getting ready to apply for mortgage

[jemelton]

I am in quite a pickle.......

As I have previously mentioned on this forum, I have really improved my credit over the last few months but I still have a long way to go.

My fiance and I are looking for houses and are getting ready to apply for a mortgage. Her credit is excellent (almost 800) and my 3 scores are 643 (equifax) 606 (TU) and 587 (fico). I have been told by the loan officer that they will take the lower of our 2 middle scores and mine has to be over 620 to be able to get a FHA loan.

I have a pesky collection that I have been working on and i have mentioned on these forums before with Duke Energy that they have sent to a CA (for only $196). Duke tells me that they are going to send me a statment of account so I can pay them directly and then I am going to start "fighting" the CA to get it off my report. I also opened a crown jewelers card last week that they said would report the first week of May. My "question" is this.....is there any short term boost I can give to my credit or just stall on going and meeting with the loan officer. Can I find a loophole to get the CA to remove the collection right away (i know I'm reaching here)

Any imput would be appreciated, I'm really sweating this one.

[Trish]

The quickest way I can think of is if your fiance has any CCs she can put you on as an authorized user.....that will boost your score way up as soon as it reports. If you can get on a couple of cards.......even better. You don't even have to use the card. Just make sure it's got a long history and it's in good standing.

[scorch]

After paying the $196, you should be able to remove the collection by disputing it with the credit bureaus.

[jjgross]

Originally Posted by scorch

After paying the $196, you should be able to remove the collection by disputing it with the credit bureaus.

My thought is i was told that Fha was more concern with income rather than score.If you did become a au make sure that the util is lower than 10% of the credit limit.

[jemelton]

But if I get the crown jewelers acct opened and reporting and then get added as an authorized user on 2 more cards, is that going to effect her credit adversly and "shock" my credit by opening 3 new accounts in such a short period of time?

[jjgross]

Originally Posted by jemelton

But if I get the crown jewelers acct opened and reporting and then get added as an authorized user on 2 more cards, is that going to effect her credit adversely and "shock" my credit by opening 3 new accounts in such a short period of time?

Well that is a good point but it is not going to affect her at all.Does she have the income to apply on her own?The reason i say is because if she can you can be added to the deed after it closes.It's called a quick claim deed.Your would have equal rights but you wouldn't be on the mortgage.We did that many years ago and it worked out very well.

[Trish]

Originally Posted by jemelton

But if I get the crown jewelers acct opened and reporting and then get added as an authorized user on 2 more cards, is that going to effect her credit adversly and "shock" my credit by opening 3 new accounts in such a short period of time?

Getting on as an AU doesn't look like a new acct though........it will appear as though you've had it as long as she has......so it's instant history too. And.......no it won't hurt her credit at all to put you on.