We purchased the property in Feb. 2006.  We used part of the const. loan to pay off the balance of the lot.  So, what you are saying is that we can finance a 2nd mtg. (which sounds like the way we should go if we don't want to pay PMI) if we have owned the PROPERTY for over 12 mo's?  What are the rates, currently?  Should I be lining up a lender now? ... View more

So, does the mortgage have to be seasoned before applying for a LOC?  We will be ready to roll into perm financing in Dec.  We will want the LOC or 2nd mtg. anytime after that.   Our plans/specs appraised at $525000.  We borrowed $375000.  When we go to close, we are planning on a cash-out refi. (we went over budget) that will take us to $415000.  I would like to borrow up to the 90% value of the house...to put in a pool.    Do you think that anyone will be going back to the 90% loans when this all calms down?  I am hoping for a decent lock %...I won't count on anything in the 5's but, a really low 6% would be nice!!!  ... View more

Thanks, shane....   US bank, huh?  Do I have to go through a broker to get to them?  ... View more

My Sept. bill WAS paid and posted to my acct. Aug. 28th.(I paid it early)  My Oct. bill was paid in late Sept. but never posted to my acct....It never went through my bank either....it really must have been lost in the mail.  So, technically I hadn't made a payment since late Aug., but, it was for the Sept.5 bill....I called the cc company to pay-by-phone and this is when they told me I was more than 30 days past due?! The Sept. bill was paid on time (on Aug. 28th) BUT they said it had been more that 30 days between payments...then they rambled on something about their billing cycle...I was lost and totally confused!!  Not to mention pi$$ed!!  They dropped the late fee ($29) because I was "a valued customer and have never been late on my payments before"....then they said, that unfortunately they can't change the cb reporting of 30 days late!! It has not been reported, yet....I have been watching for it.  I even spoke with a supervisor!  I don't think they know what they are doing!?!?!? ... View more

I mailed it.....it usually takes 4 or 5 days before it is credited to my acct.  I mailed it Aug. 28. ... View more

I spoke with a supervisor who told me I was over 30 days past due.  I DID pay it, they never received it.  I have never been late before....they waived the late fee because of this. But, they said I will still be reported 30 days past due?!?!?  But, HOW can I be 30 days past due?  My due date clearly stated Oct. 4.  In my original post I explained their reasoning, it just doesn't seem right. ... View more

If you are a co-signer.....I'd request that copies of everything (including statements) be sent to you as well as the old GF.   unfortunately, you may have to catch up the payments to stop the fico decline.  I'd call the lender and explain the situation and ask them to remove the lates, if you catch up on the payments. (Good Will)  Then request that you be put on all further correspondences with them from now on.   Good Luck! ... View more

cvetan......they may not be able to get your credit report over the internet.  We had a similar problem with Toyota.  I applied online and got a response like yours.  When I went to the dealership, they approved me.    We had a fraud alert placed on our TU report (not by us, we have no idea how it got on there) so Toyota was unable to pull it via the internet application.  And, as I mentioned we got a similar "decline" letter.  It wasn't really a decline, just the fact that they couldn't get the report! (it sure was worded like a decline letter)  The dealership had no problem.  They also were unaware of what I was talking about when I told them we were declined over the internet.   We only put $5,000 down and my TU fico is 715.   Hope this helps! ... View more

Thanks, MV....I now know that having them hurts, but what is the outcome of closing them? (paying them off) We are making our last pymt. this week, and I don't want the scores to drop too bad when we lose the line of credit. ... View more

VERY NICE!!!!! ... View more

Currently...19%....After new home is complete.....44% (ouch!!) ... View more

Congrats!!!   Want to see your score really soar???  Get your cc util down under 10%!!  You will be amazed at the score boost!  Keep up the good work!!  Won't be long till you see the 700 club!! ... View more

Try sending your information to the cra's. ... View more

I am NOT in the business...but, just went through financing for a mortgage and did MUCH shopping around!!  This is what I found:   Pretty much everyone SAID 28/36....but, they also mentioned that each one had their own "in-house preference"...it seemed to be 36/40 in my area...most said the front-end doesn't matter to them...they wanted to keep the back-end at, or under 40.   We were approved at 3 local banks and our numbers were 36/44, so, go figure??!!  We were told because we have a 71% LTV and decent reserves they were able to let us go higher in the ratios.   So, you can see there are a lot of variables that really make up what a lender wants to see as far as ratios go.  I think if you can get through AU or LP...most banks will try to work with you.  AU & LP have been know to approve loans with up to 70+ back-ends, from what one lender told me!?!?! That is craziness, which is probably what led to the mtg. crisis?!   I would check with a local lender, it seems everything is changing on a daily basis!   LP is Loan Prospector used through Freddie Mac...AU is Automated Underwriting used through Fannie Mae...this is what lenders have told me......if I am wrong, others will let you know! ... View more

