Now Just Wait One Miniute!!!!

[Anonymous]

exactly on point Lady.  Lenders are not responsible for your FICO score.  They look at solutions available to them and decide if they want to act.  If they decide to modify a loan, they feel it is completely reasonable (and it is) that it should reflect in your FICO score.

Message Edited by mickie08 on 08-18-2009 11:13 AM

[BungalowMo]

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@Anonymous wrote:

Ok. This dumbfounds me. How is that I get approved for the mortgage interest rate reduction plan and it impacts my credit score negatively. I dropped 11 points because it is reported as me paying partial payments.

I was neve told that and was not informed that it was a penalty to use a program in which is supposed to help people. I was and still am able to pay my mortgage and was never late. WHAT IS THE DEAL????

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I never mentioned anything about scores, I was referring to the red portion above.  Simply put, the one offering the program could be courteous enough to explain EVERYthing, not just the part that makes them look like the hero.

Also, apping and receiving a CC is not in the same category as entering into an "interest rate reduction PLAN".  This is an entirely different thing.

Since I know this will be met with more opposition, I am stepping away from this thread.

We shall agree to disagree.  

Message Edited by BungalowMo on 08-19-2009 08:17 AM

[Anonymous]

This is such a scam. I called the mortgage company and they stated they are getting a lot of these calls in reference to the impact on credit. The lady I spoke with told me up front that they are aware many people are mis-informed about the program.

I opted out, I am abe to pay my mortgage with out issue, they made it sound like it was a Gov't program in which they are legally able to reduce your rate. So this is a scam or rather this whole process perverted.

[Anonymous]

even the gov't programs do not prevent the lender from reporting the accounts as not being fully paid.  Unless they cold called you in the first place trying to "sell" you the program, they are under no obligation to discuss possible credit affects.  If you called them they are under the impression that you are in danger of loosing your home and they are trying to help you.  In that case, a FICO change is not their concern.  Keeping you in the house is.

Alot of people who do not "need" these programs are applying for them and then are upset when there are consequences.  It's the old you can't have you cake and eat it too scenario.  If you call your bank because you are uhappy with your rate (but are not in a financial bind), and they agree to adjust it, an 11 point FICO drop seems little to complain about.

[DallasLoanGuy]

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@Anonymous wrote:

Alot of people who do not "need" these programs are applying for them and then are upset when there are consequences.  It's the old you can't have you cake and eat it too scenario.  .

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They think ObamaPlan means 'a free ride'.

It is not.

[Anonymous]

bingo.  Oh my god, you mean I can get 2 point off my loan without any need and those jerks want to report it correctly to the credit bureau?  LOL