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kmoffitt · Joined: 04 May 2009 Posts: 1 1.35 Dollars($)

MY credit has gone from 700 to 548 in the last two years because credit card companies keep lowering my line of credit. My boyfriend has gone from a 712 to a 660. on paper I make more but his credit score is better. What amount can we expect to be approved for based on him alone. due to my credit I will have to be written onto this FHA loan later.

elnoralittle · Posted: Mon May 04, 2009 5:56 pm Post subject:

You need to contact your lender and get pre approved. It's best to sit down with someone and go over the financing options, the rates, the costs and to see what you qualify for. There are other things aside from credit score that make an impact on the final decision of approval.

JKennedySLG · Posted: Mon May 04, 2009 7:12 pm Post subject:

Your credit score is just one component in the approval process. There are other factors which will determine what amount your approved for as well as at what interest rate. As stated above, contacting a lender will be beneficial in starting the whole process. I hope this helps...

Guest

Well my boyfriend was siting with a lender and I was just waiting unpatitantly. Because he works for tips on paper it appears he makes 30-40K a year when in reality he makes between 75-85K per year. And that's hard to show. So my income is needed to be on the loan with a credit score of 535 I need to get up to at least 580 how long would this take if i payed off most of my cards keeping them open and the really high ones getting them at half? That way our loan would be approved. We were pre approved about 6 months ago but my credit card companies keep lowering my credit score.

Also I found out another one of my problems, i thought you didn't get a ding on your credit score if your credit card payment was late until after 30 days. So if it was a day or two late i would just say oh well and pay the late fee. So I found out that after a day late it is a ding on your credit score.

gmakerley · Posted: Tue May 05, 2009 10:20 am Post subject:

kassy when you get your credit card bill, you are already in the grace period. the due date is literally the due date and there is no grace beyond that. therefore, you're late as soon as you miss the payment. that's why it's reported that way on your credit report.

"on paper" is the only way in which a lender can calculate someone's income. so tips in his pocket become useless as a result.

be patient with this process. i don't know who's going to help you with a 580 score these days, but you must be blessed if that's the case. it's hard to say just how long it will take you to raise your score because we don't know how many accounts are affected and contributing to the low score, nor do we know how easy it will be for you to prepay and pay off some of them. just plug away as best you can, as it'll probably be several months.[/img]

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What can we expect to get approved for with a Fico of 660