I was going through a box with old papers in it yesterday (decluttering move prep) and came across the mortgage broker's paperwork from when I purchased my existing house in the summer of 2003. Going through the process now and seeing the old numbers is a MAJOR eye opener!!
In 2003... I was able to secure 100% financing (+ if you count my closing costs were also rolled into the loan - total of $85K), at a decent rate (6%) for my first home purchase based on ... get this... credit scores of 554 and 581 carrying a $10K installment loan (my car) and $25K in revolving debt!!! I might have been making $50K/year at that point, I dont' remember. those numbers were dated 2 months before I closed on my house, so I don't imagine a lot changed in those 60 days to up the scores or lower (much) the debt.
WOW!
Just thought I'd share some of the amazement.
12/09 - EQ 683, TU 696, however hubby's EQ is 599 - guess what we're working on next!
1/4/10 - EQ 700!
5/7/10 - Midline score = 712! Hubby's EQ is now 613 :-)