When to try for Pre-approval?

[Anonymous]

Hello everyone!!

We are wanting to purchase a home this summer using VA loan.  I have cleaned up nearly everything from my husband's TU and EX reports through early exclusions.  1 baddie remains on all 3, a collection account for $266 for an apartment (Trying for PFD). 1 baddie remains on EX, due to fall off Aug (I can EE this May 1st).  The baddies that remain on EQ are 5 charge-offs (2 due to fall off in June, 2 due in July, 1 due in Aug).  No late payments on my husbands account (not counting these COs). I have not run our mortgage scores yet because I didn't feel we were ready. 

My question is, can we try for pre-approval even with all these baddies listed with only one of the credit bureaus.  Or should we continue to wait for them to fall off all 3 reports.  EE with EQ will not be complete until July. 

[CreditInspired]

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@Anonymous wrote:

Hello everyone!!

We are wanting to purchase a home this summer using VA loan.  I have cleaned up nearly everything from my husband's TU and EX reports through early exclusions.  1 baddie remains on all 3, a collection account for $266 for an apartment (Trying for PFD). 1 baddie remains on EX, due to fall off Aug (I can EE this May 1st).  The baddies that remain on EQ are 5 charge-offs (2 due to fall off in June, 2 due in July, 1 due in Aug).  No late payments on my husbands account (not counting these COs). I have not run our mortgage scores yet because I didn't feel we were ready. 

My question is, can we try for pre-approval even with all these baddies listed with only one of the credit bureaus.  Or should we continue to wait for them to fall off all 3 reports.  EE with EQ will not be complete until July. 

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IMO, you should wait until your CRs are in the best shape you can get them in. This way, you would get a much better preapproval based on higher scores. 

GL2U