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Need Advice Trying to buy my first home by 03-2021

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Need Advice Trying to buy my first home by 03-2021

Good Evening All,


I live in Long Island NY, looking to buy my first home by 03-2020

Currently I have been working on my credit score, within 5 months I went from a fico 540 to EQ 626 TU 623 EX 585.  I am hoping to get a big boost on 11/03 from being an AU.

My DTI is 17%

my debt is car loan $8,266 currently

I make $63, 000 annually

I just got my first CC woth Capitol One for $300 and I keep is betwwen 0-10% utilization and been paying it off fully every month.

In 2017 I fell on hard time and was struggling badly trying to keep a roof over my son's head and so my car payments suffered for 2 years.  I have now been on time for just over a year but 19 late payments are still on my record just lookinh horrible.  

I have no other derogatory or negative or collection on my credit report at all.

Please advice what are options and what do I need to do to successfully buy my first home?



Community Leader
Super Contributor

Re: Need Advice Trying to buy my first home by 03-2021

I would first check your FICO mortgage scores, as those could vary considerably from your FICO 8s, which are more commonly used for credit cards and regular loans.


Then, try to ask for GW removal of the lates from whatever bank has your car loan.


Is that $300 Cap One card your only one? If so, be sure to pay it in full, yes, but always allow a small balance between 1 and 8.9% to post.


Also, why do you say you expect a huge boost from an AU account? Not to burst your bubble, but the anti-abuse algorithm from some lenders sometimes prevents an AU from being reported to your credit, particularly if the primary cardholder doesn't have the same address. Not to mention, if I'm not mistaken, for mortgages lenders generally don't consider AU lines.

Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:

Current FICO 8 scores:

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