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The City-Data community has been helpful in the past, I'm hoping that anyone with a similar experience or first hand knowledge of a situation like this could chime in.
I'm planning on buying a home here in the near future, but I'm trying to improve my credit right now. In a few days I will be able to pay down my outstanding credit card balances to below 30%. It appears that this will get me close to a 700 credit score.
I have a couple questions..
When applying for a mortgage, will the lender simply look at my current score, or will they look at recent fluctuations? Obviously I'm hoping for the former, but I'm expecting the latter.
When should I attempt to get pre-qualified? As soon as my credit score reaches it's plateau? Before? Well after?
I'm anxious to get going, but if waiting is the right thing to do and will result in a better interest rate, then I'll just have to deal with it.
Whatever the middle score is on your report at the time it is what the lender will go by. Wait until after you have paid down your credit card and your score improves before getting prequalified.
The City-Data community has been helpful in the past, I'm hoping that anyone with a similar experience or first hand knowledge of a situation like this could chime in.
I'm planning on buying a home here in the near future, but I'm trying to improve my credit right now. In a few days I will be able to pay down my outstanding credit card balances to below 30%. It appears that this will get me close to a 700 credit score.
I have a couple questions..
When applying for a mortgage, will the lender simply look at my current score, or will they look at recent fluctuations? Obviously I'm hoping for the former, but I'm expecting the latter.
When should I attempt to get pre-qualified? As soon as my credit score reaches it's plateau? Before? Well after?
I'm anxious to get going, but if waiting is the right thing to do and will result in a better interest rate, then I'll just have to deal with it.
Appreciate any help/advice you could give!
Do it right now. Your Lender SHOULD be able to run an Analysis that specifies what to pay down, by how much, to get optimal scoring uplift with minimal cash outlay. And then update your credit for you in about 4 days. And it should be free. Make this a screening question to prospective Lenders. It has different names: Credit Bureau Update, Quick Update, Scoring Analysis, etc.
I'm doing one literally right now, popping a borrower's score by 55 points based on a total spend of about $300.
Do it right now. Your Lender SHOULD be able to run an Analysis that specifies what to pay down, by how much, to get optimal scoring uplift with minimal cash outlay. And then update your credit for you in about 4 days. And it should be free. Make this a screening question to prospective Lenders. It has different names: Credit Bureau Update, Quick Update, Scoring Analysis, etc.
I'm doing one literally right now, popping a borrower's score by 55 points based on a total spend of about $300.
I've always had it in my head that the Lender is the "bad guy" and would be more of an adversary when it comes to my credit score, rather than a source of help. The more I read, now I'm seeing that it's more the Underwriter that I have to worry about.
Edit: Would I be better off working with a local Lenders for this? I typically do things online, but I'm wondering if something like this would be easier in person.
Last edited by deathreau; 03-29-2019 at 12:05 PM..
I've always had it in my head that the Lender is the "bad guy" and would be more of an adversary when it comes to my credit score, rather than a source of help. The more I read, now I'm seeing that it's more the Underwriter that I have to worry about.
Edit: Would I be better off working with a local Lenders for this? I typically do things online, but I'm wondering if something like this would be easier in person.
Better off working with whoever picks up the phone and sounds like they care, can spell, and meets the first couple expectations.
I'm in Oregon but do a lot of work in FL and all over.
Lenders don't get paid unless you close - even Underwriters don't get bonused. Their job is to keep it between the lines but also help find a way.
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