On my way to getting my first house, need some help.

[rckstrscott]

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@Anonymous wrote:

I got the scores directly from each CRA

I already talk to one mortgage loan officers, they mention my score was 620

I worked at the same company for 5years , plus 2 years with a onsite temp job agency.

thank you, we are so happy about the baby.

Hopefully someone can point me to the right direction on how to rebuild my credit.

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Couple things to point out.

1. You cannot purchase your Experian FICO score anywhere. So we already know if this is the score from their site, it is wrong. What you purchased from their site isn't a FICO score, it is a Vantage score, and it is worthless for mortgage lending purposes. The only place I know you can purchase a Transunion FICO score is from this website, and Equifax does sell a FICO score on their website, but you have to look hard for it. So I wouldn't be 100 percent confident in those scores, and those scores are very important in what you are trying to do.

2. If you already spoke to a loan officer, they should already provide you with precise FICO scores. If they didn't, and you requested to have your credit checked for the purpose of obtaining a home, you should really complain because you are allowed to have those scores. Saying 'you're around 620' doesn't sound like the loan officer really did his job. When purchasing a house, the middle score is what matters, so ihypothetically, if those scores ARE accurate (which I am pretty confident they aren't, just off my own experience with doing exactly what you are trying to do) your MIDDLE score is 691, this is the one they would go off of. Which leads me into....

3. Your report doesn't have any deal breakers as it is. All your negative accounts have been either paid, or closed longer than two years. All your current accounts are in good standing, and your util is fine. The gist of credit for house is, collections should be paid and older than 1 year (you can pay them close to loan time, just not REPORTED as a NEW account within the last 2 years), you have no unpaid public records or liens, and you have no late payments on anything in the last 24 months...  If your scores supported it, you could get a house right now if....

4. Your income, debt to income ratio, and everything else meet the criteria of the lender..

Your credit looks similar to mine, and I just went into underwriting with a 700+ score, so I am curious as to if we are missing something on the bigger picture, you omitted something (like a tax lien or judgment) ect ect.. Those good credit accounts, are they yours? if you an AU they will not be counted when applying for a mortgage..

something about this picture doesn't feel clear, but I cannot put my foot on it..

[Anonymous]

There's not much you can say if you don't know the real scores.

Those closed accounts are over 2 years old, but they're still there and say that they were "Settled for less than the original amount".

Independent of FICO scoring methods, having that isn't going to look pretty for the mortgage process.

[rckstrscott]

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@Anonymous wrote:

There's not much you can say if you don't know the real scores.

Those closed accounts are over 2 years old, but they're still there and say that they were "Settled for less than the original amount".

Independent of FICO scoring methods, having that isn't going to look pretty for the mortgage process.

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I agree with this point; but I think those remarks aren't the major concern at this stage personally, I had a few remarks like that, and I passed automated underwriting with no problem, and the underwriter has not indicated getting those remarks as a condition to close. I am sure everyone has a different scenerio..

I don't think the OP is that far off, but he/she needs to work with an informed loan officer.

-scott

[Anonymous]

I'm also trying to fix those negative items from my CR in order to get a better APR and limit increase for the cost coming up for my new baby.

SO i need help dealing with First Premier Bank, Paypal, Conns and HomeDepot. 

thanks

[MarineVietVet]

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@rckstrscott wrote:

 

1. You cannot purchase your Experian FICO score anywhere. So we already know if this is the score from their site, it is wrong. What you purchased from their site isn't a FICO score, it is a Vantage score, and it is worthless for mortgage lending purposes. The only place I know you can purchase a Transunion FICO score is from this website, and Equifax does sell a FICO score on their website, but you have to look hard for it. So I wouldn't be 100 percent confident in those scores, and those scores are very important in what you are trying to do.

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The Experian website sells PLUS scores not VantageScores.

[Anonymous]

I was able to get a FICO score from transunion(walmart credit perk) it shows 663 now. Now with the baby and my wife out of work by July I will put the home buying on hold for now. Just need help to build up my credit. I just open 1 new account, walmart store credit card, no annual fee and free FICO score with $500 limit. Will keep open and make small purcahse and paid in full before end of the month.