
TCL $199,800
Message 2 of 4
arunkumarmm
Regular Contributor

Re: Planning for mortgage


@Ficoproblems247 wrote:

While I am not the loan expert as I have only gone through the process with conventional myself, I would like to point out a couple things. First, there is nothing you need to worry about if you need to buy a car, or even open another card for that matter in the mean time. With your scores where they are, and as long as your DTI is in line, you are absolutely not going to spook anyone out of giving you a loan so don't sweat that. Second, there is no reason to start AZEO right now. Let things report organically until you are 3-6 months out from your first pull. There will be no difference in your scores if you let them report AZEO for 1 month, vs 23 months in a row. Try it out a few months before hand to make sure the card you're going to let report as your "except one" effects your scores in the manner in which you want it to, but don't stress yourself out over it this far in advance. You'll be fine! Smiley Happy Maybe list a little more about the type of home you're looking for, down payment amount, or any other specifics you feel comfortable sharing, and some of the experts can recommend loans that will suit what you're looking for. 


Thanks for your response and advice. DTI is around 8% I wish to buy a single family home and should be around $400-$450K. Hoping to save that required 20% down payment and an additional $30-$40K for any other expenses. I was thinking it would be better to have 0 inq on all 3. I already have 0 inq in TU and EQ. Ex has 6. By nov 1st it would be 4.

 

1/6, 1/12, and 4/24 on new accounts. AoYA is 2 months. Open CSP on June 9th. I'm not sure what other info would be relevant.

Message 3 of 4
Pony4her
Regular Contributor

Re: Planning for mortgage


@Ficoproblems247 wrote:

While I am not the loan expert as I have only gone through the process with conventional myself, I would like to point out a couple things. First, there is nothing you need to worry about if you need to buy a car, or even open another card for that matter in the mean time. With your scores where they are, and as long as your DTI is in line, you are absolutely not going to spook anyone out of giving you a loan so don't sweat that. Second, there is no reason to start AZEO right now. Let things report organically until you are 3-6 months out from your first pull. There will be no difference in your scores if you let them report AZEO for 1 month, vs 23 months in a row. Try it out a few months before hand to make sure the card you're going to let report as your "except one" effects your scores in the manner in which you want it to, but don't stress yourself out over it this far in advance. You'll be fine! Smiley Happy Maybe list a little more about the type of home you're looking for, down payment amount, or any other specifics you feel comfortable sharing, and some of the experts can recommend loans that will suit what you're looking for. 


Agreed!

Message 4 of 4
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