@tooleman694 wrote:
First off, they can put you thru DU now. They are BSing you. You can get an approval with the mortgage late but you wont be able to close till June.
I think you need to open a new secured credit card like right now and make sure the closed cards all report zero. That might get you the boost you need, maybe.
Well this is a catch 22...
Can I put your information in to DU? Yes. Will it come back pre approved? NO. It would go to manual UW. Will manual UW pre approve? Most likely not, since they have a missed payment on a mortgage in last 12 months.
Now there are some UW's that will condition it like Tooleman says that you couldnt close until later on, but if dealing with a LO from a Bank, good chances their overlay requirements disqualified them until after the late payments exceed a certain time period before they will pre approve, which seems to be 12 months.
As far as tradelines go and having open CC's, while it is much more beneficial, it is not a deal breaker to be approved for a mortgage.
I just had a client with only 1 store CC, and car loan and AAoA was only 25 months old. Middle credit score of 717 and was approved for 405K They closed last Thursday on 3/28/2013.
