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Is It Worth Having a High Balance for a Good Deal?

Community Leader
Super Contributor

Re: Is It Worth Having a High Balance for a Good Deal?

The roof is going on today! Yippee!!!


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Message 21 of 26
Valued Contributor

Re: Is It Worth Having a High Balance for a Good Deal?

Now the real fun starts  1) make sure they remove the old roof 2) On my old house we always wondered about one area. Once we got the roof off that area we found tons of tar and tar paper from someone that did not know what they were doing and had "patched" it by just putting more tar on it  3)  we also found several rotten boards we did not know know were bad. 

Message 22 of 26
Community Leader
Super Contributor

Re: Is It Worth Having a High Balance for a Good Deal?


Backwoods wrote:

Now the real fun starts  1) make sure they remove the old roof 2) On my old house we always wondered about one area. Once we got the roof off that area we found tons of tar and tar paper from someone that did not know what they were doing and had "patched" it by just putting more tar on it  3)  we also found several rotten boards we did not know know were bad. 


Thanks for the tips, Backwoods! Yes, they removed everything and I had fascia board replaced, as well. I am very pleased.


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Message 23 of 26
Moderator

Re: Is It Worth Having a High Balance for a Good Deal?


Kidcat wrote:

ML if you're putting a new roof on your house, I assume you are not in the immediate market for a mortgage. 

 

Sometimes we put FICO score over what makes financial sense.  The easiet factor of the FICO score that it in your control is utilization.  It is also the most fluid component, and does not take historical data into account.  

 

I say do what makes financial sense and it appears that 0% for a new roof is a good financial move.  

 

I remodeled my kitchen on Lowes, and **bleep** near maxed it out.  No AA whatsoever, and while moving limits on Chase had the pleasure of speaking to lending.  Since it was a home improvement credit card it was very easy to explain the large balance. 

 

You've indicated that you have no plans to apply for new credit, so enjoy your new roof (also adds value to home)


QFT: finances >>> FICO.

 

TBH I'm a little weird in that I go slightly out of my way to let a high balance report, though it's not applicable here as I tend to pay it off the next month.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 24 of 26
Super Contributor

Re: Is It Worth Having a High Balance for a Good Deal?


Kidcat wrote:

ML if you're putting a new roof on your house, I assume you are not in the immediate market for a mortgage. 

 

Sometimes we put FICO score over what makes financial sense.  The easiet factor of the FICO score that it in your control is utilization.  It is also the most fluid component, and does not take historical data into account.  

 

I say do what makes financial sense and it appears that 0% for a new roof is a good financial move.  

 

I remodeled my kitchen on Lowes, and **bleep** near maxed it out.  No AA whatsoever, and while moving limits on Chase had the pleasure of speaking to lending.  Since it was a home improvement credit card it was very easy to explain the large balance. 

 

You've indicated that you have no plans to apply for new credit, so enjoy your new roof (also adds value to home)


Follow your assumption. Note, that FHA, VA and I think they told me USDA Loans have standards for roof conditions and may require a re-roof if the inspection shows such a need. I speak with experience as I was going to sell my house 2016 but the roof did not pass the criteria for a mortgage with a roof in substandard condition and this year 2017 I must replace if I want to sell it FHA, VA and rumor is USDA. Not doing the roof limits my sale options to Conventional or Cash Buyers who tend to be interested in a higher tier of home than mine. Learned a lot when I had a Comprehensive Real Estate Market Survey and Home Inspection. Relator was not excited to list due to the small number of buyers for Conventional or Cash purchases in my market area.

Starting Score: 802
Current Score: 828
Goal Score: 850


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Message 25 of 26
Community Leader
Super Contributor

Re: Is It Worth Having a High Balance for a Good Deal?

Thank you all for sharing your knowledge and ideas. Smiley HappyThis has turned into a very informative thread!


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Message 26 of 26