Our participants are at the heart of who we are, and we are committed to the credit-building success of each of their households. Today, we’re spotlighting Yesenia Tribble and celebrating her journey to homeownership! She came to Working Credit by way of her employer, Tyson, one of our largest partner organizations.
Yesenia remembers learning about Working Credit and signing up through an email, “I had a purpose, I knew what I wanted to do and I needed for my score to go up rather quickly. I was like, oh my gosh, hopefully they can help me!”
Yesenia actually had two reasons for building credit. She wanted to buy a house and needed a new car. Derison, her Working Credit counselor, helped Yesenia work through prioritizing her needs and her wants. According to Yesenia, “he emphasized that it may be more of a struggle to pursue homeownership first, but that it would pay off in the end.” Also, it is best not to make any major purchases within 6 months of applying for a mortgage.
In March of 2023, Yesenia applied for a mortgage, and everything seemed to be going well, but ultimately, she was denied due to her DTI. A DTI or debt-to-income ratio is the number one reason mortgage applications are rejected. If your overall monthly debt, including your car loan, student loans, and mortgage payments, totals more than 43% of your total income, you have a greater chance of being denied.
Derison assured Yesenia that her dream of homeownership could become a reality. “He advised me to pay down my bills and to discontinue using my credit cards once the balances were paid off. I had bought my son a car for his 18th birthday, and I paid off that balance. I also paid off another loan. Paying those things off definitely helped my credit score go up,” Yesenia smiled.
July 20th, 2023 Yesenia closed on her home and became a new homeowner. She wants to keep her credit score as high as possible so that she can refinance, get better interest rates, and pay less money in the long run.
When asked about her overall Working Credit experience, Yesenia had this to say. “It brought comfort to me when Derison confirmed that I was doing the right thing and making the best decisions. Derison was also able to get me in quickly and easily when I needed an appointment. I trusted his guidance, and he was there for me every month, and that assured me to keep doing what I was doing and that I would see a difference.”
Congratulations, Yesenia, on buying your new home!
