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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128148  
Subject: Re: Getting a mortgage with SE income Date: 7/15/2013 10:26 AM
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Credit score is good but not great, but should improve after paying off all of our CC debt with the proceeds from the sale of our current house (that's a separate question I had: how long between paying off all CC debt and seeing your FICO score rise?).

I would allow at least 60 days (for creditors that report monthly) or 120 days (for creditors that report quarterly) after the credit card payoff to make sure your score reflects the new balances - you should check with your creditors if you want to know how often they report. The reason I suggest the longer timeframe is because when I had a credit monitoring plan in place, I had a creditor who reported on a monthly basis, but they reported the balance from 30 days prior. So any pay off would not be reflected for at least 30 days, and if you happened to pay off the day after the creditor reported, and they report monthly, you would have to add another month to that 30 days.

Are you planning on waiting until the payoff is reported and your credit score improves before you actually apply for a mortgage for your new home (probably about 30 days before you close on the new home)?

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