Trying to qualify for a mortgage.

[Fancyron]

I am in the process (6 month) of searching for a new home.  Over the last year I have been trying to improve my credit score.  Thanks to advice given in this forum, my fico scores has risen at least 80 points for the big 3 CRA's.  With my utilization around 50%, and no late payments since December of 2006, it is reasonable to think I can raise my scores up another 50 points to 660 within 4-6 months?  I have looked at the simulators and its a 50/50 chance I can do it, just wanted to get some opinions. I have no outstanding collections, or any other baddies, just late payments.  Im hoping to get my uti% down below 30% by Oct. 

Message Edited by Fancyron on 07-05-2007 01:35 PM

[Tuscani]

Getting your util under 10% should put you 700+

[Fancyron]

Thanks Tuscani, I figure I can get to under 10% utilization in about 12 months.  However, I am looking to buying a house in 6 months.  I would like to wait a little longer, but my wife to be is moving out of her place in 6 months. 

[Tuscani]

I am not sure you will hit 700+ by Oct without being under 10%, but paying down any revolving debt between now then will only help.

[Fancyron]

Once again, thanks for your response.  One thing that just happened this week is that with my federal credit union, I was able to get refinanced for a vehicle at a much lower rate, and without pulling an additional credit report I just found out today I was approved for a 5000 CL Visa.  That was a pleasant surprise.  I know that having the Visa may help as long as I dont use it much at all, but how will the refi on the vehicle play into the scoring.  I had only had the first loan for 7 months. 

[Anonymous]

You were able to get visa for 5k CL at your Credit Union? I just joined one today (Christian Community Credit Union) and looking forward to it. I am also joining one in my home state. I hear they have the best interest rates. Message Edited by SGT_F on 07-06-2007 07:30 PM Message Edited by SGT_F on 07-06-2007 07:30 PM Message Edited by SGT_F on 07-06-2007 07:30 PM

Message Edited by SGT_F on 07-06-2007 10:27 PM

[Tuscani]

Refi shouldn't make much of a difference. And the new card will help your util!

[MidnightVoice]

How old are the late payments? And how many?

[Fancyron]

Yes SGT_F, I was very surprised to get a credit limit of 5k.  I was thinking 1K at the most.  However this credit union has to have the most relaxed standards Ive ever seen!!!  One credit pull and I got a vehicle refinance, a debt consolidation installment loan and a Visa credit card.  Amazing.  It is a Federal Employees Credit Union however. 

[Fancyron]

Midnight Voice, the late payments are quite numerous. There are no late payments since Dec. 06 on any account.  The one big problem is dealing with BofA (MBNA).  When I had gotten seriously behind for the first time with them, they offered to lower my rate (several years ago), and my payments have been fixed since then (higher than a normal minimum payment).  However, I noticed that they kept reporting that I was 120 days late, even though I had been paying monthly according to their offer.  Needless to say, it has done major harm.  When I first joined myfico in Dec, I pulled my reports and noticed it.  I called BOA, and they updated my account to current immediately, but they refused to revise the past 24 or so months where I was paying in accordance to the agreement.