Established Contributor
bettercreditguy1
Posts: 757
Registered: ‎02-11-2012
Re: FORGET fico score NOT used by Mtg Lenders

Yes, I have been on both sides of the fence. My experience is that the larger the bank the more they are number based. A smaller community bank or credit union knows more about YOU, your situation, and your reputation. One difference being, your local lender may charge a bit more. IMO, it is worth it's weight in gold. Several years ago, I went through a divorce, many banks would not lend me money for a new car because of DTI including child support obligations. One long time banking Officer did. I was forever greatful and paid the loan off four months early and every payment a week ahead to make him look good to the Board of Directors. The favor, priceless.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience