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Do you think I could get approved?


firsthome
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One thing that you can do, and should do, is run a tri merge report with scores from MyFico.com. They seem to reflect the scores that mortgage people will get. Also, sometimes some bureau will list something that others will not, as many here will confirm. IF you will relay those scores to a mortgage broker/loan officer, that will be extreamly helpful. Why are your scores 610? Short time credit history/some old collections/charge offs? Those will make a difference.

Then job history is an important consideration. Have you worked for the same company for 2 years? If not in the same field, so that the current and past job can be described to look the same? Or, is it a new field and you got a great raise? Lots of things work, but 2 years history is the best.

Assets: If you have a 401K/retirement account, that will make the lender like the loan better.

Are you renting now? If so, do you have 12 months canceled checks from the payments? If not, there are substitutes for this, but 12-24 months canceled checks are great.

What you want to do is to help your LO put together a great sales pitch to show that you are not much of a risk.

Lastly, with a 600+ mortgage run credit score, you can get the loan size that you want. Probably not the rate you want, but in 2 years or so, your scores will go up, and you will have a good "on time" mortgage history, to show, then you can get another loan, with a great rate.

Charles

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Thanks for replying. My score was mid 500s. I paid off two collection items. I also had a sears card which was $800 over the credit limit. I paid off the sears card. I then charged $240 on it. I just paid $50 on it so I can show a paying history. In the past I have been 30 days later and as much as 90 days. I have been on time with my payments for over 12 months.

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