Parting words to forum members

Anonymous · ‎05-17-2017

I've finished a refinance of my home. In the end, it was much easier than I could have hoped. I thank myFICO and the forums for concrete help about the effects of credit scores on qualifying, but also would recommend some caution in use of general reading of the forums for fanning flames of unwarranted concern over every single minor issue and transgression, such as my couple lates and Verizon collections. When it came to the mortgage, I obsessively shopped around, built spreadsheets of my personal scenarios, costs, helps, etc. Ultimately, I found the best rate with my previous mortgager, Bank of America. They offered the lowest rate, lowest closing costs, and did everything on line, accommodating my disabilities. This included comparisons to on-line mortgagers, cu, and mortgage brokers.

Still paying my last visit here did nothing but upset me as I see the impact of the common-sense-improving changes I made last month: 1) paying down credit card debt by $5,000 to $11,000 and utilization down from 95% to 30% and 2) refi mortgage change in morgage indebtedness up $2,000 to $96,900, had a large negative impact on my credit rating (from 740 to 704) instead of the mildly positive score effect projected by the myfico scenario wizard.

Well, I'm worn out with the caring. Since I don't need the credit for now, I'm ending my subscription. I'll consider myself gardening. I extend my wish any and all of you who happen on this message happy, well, and continued prosperity!

Anonymous · ‎05-17-2017

740-704 on what credit score website?

Revelate · ‎05-18-2017

@Anonymous wrote:
740-704 on what credit score website?

Presumably this one based on the subscription, and while I find the information a bit sparse (only $2K on a loan and refinancing that, cash out play?) if that was indeed the case $2K/$50K or whatever, to $96.9K/96.9K would produce a drop on that order of magnitude when we're talking FICO 8 which are the scores that get updated here. 100% mortgage = ~100% installment utilization for everyone, and that's not optimal for maximum scoring on that set of scores.

We've always suggested sanity checking "my LO said" comments on the mortgage board, but to be fair I guess we have similar issues here too; it's pretty well known and well characterized and repeatedly stated in both Gen and UFS that you can't trust the simulators, but not certain I've ever seen similar here though I don't read the mortgage forum as much I'll admit... and while I don't check the simulator often, last I checked installment utilization is a blind spot.

Gunnar419 · ‎05-18-2017

Hey, you don't have to say goodbye to the forums. You can end your credit monitoring subscription and still participate in discussions here. That's what I did.

I agree that FICO scoring often goes against common sense and punishes responsible decisions. So if you do decide to go, congratulations on the improvements you've made and all the good work you did to get there.