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When should I pull mortgage scores

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nate79416
Regular Contributor

Re: When should I pull mortgage scores

little update

 

TU updated so here are my mortgage scores 

TU 625

EX 651

EQ 578

 

Smiley Frustrated

 

My cc is sitting at 14% uti I can lower it to report next month to under 9%, not sure if that will help me get to 640, should we pull the trigger now or wait for a mid score of 640 and above?? It takes 5 months to build during that process we can get our scoes up more, but I'm sure the bank wants to see 640  now lol BUT the LO did say they can go down to 600, but with more requirements, wondering what those are tho 

 

Thanks

 

 

One more thing I paid that medical bill Tuesday and it is GONE ALREADY wow, I called EQ but didn't repull to see if I got any extra points, I doubt it tho 

Message 31 of 49
frugalQ
Valued Contributor

Re: When should I pull mortgage scores

besides wanting a better interest rate, is there a reason you are holding out for 640?  if you are going the FHA route, there's not a significant interest rate difference..nor a big PMI rate difference.

 

I believe 620 is the magic number for FHA...and you are already there. If you pull the trigger now and are ok with the rate terms offered at the time of applying, i say go for it.  That way getting to 640 would just be gravy.

 

good luck.

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 32 of 49
frugalQ
Valued Contributor

Re: When should I pull mortgage scores

i can see 600 maybe having more requirements like lower DTI, minimal open collections, etc.  but, from what i've seen many people post here, 620 requirements are about the same as 640.

 

maybe someone who's going through the process with a 620-ish score will chime in.

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 33 of 49
nate79416
Regular Contributor

Re: When should I pull mortgage scores

Yea I thought 640 would be better and help, Thanks for the insight 

Message 34 of 49
Lemmus
Established Contributor

Re: When should I pull mortgage scores


@nate79416 wrote:

Yea I thought 640 would be better and help, Thanks for the insight 


...higher is always better ...but how much better is the catch-22 ...better rate, probably depending on the lender ...but then if you wait for that and in the meantime the base lending rates all rise because the fed rate rises ...whoa! ...catch-22 right there, eh

 

...apply with your CU and the builder ...and anyone else your realtor recommends ...if you pass the mark to get the loan ...and the PITI is livable ...then go for it now ...anything else you achieve by bettering your scores is only gravy after that

 

...if not, you know what you have to do, so do it

 

...btw, one of the extra factors considered when your scores are marginal is how much money/assets you have available ...more = better ...so keep that in mind when figuring the tradeoff between paying old bills and building up your savings ...FICO does NOT differentiate between a paid and an unpaid collection account in your scores ...the only way a paid CA improves your score is if its PFD'd ...lenders may or may not require they be paid, which is another reason to shop around ...hth

 


Helpful Links: Do I Qualify? | Mortgage Calculator | USDA Mortgages | Opt Out | FICO Versions
Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
Message 35 of 49
nate79416
Regular Contributor

Re: When should I pull mortgage scores

my concern is also the LO pulling my credit and my score going below 625, 

Message 36 of 49
nate79416
Regular Contributor

Re: When should I pull mortgage scores

hoping some 620ish closers etc share their experience too

Message 37 of 49
nate79416
Regular Contributor

Re: When should I pull mortgage scores

Sent over all 3 reports, LO said everythig looks good, but she wants to wait until July 7th or so to run credit to see if I can get to 640( right now its 625) she did ask me to send over paystubs, W2, tax returns to get started on a preapproval. Right now my cc utl is 14% I can have that down to 9% maybe that will give me alittle boost, along with paying everything else on time. The pre-approval will tell me about how much the bank is willing to lend me?

Message 38 of 49
Lemmus
Established Contributor

Re: When should I pull mortgage scores


@nate79416 wrote:

Sent over all 3 reports, LO said everythig looks good, but she wants to wait until July 7th or so to run credit to see if I can get to 640( right now its 625) she did ask me to send over paystubs, W2, tax returns to get started on a preapproval. Right now my cc utl is 14% I can have that down to 9% maybe that will give me alittle boost, along with paying everything else on time. The pre-approval will tell me about how much the bank is willing to lend me?


...pre-approval will state an amount which the docs they have reviewed would support a loan for based on your DTIR ...have you talked to any other lenders yet?


Helpful Links: Do I Qualify? | Mortgage Calculator | USDA Mortgages | Opt Out | FICO Versions
Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
Message 39 of 49
nate79416
Regular Contributor

Re: When should I pull mortgage scores

No other lenders yet just this one, primelending, now I do bank at a CU, member for over 15 years, all my tradelines are through them really 

Message 40 of 49
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