Chance of mortgage approval?

QuestionsChance of mortgage approval?
asked 3 years ago
  1. Mortgage Credit Scores:  EQ 686, TU 691, EX 662
  2. Credit Negatives:
    • Type: Collection- $ 50
    • Status: Paid
    • DOFD: 06/15

      Type: Judgement- $ 277
    • Status: Paid
      DOFD: 09/10

      Type: Judgement- $ 551
      Status: Paid
    • DOFD: 09/10
    • Miscellaneous:
    • Less than 24 months of established credit
    • Thin credit file generally defined as less than three currently reporting credit tradelines-
      I have recently opened 2 credit cards (09/15, and 11/15) as I previously had no credit reporting whatsoever as of Sept. 2015 and had a 0 score.
    • ALSO: Are the myfico mortgage scores listed above accurate as I have previously read that it will take at least 6 months after opening a line of credit for it to generate a fico score, and I am seeing my mortgage fico scores here on myfico.com.  In early Sept of 2015, I had no credit score, opened up a card late Sept. and another one mid- November).Would it generate a score earlier since I have previously had an auto loan (2008), but no lines of credit since? 
    1. Gross Income.  $ 40,000
    2. Source of income.  Employment
                                              $ 17/hr.
                                              Regular OT – usually 4 hours/week
    3. Monthly debt payments. None- Only monthly debt is on credit cards, and the balance is under $ 50 and paid in full each month.
    4. Employment – W-2, Full-time, 3 years at job, 20 years in industry
    5. Assets/Reserves. Savings- $ 7000, Checking $ 500
    6. Location: Ohio, Henry County
    7. Property Description:  Single family house, rural
    8. Property Value.$ 75,000-85,000
    9. Occupancy.  Primary residence, 6 people (2 adults, 4 children)
    10. Transaction Type.  Purchase

     

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