@coldfusion wrote:
@Anonymous wrote:
ITs more for after a mortgage. planning ahead.
do you think the student loan note about forebearance will be an issue? in other threads the general opinion seemed to be that it wont effect the scores
It's up to each individual lender to determine for themselves if and how a forbearance annotation skews their assessment of an applicant's creditworthiness. In some ways it's not unlike collecting a number of HPs within a few days while applying for car loans - FICO 8 will for scoring purposes consider all of them as a single HP but an issuer can at their discretion choose to consider them individually.
The higher priority right now is that if considering applying for a mortgage within the next 12 months you should not be applying for additional credit until after the house closing.
Yup, for sure. from other threads i learned not to do anything thats adds a line of credit or does a hard pull.
i was also told i should apply for a new credit line after the mortgage goes through as it may effect my score and ability to do so. so trying to do the research on that now.
it seems crazy that remark could hold so much weight... i guess i should have done more digging at the time, but it seemed like a no brainer to take that 3 months of student loan payments with 0 itnerest forberance and put it into 29% APR debt and pay down balances when balances are all that stands in the way of me and getting to 760 middle score.
i mean to me thats just a sound financial decision not a financial hardship. if i knew they would have put in that remark i would have paused and thought about it but i never considered that afterr talking to them they said it wouldnt be reported as a negative or hurt my credit score.
would i get a chance to explain that to the underwriter?
