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Answers (5)
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Trisha,
When it comes to past credit issues VA guidelines are pretty relaxed, you should have NO ISSUE with your credit based on what you have told us.
As for credit inquiries I agree not to have a bunch of lenders pull your credit, except not because it will hurt your credit. The bureaus allow for multiple credit inquires over a pretty long period of time (relatively) for mortgage applications. The same is true for auto and student loans as well. Only the first inquiry counts against your score when applying for a mortgage, student, or auto loan (one inquiry can be a hit of 1 to 4 points the month it is pulled) and every other inquiry for the same purpose within a 45 day period does not count against one's credit score.
http://dailyherald.com/article/20110930/entlife/709309955/
The reason not to give your SSN out to a bunch of lenders is you just don't need to. Wait until you find out who you know you want to work with and then go forward with a complete application and credit report. Just don't believe anyone that tells you having more than one lender pull your credit will hurt your score. It won't, only the first inquiry will count against your score.
Hope this information helps...
Sincerely,
Greg
- Jim Stevenson, "therealtorguy"
- Contributions:1111
Congratulations Trisha, paying off credit cards that were in collections shows outstanding moral character! When you do apply for a loan, supply a letter of explanation for the debts that went to collections and explain that they have all been paid in full.
Cory provides great advise in suggesting that you hold off giving your Social Security Number. Excessive credit requests does affect you credit score ... follow her advise.
Good luck to you and your husband!
Cory provides great advise in suggesting that you hold off giving your Social Security Number. Excessive credit requests does affect you credit score ... follow her advise.
Good luck to you and your husband!
- TrishaMarie
- Contributions:3
My husband is a Marine vet so we are trying to get a VA loan. The actual debt was from 4-5 years ago, but one of them was in collections for a long time and just paid off 2 months ago. I have other credit that is all in good standing. I am hoping that if I can show that everything is paid off now and anything else more recently is all in good standing it will help me out. I will talk with a lender soon.
- Cory La Scala, "San Diego CA Realtor"
- Contributions:419
Hi Trisha Marie,
It may really depend on how long ago all of this was. Late payments stay on your credit report a long time, and lenders will look at your credit scores. Mid 700's are very good credit scores, with 750 being on the border of excellent. Try to have your husband get above that if he can. The amount of debt in relation to income will also be taken into consideration.
Right now, your best bet is to pull your own credit reports and pay for your FICO scores. Then call a few lenders, and using those scores, see what you can qualify for. They'll try to get you to give them your Social Security Numbers, but tell them you'll need to use these for now. If you give lenders your SSN, they'll pull your credit, and these inquiries will ding your credit, and every little bit helps if you're struggling at all. Wait until you're getting an actual pre-approval (when you're ready to start seeing homes and submitting offers), to give them your Social. That's when they'll really need it; plus, you'll have a clearer idea of what you can buy before you start looking.
Good luck to you!
It may really depend on how long ago all of this was. Late payments stay on your credit report a long time, and lenders will look at your credit scores. Mid 700's are very good credit scores, with 750 being on the border of excellent. Try to have your husband get above that if he can. The amount of debt in relation to income will also be taken into consideration.
Right now, your best bet is to pull your own credit reports and pay for your FICO scores. Then call a few lenders, and using those scores, see what you can qualify for. They'll try to get you to give them your Social Security Numbers, but tell them you'll need to use these for now. If you give lenders your SSN, they'll pull your credit, and these inquiries will ding your credit, and every little bit helps if you're struggling at all. Wait until you're getting an actual pre-approval (when you're ready to start seeing homes and submitting offers), to give them your Social. That's when they'll really need it; plus, you'll have a clearer idea of what you can buy before you start looking.
Good luck to you!
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Trisha,
It sounds like you should have no problem with your credit history. If they are all older collections, are paid off, and your husband has perfect credit I don't see any issue with you two getting conventional or government financing.
Of course you would still have to meet all of the other guidelines but I don't think you have an issue with those collections based on what you have told us.
Do you have any positive tradelines that have been open/active in the last 12 months? If so that makes a difference and really helps.
Sincerely,
Greg
Credit and Collections
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