@ejm201 wrote:
Hi Rookie,
I saw a steady increase in your mortgage in two months. What did you do specifically? I understand a lot of peope saying to bring CCs down to $0 and leave one under 9% but I don't have funds like that. I only got a spare $400-600 to work with evey month. I live in MD and findning a home under $300k in a decent nieghborhood is HARD to come by, so "I would wait" until probably November, but inventory and timing is a luxury I don't have here. Waiting too long may very well mean not being able to buy a home for years. Rent is HIGH here (hard t save for a DP when rent is $2000+/ don't qualify for DPA b/c I apparently make too much in MD which ridiculous b/c almost all the "Safe" counties are expensive here) and if its cheap, then its probably in a high crime nieghborhood. Just the way it is.
So, I need at least a 20-30 point jump. The lowest I can bring UTI without breaking the bank relistically is 30% for remainding card and this won't be until 2nd week of August. Which means I cduld be waiting until end of September to see CRA reflect the 30%. Do you think that could give me at least 10-15 point boost?
Thanks!
I definitely feel your pain, as we're in the same area so no need to explain the housing market to me. It's one word = INSANE!! If you're not in a household with two incomes I honestly don't know how people are making it. We're also in the predicament where we don't qualify for any of the down payment assistance programs. Funny how they classify us as "high income" when you can easily live paycheck to paycheck here lol.
To answer your question about my mortgage scores, I created a thread here a couple of months ago titled "What kind of score increase will I get?". You can search the forums here. Honestly, it's the experts in these forums that have helped me. I also had, and still have, a lot of negatives on my credit such as collections, charge-offs, and defaulted student loans.
What is your current credit card utilization? Unfortunately, revolving debt is weighed HEAVILY in calculating mortgage scores. People suggest this because it's the quickest way to get a boost in your mortgage scores. On top of paying down credit card debt to increase your scores, your lender may also require you to pay down the debt as it will go towards your DTI calculations.
If I were you, create your own thread on these boards and list as much info as you're willing to share that's on your credit. Folks on here such as BrutalBodyShots and CreditGuyInDixie have helped me a lot.
