UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next
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 127684  
Subject: Re: Getting a mortgage with SE income Date: 7/15/2013 10:26 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
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)?

AJ
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement