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Senior Contributor
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Registered: ‎11-02-2009
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Re: Be my Pen Fed fortune teller?

Realize this is a little old, but if OP notices it, do you mind me asking how late you were.  I have a similar profile in that I my only negatives are late payments that are about 4.5 years old.  But my lates were severe, ranging up to 150 days on one account and 120 days on a couple accounts.  7 total accounts went late, so it was pretty ugly for about 6 months. 

 

I just paid down some cards to bring my reported utilization back to optimum, so I imagine my EQ score in my signature will raise back up to just over 700+ by the time I apply toward the end of next month.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Posts: 2,665
Registered: ‎06-05-2008
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Re: Be my Pen Fed fortune teller?


Walt_K wrote:

Realize this is a little old, but if OP notices it, do you mind me asking how late you were.  I have a similar profile in that I my only negatives are late payments that are about 4.5 years old.  But my lates were severe, ranging up to 150 days on one account and 120 days on a couple accounts.  7 total accounts went late, so it was pretty ugly for about 6 months. 

 

I just paid down some cards to bring my reported utilization back to optimum, so I imagine my EQ score in my signature will raise back up to just over 700+ by the time I apply toward the end of next month.


Just noticed it.

 

I had three accounts reporting late, one up to 120 days in multiple months, others up to 90 from 2006, 2007, and 2008.  I have one CA but it is on Experian, and Penfed used Equifax.  

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
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Registered: ‎10-02-2012
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Re: Be my Pen Fed fortune teller?

Did you end up doing a refi on the house?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
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Re: Be my Pen Fed fortune teller?


p- wrote:

Walt_K wrote:

Realize this is a little old, but if OP notices it, do you mind me asking how late you were.  I have a similar profile in that I my only negatives are late payments that are about 4.5 years old.  But my lates were severe, ranging up to 150 days on one account and 120 days on a couple accounts.  7 total accounts went late, so it was pretty ugly for about 6 months. 

 

I just paid down some cards to bring my reported utilization back to optimum, so I imagine my EQ score in my signature will raise back up to just over 700+ by the time I apply toward the end of next month.


Just noticed it.

 

I had three accounts reporting late, one up to 120 days in multiple months, others up to 90 from 2006, 2007, and 2008.  I have one CA but it is on Experian, and Penfed used Equifax.  


Thanks.  I ended up applying and was approved.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Re: Be my Pen Fed fortune teller?


Dustink wrote:

Did you end up doing a refi on the house?


No, we are going to sell it in the next few months so we decided not to waste the money.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
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Re: Be my Pen Fed fortune teller?


Walt_K wrote:...Thanks.  I ended up applying and was approved.

Congrats

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

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Re: Be my Pen Fed fortune teller?


p- wrote:

Dustink wrote:

Did you end up doing a refi on the house?


No, we are going to sell it in the next few months so we decided not to waste the money.


How is the market in your area? Would it be better to buy now and rent the other out for a few years before you sell?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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Re: Be my Pen Fed fortune teller?


Dustink wrote: How is the market in your area? Would it be better to buy now and rent the other out for a few years before you sell?

We thought about that.  But the local market is in a unique place, and our home is not really "rental friendly".  Here's the score; bear in mind it's California, so the prices are pretty high to start.  There is lots of inventory at 300k plus; homes in that range have not yet recovered, and prices are depressed.  There are homes under 200k, but most are in need of major work, old, or run down, and they are priced high.  But there is literally almost nothing in the 200 to 300 range, and none of them are new or nice.  Home's we've seen listed in that price range sell quickly.

 

We paid 179 for ours as a short sale (incomplete construction), at the bottom of the market and made major improvements.  We expect to be able to get between 220 to 250, but may do even better if there is bidding.  Essentially, the market we are selling into has recovered, but the market we want to buy into, i.e. 300 plus, has not.  We are at a unique time in which we can sell high and buy low at the same time.

