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Mortgage points

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Anonymous
Not applicable

Mortgage points

When do you start really reaping the good numbers after you get a mortgage and pay as agreed?
 
Got mine on August 2006
 
 
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Mortgage points

Are you referring to credit scoring points or mortgage points? If it's mortgage points I'd suggest you ask that question in the Loans forum.
 
If it's FICO points spotless clean credit history, > 2 years old, with a compliment of different credit instruments, while not applying for anything new. That sums it up in a nutshell
Message 2 of 10
Anonymous
Not applicable

Re: Mortgage points

Credit points, I thought it only took 2 years with all good stuff and 1 year on Mortgage.
 
Which mine has been spotless since 02/05/05.
 
Thanks.


Message Edited by zman on 11-08-2007 09:35 AM
Message 3 of 10
Anonymous
Not applicable

Re: Mortgage points

How many cc's do you have?
 
A BIG factor in managing your cc debt revolves around utilization. Case in point:
 
In March, 2007, I pulled TU from the myFiCO site and it was 521. I scrambled into paydown mode, by pif'ing 4 out of 6 cc's. And kept doing that, and by july the TU score had risen to 671. Due ONLY to getting the utils down. After all, it accounts for 30% of your fico score. Just your balances
Message 4 of 10
Anonymous
Not applicable

Re: Mortgage points

I have 1 circuit city credit card with a limit of 630.00 and 0.00 on it I just paid off (it was 147.00) 0.00 has not got to equifax yet. But it was 658 before the drop to 650 with 147.00 on it, paid as agreed.
1 car loan 22,000.00+/- paid as agreed.
mortgage 235,500.00 paid as agreed.
 
I do not want to get another credit card until after my refi. I am not taking any chances at getting turned down and then have an inquiry.
 
Thanks.
 
 
 
Message 5 of 10
Anonymous
Not applicable

Re: Mortgage points

You need to be careful here-

Zero balances on all revolving accounts - you will take a point hit

No major CC - you are taking a point hit.



@Anonymous wrote:
I have 1 circuit city credit card with a limit of 630.00 and 0.00 on it I just paid off (it was 147.00) 0.00 has not got to equifax yet. But it was 658 before the drop to 650 with 147.00 on it, paid as agreed.
1 car loan 22,000.00+/- paid as agreed.
mortgage 235,500.00 paid as agreed.
I do not want to get another credit card until after my refi. I am not taking any chances at getting turned down and then have an inquiry.
Thanks.



Message 6 of 10
Anonymous
Not applicable

Re: Mortgage points

OOPS, I guess I should not have paid off. Will have to buy a couple of CD's or something.
Also, I hear that you should not obtain credit you do not really need.
Or do I just need 1 major card.
Also afraid of getting turned down with a score of only 650 now and having inquirey. Do not have money to put towards a secured card.
 
Thanks
Message 7 of 10
Anonymous
Not applicable

Re: Mortgage points

How close are you to the re-fi?


@Anonymous wrote:
OOPS, I guess I should not have paid off. Will have to buy a couple of CD's or something.
Also, I hear that you should not obtain credit you do not really need.
Or do I just need 1 major card.
Also afraid of getting turned down with a score of only 650 now and having inquirey. Do not have money to put towards a secured card.
Thanks



Message 8 of 10
Anonymous
Not applicable

Re: Mortgage points

I was at 658 2 points away from 660 to get 6.371 I liked how I got 10 to 13 points a month until I got to 656 then it went to 2 points to 658 and then dropped to 650 for no reason. CRAZY.
 
Now I am at 650 and no mention of buckets and no response from Equifax.
 
If the score drop was because of a bucket, I would understand but I know nothing and see nothing that would cause it.
 
Thanks.
 
 
 
 
Message 9 of 10
Cooneyca
Regular Contributor

Re: Mortgage points

Just to be clear, no one is suggesting you carry balances which cause you to pay finance charges.  Let a small balance post to your statement and then pay in full before the due date.  This will let the balance report but you are not paying finance charges - best of both worlds

zman wrote:
OOPS, I guess I should not have paid off. Will have to buy a couple of CD's or something.
Also, I hear that you should not obtain credit you do not really need.
Or do I just need 1 major card.
Also afraid of getting turned down with a score of only 650 now and having inquirey. Do not have money to put towards a secured card.
 
Thanks



Jan 07: tu 498, ex 501, eq 504
Oct 07: tu 716, ex 712, eq 723
Nov 07: tu 693, ex 664, eq 672_post app frenzy
Message 10 of 10
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