Posted on: 24th Aug, 2009 03:48 pm
I have FICO 681 in Equifax, 732 Experian. I basically have a 1700 credit card debt i should be able to payoff at any time.
I want to get a mortgage on 150k home, have ~%18 down payment.
I make around 95k annually. I basically have enough to save around 45% of my income every month (after taxes and stuff of course) after i pay all my bills.
Debt to credit ration is 23% ( again i should be able to pay these off at any time).
I have only been working for my current job for about 1 year. Prior to that i was a full time student and worker overseas. Then i came back to the US.
I was denied a mortgage about 2 months ago because my data was not populated in at least two of the three credit bureaus, but now it seems like they are.
After having said all this, should i even bother applying again now, or must i just wait 6 more months?
I want to get a mortgage on 150k home, have ~%18 down payment.
I make around 95k annually. I basically have enough to save around 45% of my income every month (after taxes and stuff of course) after i pay all my bills.
Debt to credit ration is 23% ( again i should be able to pay these off at any time).
I have only been working for my current job for about 1 year. Prior to that i was a full time student and worker overseas. Then i came back to the US.
I was denied a mortgage about 2 months ago because my data was not populated in at least two of the three credit bureaus, but now it seems like they are.
After having said all this, should i even bother applying again now, or must i just wait 6 more months?
first time buyer
Welcoem to the forum
If you have been denied in the last two monhts, I woudl suggets you to wait. Some the factors lenders look is for length of the history. So look like youdo nto have sufficient credit to qulify.
Just for more information, may be you already know this
our credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
Good luck and feel free to ask
Welcoem to the forum
If you have been denied in the last two monhts, I woudl suggets you to wait. Some the factors lenders look is for length of the history. So look like youdo nto have sufficient credit to qulify.
Just for more information, may be you already know this
our credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
Good luck and feel free to ask
Thanks for the answer,
few more questions,
>>>So look like youdo nto have sufficient credit to qulify.
isn't this what you get from your FICO score? Would it not be sufficient if the FICO #s says you have "ok" credit?
How long should i wait?
few more questions,
>>>So look like youdo nto have sufficient credit to qulify.
isn't this what you get from your FICO score? Would it not be sufficient if the FICO #s says you have "ok" credit?
How long should i wait?
better to wait for some more time as in US you are working for last one yr.
Atleast 2 years of credit history is needed for Mortgage
The longer it is, the better
The longer it is, the better
I just got my college degree about a year ago on the same field that i am working on (though i was abroad), does that matter? thought i heard somewhere something about FHA, something something.
FHA requires 2 years of work history.
From how long you have yoru credit report.
I think your job history is another facotr which may be stopping you from getting a loan
From how long you have yoru credit report.
I think your job history is another facotr which may be stopping you from getting a loan