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VA Loan Chances

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Regular Contributor

VA Loan Chances

Here is my current situation, I've posted a couple of other times regarding numerous items with regards to credit utilization, rebuilding etc, and haven't gotten much help from  Mortgage brokers on what I need to do to improve my credit profile in order to qualify for a mortgage.  I applied with Sunwest and was denied with a mid score of 543 514 and 544 were my others.  Since then I've gotten a 60 point bump in Equifax (not sure about the others) by having some late payments GW off.

 

DTI 21%

No lates reporting (GW them all off)

4 Baddies are as follows:

3 Collection in 2008

1 Charge Off ($1800) in 2011

Utiliztion:  90% of 4200 total revolving credit.  PLAN IS TO GET IT TO 50% BY END OF DECEMBER

 

MyFico Equifax 607, waiting for the end of the month to esnure all my credit lines are reported and I'll purchase the rest.

 

Should the above baddies be worked on as a priority or are they far enough behind me where I shouldn't concern myself with them.  Would I get approved as is now with Sunwest or is it a must for me to pay (hopefully for Delete) before trying to be approved?  What should I do first?

04/27 SCORES - EQ 653
EXP 672
TU 653
Message 1 of 4
3 REPLIES 3
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Moderator Emerita

Re: VA Loan Chances


@tim1017 wrote:

Here is my current situation, I've posted a couple of other times regarding numerous items with regards to credit utilization, rebuilding etc, and haven't gotten much help from  Mortgage brokers on what I need to do to improve my credit profile in order to qualify for a mortgage.  I applied with Sunwest and was denied with a mid score of 543 514 and 544 were my others.  Since then I've gotten a 60 point bump in Equifax (not sure about the others) by having some late payments GW off.

 

DTI 21%

No lates reporting (GW them all off)

4 Baddies are as follows:

3 Collection in 2008

1 Charge Off ($1800) in 2011

Utiliztion:  90% of 4200 total revolving credit.  PLAN IS TO GET IT TO 50% BY END OF DECEMBER

 

MyFico Equifax 607, waiting for the end of the month to esnure all my credit lines are reported and I'll purchase the rest.

 

Should the above baddies be worked on as a priority or are they far enough behind me where I shouldn't concern myself with them.  Would I get approved as is now with Sunwest or is it a must for me to pay (hopefully for Delete) before trying to be approved?  What should I do first?


Are your collections medical? If so, don't worry about them at all.

If not, it depends upon what they are - they might be far enough back to not hurt you at all.

 

It is your utilization that is killing you. Could also be the charge off if it is a credit card with a balance - that affects utilization too. In fact it can be a huge hit.

What is the CO?

 

Can you post your cc limits and balances so we can see what is the best use of your money? Believe it or not the FICO scoring algorithm uses your total utilization and your individual utilization (per card). Plus if you have some zero balance cards it helps. For example if you have 3 cards and all three have balances you are hit harder than if you have 3 cards and only two have balances. Naturally it is best to have all cards report zero but one and its balance should be less than 10% of the credit line but it isn't always possible to do this.

 

If you work on your utilization you will see great improvement in your score.

Message 2 of 4
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Regular Contributor

Re: VA Loan Chances

Got the utilization question answered and I have plan to get them down in a short amount of time.

The CO is from a repo.  I've sent a PFD letter, just don't know how much impact it actually has being from 3 yrs ago.

04/27 SCORES - EQ 653
EXP 672
TU 653
Message 3 of 4
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Regular Contributor

Re: VA Loan Chances

UPDATE:  

Scores are up to EQ 630 MyFico, EX 623 Barclays 11/11.

UTI is steady dropping it's technically at 33% right now but not everything is reporting yet.

 

Working on the baddies, 3 are medical

That Chargeoff is from an auto loan (sent PFD, offered 30% we'll see)

 

Patiently waiting for the end of the month in hopes that everything has reported to the CB's!

 

 

04/27 SCORES - EQ 653
EXP 672
TU 653
Message 4 of 4
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