Hello, I have a question for all you fine folks.
I am interested in becoming a first time home buyers probably sometime at the end of next year. At what point should I go in ask for a pre-qualification. My fico average right now is at 619 but I know I am not even going to ask for an actual mortgage until Im around 670 or 680 or better. My current util at the time of CR pull was 68%, I am currently at 66% and hopefully after my last set of paymets to cc’s I should be sitting at 56%.
My current account situation is this Metrostyle 243.92 / cl 560, Vic Secret 0 / cl 670, Orchard 0/ cl 300, BOA 0 / cl 500 , (I payed off my vs, payed down my metrostyle and payed off my Discover $2100 within the last 60 days, my current Credit reports do not show these at their current balance, so Im hopeing for a few more points to raise my avg soon.
My question is this, I have one big CC balance left that Im not sure which way would be the best way to pay off in regards to helping or hurting my fico and or mortgage loan.or if this would even affect a pre-qual letter. (Once my metro is paid off, this is the only account affecting my util, I am at a balance of 3151 with a cl of 3600. How are mortgage lenders going to look at this account??
Here are the stats
CitiBank
Current account is actually closed, I got really behind and I talked to them and they closed the account stopped the finance charges and put me on a 5 year payoff plan of 74 bucks a month. I am about 15-16 months in right now. I am wondering If I should pay this off right away or pay half it or 75% off and use the payment schedule for the rest and let my score rise slowly. Not sure what the best way is at this point.
This is also my oldest account at 12 years, my Metrostyle comes next at 10 years, VS 5 yrs, discover 5 yrs, orchard/boa 0 yrs. (both new accounts to hopefully help rebuild history/score.
TU
Date Opened 1995
DOLA Jan 2008
Date Paid out: Not reported
Date Closed, Aug 2003
Description – Paying Partial Payment Agreement
Current Status – Paid or Paying as agreed
Worst Delinq – 120 days past due
(last past due listed was Dec 2006)
EX
DOLA Jan 2008
Date of last payment Feb 2008
Largest balance $4555
Sched payment amt $31
Account status: OPEN
Description – None on Record
Worst Delinq – 120 days delinquent
Current Status – Current account/was delinquent 120 days past due
EQ
DOLA – Aug 2003 ß could this be a problem to?? I think this was the time frame in which it was closed
Largest balance $3600
Sched payment $31
Account Status – OPEN
Desccription – Arrangement made with credit grantor to make partial payments
Current Status – pays acct as agreed
Worst delinq – 120+ days past due.
(Sorry for the crazy spacing, Raine is looking into it for me) =-)
At the time of homepurchase I plan to have the 20% down with another 10 grand in the bank, which is possible if I wait until the end of next to actually purchase, but I would like to look now so I know what price ranges I should be expecting to afford and I can decide on which area of my city I would like to live in.
