DH and I are trying to do a refi of our house early next year. We have a lot of home improvements that are despartely needed. His credit is fine, scores ranging high 600's to low 700's. Credit profile is thin as that he doesn't have much credit except for our current mortgage and his car loan. We had one joint CC, but we closed it and paid it off last year. Car loan is perfect, will be paid off Nov. 2015. Current mortgage is perfect except for one 30 day late in 12/2010. We also had a 2nd mortgage that wa PIF in 1/2014. That wasn't perfect, but for the last 3 years of the loan, payments were perfect, on time. My credit suffered though. Went through a rough patch in 2009-2010 financially with my oldest son who needed psychiatric treatment, most of which wasn't covered by insurance. Had multiple CO's, but got myself back on track. All CO's have been PIF, with the last CO paid off last month. Was a small balance that I didn't know about until I pull my reports.
Here's the rest of our info:
Info:
Credit. DH's 670-730, mine are below in my signature
Income. 155,000
Source of income. Employment
Monthly debt payments. Car 1 $292 (pay off date 11/15), Car 2 $511 (pay off not until 2018), Springleaf $352 - account closed, in repayment status. I started DMP in 2010 to get back on track. This is the last account remaining with the plan. I pay $600 on this account. Been reporting on time for a year since it was transferred from Beneficial.
Employment W2 Salaried, both of us 18 years with same employer
Assets/Reserves. 403B DH $190,000, SEPIRA me - $6,000 Savings apx $5000
Location. Maryland
Property. Single family house
Value. $275,000
Occupancy. Primary residence
Transaction Type Refi - about $200,000, current mortgage balance $123,000, 18 years remaining on 30 year mortgage. Looking to refi at 15 or 20 years depending on type of loan.
My question is, since we've been working on my credit and myfico scores are now 680's across all 3, I pull my EX score power to see what that showed since I've read that it's close to the FICO04 that some mortgage lenders use. I was disheartened to see that it was 606, 75 points less than myfico. I'm not sure what I can do at this point to bring my scores up anymore. I've GW'd what I can, so I'm letting them age at this point. Should I pull the trigger at this point to see what a lender gets as my scores, or wait some more. I really don't want to apply for any CC's right now because I don't want to open any credit while I'm trying to get approved for a mortgage. I was planning to contact a local mortgage banker, or find one that is national, but I don't know now.
Any thoughts, recommendations??? sorry this was long winded. I've been working on this for awhile and I feel like I'm so close, but the EX score power score threw me for a loop after getting myfico scores up to where they are now. Started a year ago in the mid 500's. If you have any info that your can PM me, I would appreciate it.
Thanks in advance.
