- myFICO® Forums
- About sh9730
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
since
01-30-2008
06-09-2016
sh9730
Regular Contributor
151
Posts
7
Kudos
06-09-2016
07:40 PM
3 Kudos
Hi, I don't post here often anymore - but as I start on my credit rebuilding effort #2 (VERY long story with much out of my control) I thought this one was worthy of posting since I know people are always trying to figure out the algorithm. Barclays Reward Approved for 1500.00 initial CLI back in December. Not a lot of use - but did transfer 500.00 balance over from First Premier and paid at least double the min payment every month. 6 month statement cut today - auto cli to $4400.00!! I was sort of expecting maybe to $2500.00 - but was very surprised by this. My FICO from them shows 633 today.....I don't have any other recent FICO. Hope this helps someone!
... View more
09-10-2008
04:28 PM
OK, thanks....Im pretty sure I got the plain ol Freedom...I got confused because I actually bit on this application via a "pre-approved" spam message when I signed into my bank account (already have checking and mortgage with Chase) and to be honest I didnt pay toooo close of attention to what kind of card I got....then about 2 days later in US mail I got a pre-approval letter for the "Visa Platinum", which doesnt look like as nice of a card....so I think Im ok... I ll know for sure when I see how this reports....anyone know how long Chase takes to report the new account to the CRAs? It took forever for my mortgage, but that is pretty normal. Im hoping fairly quickly as this is my last card for awhile and I want to pull my scores after this one reports and my utils are accurate....this will be my "low" (but not that low) score point for awhile so it will be a good reference point as I pay down some of these balances between now and tax time.... Spent too much on stuff for the new house!! Thanks.
... View more
09-10-2008
03:37 PM
Ok, SO just so I ve got this exactly right....I just got my Chase Freedom card....no plus on it and no "signature on it".....no annual fee....so just to make sure, I ve got the plain old "not only doesnt HURT your utils, but actually HELPS your utils" Chase credit card...right? Thats what I wanted.... Oh 7K initial CL for me too....probably trying to beat my Discover limit of 6K.
... View more
04-12-2008
07:07 PM
Think this is a REFINANCE - My understanding (not an expert) is that if you have an FHA loan now, and want to streamline refinance it (i.e. no cash out and the rate will be LOWER than what you have now) they normally dont pull credit or anything. I am not sure about a new appraisal though? I dont think they do it as the idea of the streamline is to lower the risk to FHA on a loan they are already insuring, so obviously a lower rate and payment represents less risk to them so they make it very easy to do! Again, no cash out though!
... View more
04-08-2008
08:22 PM
Good place to start is www.fha.gov . Lots of help there, but eventually you should contact a lender. There is a list of approved lenders on that site.
... View more
04-08-2008
08:19 PM
Click on the support tab above. Last update was 4/4 but at that time FICO was aware of the problem.
... View more
04-07-2008
03:31 PM
Correct. In your scenario you would still need to pay standard closing costs out of pocket, but often time the seller is also willing to pay closing costs. Again, either by reducing the sales price to cover, or raising it and it gets rolled into your loan. Once more, the house must appraise for MORE than you are borrowing and at the Loan to Value (LTV) percentage that your loan program allows.
... View more
04-07-2008
12:49 PM
Fetis, This is done because it is often illegal, or against loan program guidelines for the seller to give money DIRECTLY to the buyer, but these loan programs require that the buyer bring some money to the transaction. Often times this is just a numbers game. The seller DONATES the funds to the non-profit (Ameridream, Nehemiah or whatever) PLUS a processing fee. The Non-Profit than gives the buyer the cash at closing (buyer never really gets the money in their own hands) to cover the down payment. SO, the seller has either agreed to in essence LOWER the sale price by providing the down payment money to Ameridream, OR (as is the case in my agreement) the purchase price of the house is RAISED by the amount of contribution, but then the seller agrees to provide Ameridream with the DP money. In the end everything is just a wash. Make sense? ONE CAVEAT, is that the home MUST APPRAISE for the value of the loan, so if the sales price was already at the top of the area prices, adding another 3% (or more if they are also willing to cover closing costs) sometimes will make the house not appraise and the whole thing gets nixed. But, most builders, loan officers, and realtors are pretty good at making all this work out ok.. Its all legal...matter of fact there was just a major court case on this and the non-profits won!
