Mortgage and Insurance » credit-scores

Why was I not approved for financing?

jedwan — Thu, 29 Dec 2011 20:56:58 +0000

Here is the situation. I recently went to Best Buy to buy a complete home theater system (HDTV, Blu-ray, etc) The total came out to about $ 2000. I wasn’t approved for $ 1 supposedly.

Here are some details you may want to know. I haven’t been late on any credit card or other payments, I am good about paying bills on time..

Me and my girl friend just bought a house and we took out a standard 30 year FHA mortgage.

2 months ago I got financing at 2 jewelry stores to buy an engagement ring. Financing from 2 jewelry stores because I bought a ring from one and returned it.

A lot of companies have been pulling my credit in the past few months. I know that doesn’t help credit scores. Is that enough to totally deny me credit from a company in which I already once had credit? When I applied for my mortgage about a month ago I had an “excellent” credit score.

Other than that no other major purchases in the past year and a half.

Does anyone have any ideas as to what may have happened?

Thanks

719 is a decent myFICO score for a mortgage?

jedwan — Tue, 27 Dec 2011 06:20:57 +0000

Basically, my mother wants to get into another house soon. She has 30 years of credit history, and I am well seasoned in the mine, but an attempt to help check things to an end by their credit score. I read all the appearance of “types” of credit scores. Apparently each credit reporting agency has its own version of a credit score. I also heard myFICO, the status of many probably close to what would be a mortgage company pull ist.So we verified that she and her myFICO 719.Menschenwürdige was enough to get a mortgage? What is negative is its debt ratio of credit (credit limits are not as high as they could be, and the cards have high balances). There is also “late payment” next to a Honda Finance, from 2002. He says once … more than 90 days late. Basically, she helped her brother who is suffering (which they never do for anyone who knows) to obtain a vehicle. He and my mother and her own mother does not appear that should have a brother, all payments each month for the car so it got repo’d. Apparently it is to fall in December 2009.Allerdings is a mortgage in his name for a very long time, and paid on time every time. Thus, all other credit cards. What are the chances of its ever a mortgage?

If a a couple that is married and have totally opposite credit scores what happens?

jedwan — Sun, 25 Dec 2011 06:31:14 +0000

The wife has a very low score and the husband has a normal good credit score. How do finance companies look at this for personal loans, mortgages and etc? Is it harder to get a loan? I know the interest will be higher, but how much higher then when you have two peopl with good [...]

Mortgage Appoval and underwritting process?

jedwan — Sat, 24 Dec 2011 06:25:02 +0000

I am working with a mortgage company. after pulling my credit scores I’ve given him all my paper work, (W-2′s , paystubs. etc). He told me even though my credit isn’t the best he still can get me 100% financed. He told me let me give it to the underwritters and we should get an approval tomorrow. that was yesterday. Today, I still have not received an approval and I am getting a little nervous. How long does an approval takes? some people tell me it takes only 24 hours, some say it takes weeks. What exactly does the underwriter do? (FYI: I did do my research on this company good reputation and I did not have to pay any up-front fees).

Would it be too early to refinance my mortgage? See details.?

jedwan — Mon, 19 Dec 2011 07:43:30 +0000

I have two mortgages that was created when I financed my home to better my credit scores. After about 2 years, both mortgages were to be refinanced into one with a lower rate. The 1st mortgage was at 6 something % and the second at 11%. Recently, my mortgage company only refinanced my largest mortgage that was at around 6% and changed the rate to about 9%. The 2nd one was not included in the refinancing.
It is stated in original papers that both would be refinanced into one mortgage and to a lower rate.
My credit score is only 597 and considered fair. Would it be too early to shop around for another company to get a better deal?
Thanks.

my husband and I need a mortgage perfer with a mortage company. we have weak credit credit scores are between

jedwan — Sun, 18 Dec 2011 02:07:17 +0000

520-580. we would like 100% financing..or no money down loan, we can come up with about 2000.00 if needed. we need a 75000 loan we have already found a house. we are also first time home buyers. any suggestions with companies that help bad credit. we can afford 700.00 a month max!!

