Writing Credit Report Explanations
2010
How good does my credit need to be to get a mortgage?
Assuming I have 20% for a down payment, and my monthly income is three times the monthly PITI payment for the new mortgage, what kind of credit do I need before I can qualify for it, with today’s stricter credit standards?
If my credit was bad 4 years ago, but everything was paid off then, and I’ve had no late payments since then, am I likely to have problems because the bad stuff is still on my credit reports? My scores are presently in the 700’s, because the bad stuff has less effect when a number of years have passed since it happened.
I got a mortgage with the bad stuff a few years ago, when credit standards were looser, but I had to write an explanation of all the bad stuff, for the underwriter to read. Would I still have to do that even when the bad stuff is 4 years old?
You DON’T need ANY FICO score. You need a bank that does ‘manual underwriting’. That is where they actually READ your credit report instead of looking only at your FICO score. Also note: A FICO score in the 700s is better than most US citizens.
Credit Score Explanation
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