... View more
04-07-2008
11:28 AM
I-109, In my case, the points you are making are EXACTLY WHY I am getting the Ameridream assistance and havling seller pay closing costs (in essence a 100% financed loan, albeit at higher than original sales price agreed upon). I have money in the bank and could do the Down Payment and Closing costs, but it would not leave me with much afterwards. By financing those funds at relatively low interest rates (6% or so with FHA right now), and tax benefits on top of that, it allows me to have reserve funds for emergencies that may arise. In my case I am buying a brand new construction home, so much will be covered under warranty, BUT I still could unexpectedly become unemployed etc. By financing as much as possible, I will have almost 6 months in reserve funds. Make better sense now?
... View more
04-06-2008
08:45 PM
2 Kudos
Just joined this group yesterday.... TU - 700 EQ - 720 EX - 782!! The difference is that EX dropped off the last baddie on my CR a couple months earlier than the other two will. Wasnt officially supposed to drop until June. I posted on this over on FICO SCORING forum also. With a little luck I might actually crack 800 soon. Payments that will post this month will click me below the 20% utils mark and my understanding is I ll get a bump from that.
... View more
04-06-2008
01:03 AM
Happy, FICOs of course.....my average age is just over 8 years and my file history is 22+. Thankfully I have a couple of positive closed tradelines from 1986 on all three CRAs that dont appear to be going anywhere anytime soon...and of course Im not complaining about that!! Kept me from getting rebucketed too badly when that last bad one dropped from EX. I was really worried I was gonna see a score DROP when that last baddie went away, but it appears my age helped keep me from that. I was REALLY surprised to see a 93 point jump like that....those CAs will be falling off the other CRAs soon too (EX just did it on their own a month or two early) so we ll see if I get the same kinda of bump from them. Also will be curious to see how many points I get for cracking the 20% utils marker this month.....
... View more
04-05-2008
02:39 PM
Ok, just a quick update to the score watchers. On 3/19/08 my scores were: TU - 690 TU had 20% utils and 1 under two year collection account (but the DOFD is 2001) and one zero balance CO DOFD 2001. EQ - 708 EQ - had 20% utils and 2 collections accounts (1 under two years but DOFD 2001 and another 4 years old with DOFD 2001) and one zero balance CO DOFD 2001. EX - 689 EX had 20% utils, 1 collection account under 2 years old but DOFD 2001 (for whatever reason the zero balance CO wasnt showing on EX). TODAY: TU - 700!! Utils still 20% ( payments havent updated yet), and one collection account showing but now OVER two years - basically since nothing else had changed (already had good overall age of credit) I got 10 points for that CA date assigned going over two years. EQ - 720!! Again, utils still 20%, zero balance CO (DOFD 2001) is still there but 1 collection (the two year assigned date one) is gone, so I have the 4 year date assigned one left (its paid and if I wasnt applying for mortgage account right now I d dispute it as obsolete and the CA has already said they will not respond so it will get deleted). So, here I got 12 points for that collection falling off leaving me with just one. EX - Drum roll please.....782!!!!! ES utils still 20%, but NO Baddies showing!!! Got 93 points for that last collection account to drop off!!!! Wow.... And, from what I understand once my payments update and I go below that 20% utils threshold I will see even more bump on all three?! Glad I waited the extra two weeks before I do my mortgage app! Now Im feelin pretty good! Message Edited by sh9730 on 04-05-2008 02:57 PM
... View more
04-04-2008
12:01 PM
Is this an FHA mortgage you have already? If so, my understanding (Im not a mortgage broker but I feel like I ve researched enough to be one on TV!) is that this is true. As long as you are LOWERING your monthly payment and staying with an FHA loan and not taking out any cash, there is no credit pull at all.
... View more
04-02-2008
01:46 PM
Or a month...Orchard (all HSBC cards for that matter) can vary GREATLY on reporting times on the CRAs, and between the CRAs. Earlier this year many of us were waiting up to 3 months for Orchard updates, although last month it seemed to get better again....
