01-06-2008 06:39 PM
01-06-2008 08:34 PM - edited 01-06-2008 08:35 PM
I am getting ready to add a mortgage to my CR. What is that I should and should not do with this loan so I can keep my scores in tact.When I add the mortgage to CR initially do I see a drop in the score? if so how many months would it take for the score to come back up again?If I take 30 Year mortgage and if I pay double payment and reduce the debt sooner would it help my scores or does it hurt my scores?Thanks....
01-06-2008 09:44 PM
01-06-2008 10:15 PM
Thanks Timothy. Yes, I take your advice as per the funding the retirement account. I have learned my lesson and I have made it a point to put 40% of my income into my savings. I have started looking for the house. Hopefully I would like to close on the loan by March/Apr. BOA said informally, I would be approved for loan. I might talk to CU also before I close the loan.One more quick question, I dont have any installment accounts. I have paid off 2 of the installment accounts couple of months ago. I have been approved for a car loan with CU about a month ago. I have already taken the hit with inq. Should I add a small car loan say $5k or $6k for 48 or 60 months? It will not put any dent on or effect on my util or on my DTI.Would help my fico or hurt my fico for adding this car loan.
01-07-2008 09:06 PM
01-08-2008 02:06 AM
Concord, I am about to close on a mortgage and I am on a software program that will allow me to pay off the mortgage in 9 years w/o taking extra $ out of my budget. I am stoked about that. GL on your pending mtg.
Byrdman, what is this software program?
01-08-2008 06:56 PM
01-08-2008 07:04 PM
missrenae wrote:I recently bought a home and did not see a drop in my score.In harmony with other poster, I would like to also know about software program.I had heard that if I make just one extra payment a year, I could save about $90K ininterest and about 7 years off the mortgage. Not sure how accurate this info is though.Anyone have any thoughts?
Who This Calculator is For: Borrowers who want an amortization schedule,
or want to know when their loan will pay off, and how much interest they will save, if they make extra voluntary payments in addition to their required monthly payment.
What This Calculator Does:This calculator provides amortization schedules for
mortgages, with or without additional payments. If additional payments are made,
interest savings and reduction in length of loan are calculated
01-08-2008 07:26 PM - edited 01-09-2008 12:31 PM
01-08-2008 07:29 PM
Don't know if I can post a website for this, but here goes. The mods will delete if I can't. I apologize in advance if I am not supposed to post. It's called the Money Merge Account System www.rescuresmtg.com
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO