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When to try to apply for a mortgage

New Member

When to try to apply for a mortgage

Hi All,


I am trying to find out a few things of when to trying to apply for a mortgage.  I have fico of 633 currently, keeping my one and only CC to under 10% of the available credit.


Continuously watch my score with score watch and also joined freecreditreport for all three scores and reports and compare to myfico kit.


Have gone through and disputed EVERYTHING negative on all 3 reports, some things have been removed, found an Chase CC that wasn't mine as well as a bull$&!% ATT collection entry which was removed on all three. 


Starting Credit score in Sept 525 current score in Oct 633, pretty happy with seeing results, but wanting a house so bad!!!!  What else can I do to raise it as quickly as possible?  Is the FHA minimum score really 620 still? 


I am looking for approval in Feb/March time frame so I do have a few more months to keep the CC balance to under 10% of limit, and keep paying my car and student loans on time.  Other than timely payments, CC limit low that is all I can think of doing.



Message 1 of 4
Regular Contributor

Re: When to try to apply for a mortgage

I recently was pre-approved for a FHA 203k. I was told by my loan officer that FHA was moving towards a minimum score of 640 and that the bank was already making that a requirement.  I don't think all banks have made that switch yet but with the fallout from the housing meltdown still affecting banks, I wouldn't be surprised if most banks move towards a 640 minimum as well.


Also, why did you dispute ALL the negative items on your credit report? Did you disagree with all of them? I'm asking because most mortgage companies require that nothing be listed as "disputed by consumer" before they approved you for your loan.

Message 2 of 4
New Member

Re: When to try to apply for a mortgage

Thanks, never heard of that one, no disputes?  Why bother being able to then?  This industry is so screwed up and broken, people don't know what they can and can't do.  Just take the whole credit score calculations - why is it a secret in determining what your credit score is?

Message 3 of 4
Frequent Contributor

Re: When to try to apply for a mortgage

They don't want any disputes because an account that is in dispute is not used for your credit score calculation (from what I've heard.) The reason that the way your score is determined is because it's a proprietary formula. Basically, FICO came up with a formula for determining people's "credit score". They make their money off it. If they told everyone how they determine the score, why would the banks pay FICO to use the formula? That's my understanding, anyways.

Message 4 of 4