What, if anything, should I do to raise my credit score?

Dec 282011
 

The computer says:

“Why Is My Score 828?

1. The time since your most recent account opening is very recent

Research shows that consumers who have recently opened new credit accounts are slightly more likely to miss payments than those who have not. This is not an especially strong risk factor, and therefore usually means a difference of no more than a few points in a consumer’s FICO score.

2. There is a lack of recent (non-mortgage) installment loan information being reported on your credit file

Demonstrating that you can manage a variety of different types of credit responsibly is a behavior the score evaluates. In particular, the score may examine your repayment behavior on some types of personal loans (but usually, not including mortgage or other big ticket loans, which are examined in other ways). Having no personal loan accounts appearing on the credit bureau report, or if they are present but are closed or are no longer being reported by the lender, is a slightly higher risk compared to currently having an installment loan and making payments on it. The score evaluates the types of credit in your credit history, and considers your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It isn’t necessary to have one of each, and it’s not a good idea to open credit accounts you don’t really need, or don’t intend to use. ”

If item 1 “means a difference of no more than a few points” and “it’s not a good idea” to do anything about item 2, what can or should I be doing?

any mortgage companies giving loans with a fico score of 550 and 100 percent financing for a house purchase in

Dec 082011
 

philly, so far no go-i work in nyc for 12 years for nys and my brother also now wants to go in on the house-he works for nyc board of ed=dont know his score yet-i rent in philly for a year-think its time to buy but not as easy as i thought i would be-please help

Buying vs. Renting in Washington D.C. area? Mortgage the way to go?

Dec 032011
 

27 years old, married (wife is 23), no kids. My FICO score is 620. Combined take home household income of $ 5000 per month (after taxes). Currently renting an apartment for $ 1350 a month. I work in downtown DC so I cannot move to far away into the suburbs – must be metro accessible. I’ve heard a lot about renting being “throwing away your money”. Should I do all I can to find a lender that will lend me money to buy a house or a condo? Would a monthly payment for a house or condo be less than I’m paying in rent at the apartment? Everyone says you must not wait to buy, and that renting is throwing away your money. Because of that, I’ve been thinking of getting a zero-down type loan, or even entering into an ARM mortgage….from what I understand it’s better to do that so long as you own and are not supporting a landlord. Is that true?

Can I get a no doc mortgage Refinance loan with a 600 Fico Score?

Dec 022011
 

Fico Scores range from 585-621. Self employed, bankruptcy within past year. Don’t care about interest rates. Honest, kind answers only, please.

Is there a way to get a VA loan with bad credit score?

Dec 022011
 

I am eligible for VA loan which doesn’t require FICO score but lenders do. Been renting for 20 years and om ready to retire from Air Force and stay in one place. Never missed rent payment which was always more than any mortgage payment in my price range.

How to know that our mortgage broker has given us a good interest rate ?

Dec 022011
 

I am getting close to have a home offer accepted and should start looking for the home loan. ( i am already pre approved).

Now when I go to the broker who might run and check some local banks and give me mortgage interest rate.

I will put 25% down and having 790+ Fico score

1)How will I know that the interest rate what he is giving me is the best I can get ?

2) When I hear in the radio and tv that rates have come down to 4.85% for 30 years , does it mean I can get that rate ? or even lower than that ?

Does anyone know of a mortgage lender that will finance a mobile home in West Virginia?

Dec 022011
 

My Fico score as of March 21, 2008 was 593.

There are negative debts on my credit report, none of which belong to me. Several of the negative debts appearing on my credit report were given to my ex-wife in our divorce decree. The other negative debts appearing on my credit reports are accounts that were opened in my name using my personal information without my knowledge or consent. At the time these accounts were opened, I was in critical condition in a hospital following a near fatal car accident. We have been disputing these debts with the major credit bureaus since January 2007. We enclosed proof along with the disputes that these are not my debts but they still remain.

My current wife & I found a mobile home in WV that we really want to buy in order to provide a better life for our children & grandchildren but we need a loan for $ 20,000 to buy it — the owner will finance the remainder of the cost.

If anyone can help us, it will be greatly appreciated by both of us.

Can a stay-at-home mom receive a mortgage loan?

Dec 022011
 

I am a stay-at-home mom with no monthly income. My husband was froze out of his small corporation and had a few late payments on our previous mortgage which hurt his FICO score (we also have no revolving credit which doesn’t help). My FICO scores are high enough for mortgage standards. Could I obtain a mortgage with no income if I obtained it with the premise of renting it (to my husband)?

What’s the best way to find a mortgage loan?

Dec 022011
 

I have been given the run around and I would like to know if I should go to a bank or a mortgage lender/broker?

Any information is greatly appreciated.

Thank you.

I also need more information on ARM Adjustable Rate Mortgage? What does 5/28 and other numbers mean when I see this? Is it a good idea to get a ARM? My FICO score is Good not Fair but Good.

I’m unsure.

HELP!!!!!!!!!!
I have a family member who purchased a home with a credit score of 580 through bank of america and they only make 36,000 a year. How is that possible. Bank of America Community Commitment program for first time home buyers.

Capital One Blank Check – Approved!

Dec 022011
 

My FICO score is 646 and I submitted a request for a $ 40k loan.  I’m pretty shocked that it was approved at all, and I’m being granted the loan at 7.22% APR for 2011 or newer vehicles.  Why is the APR higher for older vehicles? The APR for vehicles from 2004-2007 is  9.26%.

 

Anyways, it turns out I won’t be purchasing a vehicle until mid February, so the application served no purpose, other than to satisfy my curiosity, at the expense of a small ding on my FICO. 

 

I’ll be applying with Capital One again when the time comes.  Is there any fine print that I should be aware of before moving forward with a Capital One Blank Check loan?

 

-Eugene

local mortgage lender
bycliff1066™

and sometimes outright laughing at them?

sometimes I get a good chuckle at local government too….like a few days ago when I read a story about the city of Cleveland suing mortgage lenders blaming them for borrowers not being able to pay their mortgages. lol
yesterday I read that congress is having a panel to investigate high salaries of mortgage exectives….and of coure there is the steroids dog and pony show.

And what about that nearly war triggering hoax in the straight of hormuz involvement iranian boats and U.S. navy ships…….lol…they almost had us going on that one…

Today I read that Bush is sending like 5,000 more troops to afghanistan…as our economy is spiraling down the drain….
It feels like I am watching the theater of the absurd.

comortgageresource.com VA Loan update by local Denver Mortgage Lender Jocelyn Predovich. Jocelyn shares the details surrounding the decrease of the VA funding fee as of October 1st, 2011 For more information on this topic go to: comortgageresource.com Contact Jocelyn Predovich at [email protected] or 303-325-3578

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