(Kinda long) Fiance and I are getting ready to buy a house in FL. He has stellar credit that goes back 20+ years, but currently carries 3 mortgages in MD (1 primary res and 2 rental properties) plus a car payment. Here are my numbers Cap 1 - opened 7/99 $0 balance (never late) HH MC - opened 10/01 $0 balance (never late) BofA Visa - opened 06/03 $3500 balance ($6300 CL)(never late) HH Auto Fin - opened 06/00, $12K left on $20K loan (never late) Here are what my CR look like TU - 0 derogs EXP - 1 satisfied judgement EQU - 1 paid collection, the same judgement as above is listed as open. I did get a copy of the Order of Satisfaction for the judgement so EQU will have to update that, but I am so SCARED that we won't get a competitive interest rate because of my situation. My middle FICO score right now is 677. That includes $850 that I had on my HH MC that I just paid off though that may not show up prior to our credit being pulled within the next week or two. On the positive side, I've been with the same employer for 3.5 years and make decent money. My problem is that I don't really have a lot of $ in my checking and savings account although I do have a good chunk in my 401K and contribute monthly to my IRA. Fiance put 10% down on the house already (new construction) and after our condo is sold in MD (its in his name) he's going to put down more $. We're looking at a mortgage of about $180K in FL. This home will be our primary residence. I have never owned a home so the process itself is kinda scary to me. Factor in the past credit problems and the fact that I don't have much available cash on hand, I'm starting to dream about this stuff at night. Feedback is appreciated.
If it makes you feel any better, I am approved for a mortgage and my middle score is about 540. Don't worry....with your score, you will qualify for whatever you need. Good Luck! SnakeMan
Thanks, Snakeman. I know I'm probably just overreacting and stressing for nothing, but I still suffer from low self esteem when it comes to my credit. LOL! I'm packaging our loan application stuff this week. Keep your fingers crossed for me. Lisa
Just a tidbit for the future since you're so close already...you may see a significant score bump by getting that BofA account balance below $3150, 50% of the credit line. When we got our last revolving account below 50% of the CL, we got a bump of about 18 FICO points. Can't guarantee it because of some of the weird scoring models, but I've seen it work several times. DemPooches
DemPooches - Thanks! I am trying SO hard to get below 50% on that sucker. Our fireplace had to be repaired so the $400 I set aside for BoA went toward that! Grrrr!!! At least by using that cash for the repair, I didn't INCREASE my BoA balance.
What are you worried about. You will get whatever you need. We just got a house throught third federal here in OH, 5.5% and we borrowed 173k, I would not worry at all. our scores are 695 / 679 with NO DEROGS on any report. just short history.
