Profile picture for TonySchaffert

Good Income, Poor credit

 

I have about 35k in charge off! $20k of this $30k is a judgement from American Express. I'm currently satisfying the judgement and will be current by May 2014.

 

I make $135k and have had this job for the last 10 years, plus a job 3 years prior. So I can show income history and stable job. I also have great rental payment history for the last 10 years.

 

I currently live in Florida and I have about 15k for down payment. I'm looking for a 180-200k loan. 

 

I always had great credit until around 2008, where multiple factors came into play, mostly helping family medical issues. Will I have a chance still this year of getting approved? Thanks so much!

  • April 15 2014 - Melbourne
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Answers (7)

Hi Tony,

  As long as you settle the judgement prior to closing and get your credit score up you wont have a problem.  Have you seen your credit score? recently?  Depending on the age of the debt it may be having little impact on your score.  

  Do you have other trade-lines?  Car payments? Student Loans?  Once card that you defaulted on with some medical debt doesnt look so bad if you kept up with other accounts.  

  Feel free to message me direct if you would like to keep this private.

Thanks

Ryan Brandenburger
CMG Financial
  • April 15 2014
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When it comes to your credit, where exactly does it stand? Some lenders can go as low as 580 when it comes to credit. So if you are above that when it comes to credit you may have a shot. Otherwise, you may want to spend sometime working on your credit. The simplest way to fix your credit would be to pay off your credit and revolving credit balance on time. Although, since you have a large down payment there may be some flexible lending options available to you. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 15 2014
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It would be best to have a professional pull your credit and go over your report line by line.  Many times we can include a 5% payment amount with your total debt and run the approval that way.  I would submit your deal to an underwriter to sign off of before you put in a contract just to make sure.  

  • April 15 2014
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Tony,

As long as you are in payment plan with the judgment and can show at least 3 payments we are good. The other collections I will have to look at via credit report. I can finance down to a 550 credit score for FHA and VA. I know $200K will buy you a lot over in Melbourne as I used to live in that area. My question is where the heck do you work over there to make that much money!? Take a look at my profile and if you feel good about it, then give me a call. I can work with your situation all day long!
  • April 15 2014
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It would be impossible to give a firm answer based on this info. But I will say you need someone like me who has experience in dealing with the challenging loans. The down payment helps and the age and source of the derogatory credit will also make a difference ( for instance so lender dont care about medical bills). Let me know if I can help. It sounds like if placed with the right lender and proper loan structuring you have a chance. 
  • April 15 2014
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I just pulled Experian and it was a 620
  • April 15 2014
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Would you care to share your current FICO credit scores?   
  • April 15 2014
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