No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hey everyone,
About 5 years ago my credit took a complete nose dive. Things got bad, and there went my 800 score, down to in the 400's for a while. Since then I've worked incredibly hard to build it back up. Kept my auto loan history mostly good through out this period, though there were a few late payments ways back. At this point theres over 3 years of good auto loan payments, as well as paying off the car in full and opening a new loan (I lease). All my outstanding old collection debt is zero'ed out. My soon to be fiance has me as an autorized user on 3 of her credit cards, all of which report to my credit as well to help improve my score so we can get a house.
Were looking to do an FHA loan on about a 240-250k house, max FHA in my area is $271,000. My current scores are Equifax - 602, T/U - 600, and Experian -639 which is a longggggg way from where I was. I know it's not close to perfect but from what I've read FHA loans are a little more lienient with getting approved. I have a decent income which I hope will help be the deciding factor.
Thanks in advance,
Rocco
You're gonna want to get your middle score to at least 620 but 640 is a safer number for FHA and it all depends on the lender.
Thanks for the reply. Will having my girlfriend on the loan make things better (shes above a 700), or will having me on there just not be strong enough for the mortage all together right now?
@Anonymous wrote:Thanks for the reply. Will having my girlfriend on the loan make things better (shes above a 700), or will having me on there just not be strong enough for the mortage all together right now?
Lower of the two borrower's mid score is used, so it doesn't help as far as credit goes. If she's on the loan, then can apply her income as well.
OP, are those the FICO 8 scores or the FICO mortgage scores?
Her income isnt going to make much of an impact.
Those are the fico 8 on the homepage, my mortage scores are slightly higher.
@Anonymous wrote:Those are the fico 8 on the homepage, my mortage scores are slightly higher.
^^^Great. Over here in this mortgage subforum we show the FICO mortgage scores and not the FICO 8's since the FICO 8's aren't used for mortgages. So glad you have good mortgage scores. Revelate is right - it is the lowest of the mid scores of all the applicants for the mortgage that is used for qualifying.