... View more
03-31-2008
12:04 PM
Correct. Although they both show on your OFFICIAL credit report you get direct from them, only the "hard" inquiries show up on reports others can see, and only hard inquiries cause a minor decrease in your score. Also, only hard inquiries will show up when you pull your credit reports from here at MyFico. MyFico is the best (and really only) place to get your true FICO scores, but for most other aspects of your credit report it is really better to get copies direct from the CRAs. (TU-EX-EQ)
... View more
03-30-2008
08:44 PM
I gotta a pre approval from Cap One last year for 10.99% with a previous auto repo and open collection related to that. But, I did have two cards with them for a couple years before that...not sure if that matters or not? I think my scores at that time were just over 600....
... View more
03-30-2008
08:41 PM
OK, assuming loan amount of 265K @ 6.00% (average FHA loan rate these days) your monthly housing payment for principal and interest ONLY is $1588.00. You will have to add property taxes (dont know what they are in your area but take annual amount and divide by 12 and add to payment), and also homeowners insurance and HOA fees if any. So, cant give you a firm answer on what the payments for the house will be. As for DTI you will QUALIFY for, on FHA loans a rule of thumb (there are many exceptions) is 31%for the total housing payment alone, and then 43% for your total monthly payments (Total housing plus min cc payments, auto loan, and any other ongoing monthly obligations - not food, utils etc) On 66K a year (although the Im not 100% sure how they do the bonuses?) your monthly gross is $5500 per month. 31% of that would be $1705.00 per month and 43% would be $2365.00 per month. SO, the housing payment you would qual for would be cutting it close since you have to add those other items to the $1588.00 I mentioned above, BUT, if you have some reserves, or other compensating factors, from what I understand you could get approval at a considerably higher DTI than 31%. Now, I am NOT a mortgage broker, but am about to go through the process so have been heavilly researching for a few months about FHA. Also, a mortgage broker would have to confirm whether you can even GET an FHA loan since I think you cannot have owned a home within the last three years to qualify and I think you said you have a current mortgage? Hope this helps.
... View more
03-29-2008
02:09 PM
Shouldnt be a problem. They only care what your MONTHLY obligations ARE, not what they could be. My lender this week says they are using the $34.00 min monthly payment that the credit report shows as my min payments, even though I have 10K or so in revolving credit available (I am currently at about 15% utils.)
... View more
03-27-2008
09:34 PM
Lots of calculators out there to help you with this. Try www.bankrate.com Basic rule of thumb....lenders will APPROVE about 25-30% (exceptions abound) of your gross monthly income for your total housing payment. This payment is your principal and interest, taxes, mortgage insurance if needed, homeowners insurance and HOA fees if needed. Thats part one. Next, your TOTAL monthly payments (housing plus all revolving credit, car payments, student loan payments etc.) must stay betweeb 35-40% (again exceptions are common). That website above has a "how much can I afford" calculator....
... View more
03-27-2008
08:52 AM
1 Kudo
Wow, what a thread. Goes in about a hundred directions and is mostly spreading innacurate information. I see many posts in this thread from newbies, which is GREAT by the way, but some of you really need to do some more reading first. Paying off a collection MAY or MAY not affect your score up or down. There are many examples where paying an older collection will reset the DOLA and give you a score DROP. But this is only relating to FICO score. All this stuff about the debt being there another seven years and such is WRONG! Now, as is discussed in other threads, sometimes CAs will try to make it look like that is occurring, and this is called "illegal re-aging" (do a search for it!), but it is NOT legal. A debt can only appear on your report twice, once from the original creditor and once from a CA. Also, if the OC chrages off the debt and sells it to a Junk Debt Buyer they must report ZERO balance! And in ALL cases, the debt must be completely removed 7-7.5 years (except for BKs etc.) from the DOFD!! I dont know how to make it any more clear than that!
... View more
03-25-2008
08:29 PM
Side... Obviously we are on the same side on the global issue being discussed here...but I will say its been pretty well documented that many times by paying an old CA, the DOLA resets and FICO...DOES count is as more recent and you take a score hit. Many people here and elsewhere have confirmed this occurrence. Its a fickle quirk of FICO and we are hoping it gets addressed in FICO 08, although all my baddies will be gone by then so it wont affect me directly. But I totally agree the OP got some bad info....