Welcome, gadget_man!!   I would go with option....C, for sure!!  You will see the score boost the month after paying the cards down!  I would not be surprised if your scores jumped a minimum of 20+ points!!    Anything over 720 is golden in the mortgage industry!  So, you should be fine.  Many say anything above 680...but, lenders are raising the bar, and 720 seems to be preferred in my local area. (BTW, I am NOT in a declining market...and they are preferring a 720....but, 680 gets you in)   As always....YMMV!!!  Best of Luck!!   FWIW........I paid my cc debt. from 98% util down to 2% util over a 3 month period and saw a minimum 80 point INCREASE!!!! ... View more

Our lender told us they WILL pull credit and verify money in the bank the day of closing!!  They said that this is mandatory now, (for their institution) with all the problems going on in the lending market!   So, I would NOT suggest changing ANYTHING with your credit situation after you get approval.  (applying for credit, etc.)   Paying down items on your reports are fine, obviously!     ... View more

Congratulations!!! ... View more

Have you had a lot of insurance claims against your previous insurers?  I have heard that insurance companies make it difficult/impossible for people with multiple claims, to get insurance.   Keep at it! ... View more

Beth...thundaman is correct, ... View more

MV.....is this with clean credit reports?  Or, just score driven?  By this I mean, no bk's or collections?   Do they pull from a certain CRA?   TIA!!!   **I lived in Cedar Rapids, IA for 11 years** Message Edited by sunrise on 03-11-2008 06:21 AM ... View more

bk.....you can try for FHA.  They require 3% down and aren't score driven.  In your price range, you should fall within their guidelines. I still think that you have a chance of getting your scores to 620 when your reports update with the correct info and your cc's are paid off.....let one cc report a tiny balance every month!!   You need to have your scores pulled from myfico.com.  They are more accurate to what mortgage lenders pull. This will give you a better idea of where you really stand!   Look over your reports and make sure there aren't any negatives reporting over the last 12 months! After you get your updated scores from this site, post them.  We can help more from what is on those reports.    Keep us posted..we are here to help!! ... View more

When I disputed some items on my cr's I had a 36 point drop on my EQ report...I had a 20 point drop from EX.....and my TU score stayed the same!!  YMMV!! ... View more

ee.....get those cc's paid down to 3% util and do it over a 3 month period!!  That way you should get 3 decent score boosts!!  I did this and got 80 points!!    My util was at 98%, I paid it down to the 2-3% range over 3 months and each month, I got a great score boost!!   My sis didn't want to wait the 3 months to see her scores boost and paid her cc's from 85% util to 3% util last month with her tax return......and she only got a 25-38 point boost between the cra's.  We both have the same # of cards.  Now, she is at an ideal util. and still needs her scores to go up another 25-40 points!  She is scramblin' to figure out what else to do.   BTW, I did it the 3 month pay-down because the FICO simulator gave me a good boost!  Ideally, it said pay it down over 24 months....but, I only had 4 months before I wanted to pre-qualify for a mtg!   You mentioned "soon" in your need for scores to go up...if you don't have 3 months, try 2 months. Any way you do it, you will get a boost....just the longer period you take to pay...the higher the scores are supposed to go up according to the FICO simulator!!   Good Luck!! ... View more

We called our lender and asked the same question.  We are getting a construction loan and wanted to be sure the house was going to be worth the $ we were putting in it.  Our lender gave us a list of appraisers that they would accept an appraisal from.  This way we had our answer before we went for financing and the lender can use the same appraisal.   BTW, we ordered the appraisal but had it put in the name of our lender.  We were given a copy and the lender got a copy.    So, I would check with your lender and see if they can do something similar.  We paid $350.00 for the appraisal, and now it can be excluded from our closing costs. ... View more

BRAVO!!!  Great Job!!  Keep It Up!! ... View more