How may of you really think there should be no serious oversight with a 700 billion bailout to the banks?

jedwan — Sat, 10 Dec 2011 08:34:28 +0000

I’ve heard some republicans on the news voicing that they want a private market solution–with our tax dollars–and I also heard that McCain didn’t help, in fact it’s said that the agreement was NOT reached because of McCain. So I have 2 questions for both, dems, and repubs. Do you think the government should lay down the control on how the banks have to operate in order to get the bailout, or do you think that the repubs can demand a private market solution? A private market solution means that the government cannot lay down serious restrictions on those bankers—and to me that means that they still would be allowed to rip off the American lenders. Why, some people have to pay 11percent on their mortgage loans because of “bad” credit scores. Some people have to pay 68 percent on cash advances off their credit cards. No oversight and control means to me that these bankers get a free ride. So what do you guys think? Personally, I believe that one way or the other, the bailout will not work—it’s too late, especially with Washington Mutual having gone under now. If you don’t have your investments somewhere overseas you might just lose everything you saved all your life for a happy retirement. McCain used this opportunity to back out of the debate with Obama, went to Washington and stalled the negotiations, and the way it looks to me the bailout will not happen(but I could be wrong on this one). Don’t forget that McCain is worth 100 million dollars and has the greatest interest in keeping banks private. Also, imagine now: he wants to privatize Social Security–the only life-line for the elderly and disabled. So, what do you guys think the government should do?

credit problems?

jedwan — Wed, 07 Dec 2011 07:49:33 +0000

me and my wife had decent credit then katrina hit we fell behind on everything mortgage credit cards she lost her job we had to move to west virginia for two months put the kids in school we had no power here 3 yrs later we caught up the mortgage but we lost one of my cars had no choice if i would have had damage or lost my house i would have been able to get all the loans there was no help for people who just lost income and had to relocate for a short while is there anything i could do me and my wifes credit scores are in the 500s 525,540 i have 75,000 equity in my house but nobody will give me a look because of score default mortgage on rental trailer its a shame we did everything right and now its going to take years to get our scores back up any advice web sites mortgage companies that might help

Is this a good deal?

jedwan — Tue, 06 Dec 2011 10:51:23 +0000

Ok, looks like my last post still left out some important details for you guys to give me accurate advice.

I got offered 6.625% with 1% Discount Point and 1% Origination Fee for a 30yr fixed using a VHDA loan program. (http://www.vhda.com/vhda_com/Template_app.asp?VHDA_COM_PAGE_NAME=currentrates)

Overall, is this considered good or bad? If it’s bad, please state why you think it’s bad and what you think a better rate I could get would be…

-It’s a joint application and both our credit scores are in the mid-700s.

-Low debt to income ratio

-We not putting any money down (zero-down)

-There are no assocatied mortgage insurance (PMI)

-We’re using the builder’s lender because of the nice incentives: 10k towards closing and 1% Origination Fee.

-Location is Northern Virginia

-Amount of loan is $ 365k

This is our first home purchase and the only other placed we shopped at was Bank of America and the GFE was not any better and didn’t include the nice incentives.

Will we get pre-approved for a home mortgage?

jedwan — Tue, 06 Dec 2011 10:47:03 +0000

My husband and I have a combined income of 40,000. He works part-time and is in grad school and I work full-time. We want to purchase a home in Hampton Roads Virginia for no more than 170,000. Our debts a month is one 370 car payment and 421 for my consolidated student loans. His car is payed off already. My question is how hard would it be for us to get pre-approved. Our credit cards will have $ 1000 combined once we go for approval in December. The one thing I am concerned is I have undergrad student loans in my name but my parents are paying off my undergrad loans. How will this affect pre-approval and is there something i could do to show the lender that the loans are being paid for by my parents. I’m worried about the debt-to-income ratio aspect of pre-approval. We also will have $ 7000 in savings by December when we go for pre-approval.
Both our credit scores are in the 700s.
Also, we are using a VA loan. Husband is in the Reserves, we already have certificate of eligibility
Thanks for all your advice. I wanted to clarify that I wasn’t particularly going for 170,000 I wanted to stay in the 140s or 150s but was told that you try to get approve for a higher amount that what you really want to buy.