[obee]

Here is my situation. Tell me based on the limited info and the fact that you are not an underwriter, if i will be able to get approved for a mortgage.My wife and I make $130,000/year. debt/income ratio is probably 20-30%. We currently have a mortgage of $169,000 (similar houses on my street sell for $190,000) We were late on our mortgage last year 2 times. I know this is bad. We had people ditch us a week before vacation last year and i got stuck with the whole bill. ( i know should have paid the mortgage and cancelled the trip, live and learn) Her rating is ~680, mine ~660. what are your thoughts?

[iwantzev]

Time your mortgage application. Think 2-4 months ahead.You cannot change your income or your current mortgage debt. but you can modify your credit report score quickly (sort of).Re revolving credit (cc cards, etc) know which day of the month cc companies submit to credit reporting agencies. Pay off your revolving credit 2-4 weeks before that date. This increases (the only way) your score. Lower cc expenses and keep them paid before due. btw, the next few months you should build up $ in your bank accounts. You're planning on making the largest investment(s) in your life - you need months to plan for that.