Qualification advice

[capez]

Hello. I was wondering what trade lines LO are looking for when getting an FHA loan. How many installment loans and cc's right now I have two cc's with low limits 500 and 300. I pay them in full every month. I also have a clean car loan no lates. And four open current student loans. Is this enough credit open. Also I have had some late back in February and January. My student loans fell behind 120 days late and one cc 90 days late. Everything is current now I have a budget to pay off cc in full every month and also am saving 2000 per month for down payment. I plan on applying in march after all the lates are a year old. Right now I have 6500 saved and I plan on having at least 30k saved by the time I apply to help my chances. My scores currently EQ 606, TU 598, ex 635. EQ and TU are from here. My gross monthly income is around 58 to 60k a year. I have about 500 in monthly bills. I do still have two charge offs one from capital one and one from Macy's that are PIF. Do you guys think I have a chance or am I dreaming any advice or help is appreciated.

[namvet]

It appears that you have enough trade lines open.  You need more time to get those scores higher.  Just pay on time and take another look at your scores in 6 months.

[capez]

Do you think I will be okay in a year if I don't miss any payments and keep my utilization really low (under 10%)?

[capez]

Anybody?

[tooleman694]

In a year I bet you will be scoring in the 700s..

[capez]

You really think I will be in the 700's that would be great. That should make qualifying pretty easy right??

[pengy_wi]

I'm sure you can. My DH still has 5 colections reporting for him (all paid) and we've gotten his EQ from 625 to 656 and TU 616 to 661 since April of this year and alot of it was from getting utilization down. Just keep the lates away! 

[capez]

Wow this is really exciting I was thinking with all the lates I had no shot in a year time frame. Now I am really motivated.

[tooleman694]

After about a year your negative doesnt hurt as bad. Just keep things looking good and your util low and your score will grow.

A year ago I was in the 400s, now in the 700s with my EQ score.

[GoodCredBen]

I am in the same boat, i am actually buying a home right now... i have like 5-7 collections on my reports... and look at my scores below... i havent been on this journey that long and look where i am at.... you are WELL on your way to being able to purchase!!!