... View more
03-25-2008
08:22 PM
OK, first off welcome! Dont be nervous...everyone here is only here to help and have had similar siutations to you... Now, it is possible to have an item listed twice. Once is from your original creditor, and the other from either a collection agency and/or the judgement in your PR section. As for the dates....if you are getting those from MYFICO, you need to go directly to the various CRA (Credit Reporting Agency) websites and pay for your full report OR go to annualcreditreport.com and get your once a year free copies. Those reports will have the accurate dates listed for the various statuses. MYFICO is great (and the only place) to get your real FICO scores, but they are not so good at listing dates on accounts. When you get those dates, the DOFD (Date of First Delinquency) is the one that counts and that is the one that determines when the item will be removed from your report. The Date Reported, and Date of Status are merely the last time any activity occurred, or the date the Creditor or Collection Agency last reported information on the account and doesnt mean much. This is just the beginning....there are ways to remove negative incorrectly reporting items, but you cant really start that until you have the accurate information. Keep reading here and you ll learn very quickly. These same type of questions get asked and answered often.
... View more
03-25-2008
08:11 PM
TMACAR, Yah, I thought I d see this blob posted before....now I remember reading it on that website. Not sure why they didnt research further, but all of that information about perpetual debts is just WRONG! Read the posts here, do a search on re-aging, DOFD, and more and you will see that website is just incorrect. Now, the overall point that sometimes paying a debt can cause your score to go down is correct, but just about all the rest is inaccurate.....sometimes even lawyers can be in error.... Lastly, yes, alot of the stuff listed there DOES occur, but that does not make it legal. If it happens, more often than not, using proper procedures, you can get the negative items removed from your report, and in the serious cases many here and on other forums have even been PAID by Collection Agencies for violations similar to those described in your post. But, believe what you want....just dont post it here as fact when soooo many have proven those theories to be false!
... View more
03-25-2008
03:55 PM
Some of this information is accurate but some of it IS NOT!!! No such thing as (legal at least) perpetual debt. Yes, CAs can TRY to reage debt and keep it on your report but it is not legal! There are other inaccuracies here, but I will leave it to others on this forum to discuss. I think I read this posting from another site also....is this a repost of another site's view on these?
... View more
03-24-2008
09:46 PM
Just for clarification I wasnt saying whether something should be paid or not...just making sure the TIMING of payment (if that is what you decide to do) is most optimal. Because, as many can attest here...an older unpaid collection may not be hurting your FICO score as much as a PAID collection showing recent activity. SO, if you are about to apply for a loan that is FICO score based it may just be better to wait and pay it at closing or afterwards rather than take the score hit. Now, as is the case with the OP there is some time for the paid collections to age before they are going to apply so they may not be as much of a factor, but if they were going to apply next week paying those MIGHT have caused a significant score hit and a subsequent higher interest rate or even a loan denial?
... View more
03-24-2008
09:32 PM
Yeah, ya know...I was thinking that....when I pulled my EQ daily after the last payment finally posted there...(they are soooo slow sometimes!) it does show the utils rounded to 20%. Some other stuff should start posting soon and it should just take one of the other ones to post for me to be below 19% so that might bump it....I hope so!! I mean it was a nice experiement...but I would have rather gotten a score bump!!
... View more
03-24-2008
06:19 PM
Well, if you are 9-12 months out you have plenty of time to bring things up.....and as you say...too late now....sounds like you are on the right track to do all you can until the time comes. Some things that will help also if your scores are lower are additional downpayment, reserves, etc.
... View more
03-24-2008
06:14 PM
Shane or others can explain better, but what is basically happening is that although FHA will INSURE the loans if the FHA approved underwriter verifies it meets all FHA guidelines, but (for now at least) there is NO requirement that any bank make the loan! SO, due to many factors (my own view is that much of it has to do with the workload piled onto FHA lenders since it is so much more difficult to get "sub-prime" loans) many banks (but not all) are starting to establish lowest FICO scores required. So the statement is half true. Finding a low score loan is still possible, but getting harder as are most loans out there...
... View more
03-24-2008
11:31 AM
Not true. Many instances you CAN be approved for a mortgage with outstanding collections, AND at a minimum many places will just require them to be paid at closing. Also, since they ll be paid at closing (if at all..again many programs do not require payoff, especially FHA & VA) they will use your GOOD credit score as the indicator. SO, dont pay any collections in advance...speak to a lender/broker first and proceed as they say, and even then be careful...some of them are not as smart as others. Read here in the old posts and you ll see many examples where collections do not have to be paid, or at worst as part of the closing process.
... View more
Latest Tags
No tags yet
