Credit. How on earth did this happen?

[Jimbo 0]

Ya know, fewer five years ago I couldn't get an unsecured credit card. Now, I'm applying for a home loan and my credit score is good enough to qualify for all programs at the best rates. Five years ago I would have never, ever, imagined this. Never.

-
Jim

"Like" - The modern day comma
Good bye, my friends. You are missed.

[Michele 1]

YAY you!!!!!!!!!!!!!!!!!!!!!

Be careful, though, and don't go buying things before you get the loan finalized and approved (in other words, before you close). I've seen people with great credit get denied because they have too high a limit, and because they have too much debt loading.

YAYAY for you, Jim. Rock on!

Ciels-
Michele

~Do Angels keep the dreams we seek
While our hearts lie bleeding?~

[SuFantasma 0]

Also beware of the pre-qualification process. Sometimes they tell you that you are qualified for the best rates, but there is the fine print that says: subject to credit history review.

Good Luck !

Y yo, pa' vivir con miedo, prefiero morir sonriendo, con el recuerdo vivo".
- Ruben Blades, "Adan Garcia"

[SkydiveNFlorida 0]

Quote

Ya know, fewer five years ago I couldn't get an unsecured credit card. Now, I'm applying for a home loan and my credit score is good enough to qualify for all programs at the best rates. Five years ago I would have never, ever, imagined this. Never.

-
Jim

Sounds like yours got better in about the time it took me to destroy mine

Angela.

[PhreeZone 15]

They changed the bankrupcy laws and made it easier to file. By default it jacked up the scores of anyone that has'nt filed. I have a Becon of 700+... and yet I never pay my Amex bill on time.

Yesterday is history
And tomorrow is a mystery

Parachutemanuals.com

[bunge 0]

hmm home loan..............party at mutters???? house warming of course.....

seriously, Congrats dude, where ya buyin?

BUNGE

I don't hate them, I just like us better.

[Jimbo 0]

Quote

They changed the bankrupcy laws and made it easier to file. By default it jacked up the scores of anyone that has'nt filed. I have a Becon of 700+... and yet I never pay my Amex bill on time.

Not sure what the Becon score is, but my FICO score is well above 700 at this point. Yay me.

Anyhow, the mortgage company is fully aware of my debt, income, etc... I hope that's all I need, but I'll find out soon enough, the realtor just called and told me that my offer was accepted!

Thanks everyone.

-
Jim

"Like" - The modern day comma
Good bye, my friends. You are missed.

[JohnRich 4]

Credit scoring can be a totally screwed-up process.

If you are too responsible with your money, that can actually count against you. I was denied a loan once because I had too many credit cards with high credit limits and zero balances, because I either didn't use them much or paid them off each month. The bank said that I had too much potential to go on a spending spree and run up all my credit cards to their limits, and get in payment trouble. Go figure.

In another episode I was buying a car, and shopped around for the best loan deal, putting in loan applications in several places, like the dealer, a bank, and my credit union. This got me rejected for something else later, because it looked like I was "credit shopping" for lots of loans all at the same time. The reports don't show that they were all for the same thing, and that only one of them was actually taken. Being a wise shopped, can make you look like a high credit risk.

I've fought this bullshit all my life, and absolutely despise it. Credit bureaus are one of my least favorite type of companies.