 

If we net 60k in profit, with our savings we can put 20% down on a new place in the 300's and end up with a lower rate, no PMI, and almost the same payment as we have now.  We can't pull that off without selling our existing.

 

It sounds like a helluva profit over 4 years, but it was incomplete when we bought it.  Besides finishing the house, I've moved a half acre of dirt to level and contour the property, done a ton of landscaping, and am in the process of adding an 800 square foot patio.  It will show as a move in ready new home on 5 useable acres 20 minutes from downtown.  

 

It's really nice; the only reason we want to move is our family is outgrowing the space.  We're looking at larger homes in the 300's that are minutes away.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

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Re: Be my Pen Fed fortune teller?

[ Edited ]

p- wrote:

Dustink wrote: How is the market in your area? Would it be better to buy now and rent the other out for a few years before you sell?

We thought about that.  But the local market is in a unique place, and our home is not really "rental friendly".  Here's the score; bear in mind it's California, so the prices are pretty high to start.  There is lots of inventory at 300k plus; homes in that range have not yet recovered, and prices are depressed.  There are homes under 200k, but most are in need of major work, old, or run down, and they are priced high.  But there is literally almost nothing in the 200 to 300 range, and none of them are new or nice.  Home's we've seen listed in that price range sell quickly.

 

We paid 179 for ours as a short sale (incomplete construction), at the bottom of the market and made major improvements.  We expect to be able to get between 220 to 250, but may do even better if there is bidding.  Essentially, the market we are selling into has recovered, but the market we want to buy into, i.e. 300 plus, has not.  We are at a unique time in which we can sell high and buy low at the same time.

 

If we net 60k in profit, with our savings we can put 20% down on a new place in the 300's and end up with a lower rate, no PMI, and almost the same payment as we have now.  We can't pull that off without selling our existing.

 

It sounds like a helluva profit over 4 years, but it was incomplete when we bought it.  Besides finishing the house, I've moved a half acre of dirt to level and contour the property, done a ton of landscaping, and am in the process of adding an 800 square foot patio.  It will show as a move in ready new home on 5 useable acres 20 minutes from downtown.  

 

It's really nice; the only reason we want to move is our family is outgrowing the space.  We're looking at larger homes in the 300's that are minutes away.


Sounds like a good plan. Good time to move up. What part of cali are you in? 

 

I am in San Francisco and any of the middle budget homes (under $2 mil) are moving quick. Some of the high end stuff is sitting awhile. Similiar to were you are, were the middle class stuff is booming and the higher end is a little more stagnent. 

 

There was not much of a down turn in the housing market here and what little there was has recovered well.

 

Difference here is the rental market. Houses bring high rent, so if it is possible to keep the old house while moving up. Then it can make for a nice retirement.

 

Even more so in Sonoma. Can't find a fair priced home in the sub-$2m range, but if you step it up to $3m you can get a sweat deal.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
Posts: 2,665
Registered: ‎06-05-2008
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Re: Be my Pen Fed fortune teller?


Dustink wrote:  Sounds like a good plan. Good time to move up. What part of cali are you in? 

 

I am in San Francisco and any of the middle budget homes (under $2 mil) are moving quick. Some of the high end stuff is sitting awhile. Similiar to were you are, were the middle class stuff is booming and the higher end is a little more stagnent. 

 

There was not much of a down turn in the housing market here and what little there was has recovered well.

 

Difference here is the rental market. Houses bring high rent, so if it is possible to keep the old house while moving up. Then it can make for a nice retirement.

 

Even more so in Sonoma. Can't find a fair priced home in the sub-$2m range, but if you step it up to $3m you can get a sweat deal.


That's about how it is here.  We're Norcal, but quite a ways north of you.  If you move the decimal point one place the home prices are compareable to the bay area.  I wouldn't mind entering the rental market soon, but not with this house.  It's acreage, and all the upkeep that comes with it.  I'd rather have a couple of duplexes for the same money.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

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