Dave Ramsey and Fico Score

[cjane1]

Hi all,

        The other day I was listening to Dave Ramsey and he said that we shouldn't worry about our fico score that it is just a number. The man that called in said he wanted to get a mortgage loan and what would be the lowest score he could have and Dave Ramsey's response was, there are companies that don't go by fico scores. I have never heard of this so does anybody have info?

[Anonymous]

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@cjane1 wrote:

Hi all,

        The other day I was listening to Dave Ramsey and he said that we shouldn't worry about our fico score that it is just a number. The man that called in said he wanted to get a mortgage loan and what would be the lowest score he could have and Dave Ramsey's response was, there are companies that don't go by fico scores. I have never heard of this so does anybody have info?

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Think about the part in bold for a while. 

It is the cause of your confusion here, and can be remedied by studying this and other popular credit-related forums.

[Anonymous]

I listened to Dave Ramsey while getting my situation in order.  Some of what he says is helpful and some is not,  especially his one size fits all approach to everything.  If you're Dave Ramsey and you have $20,000,000.00 and pay cash for all of your real estate transactions, FICO scores don't matter much.

The rest of us would be wise to ignore the teachings of Ramsey and listen to the real experts here.

[pizza1]

In reality...unless you have the money to pay cash for everything, including your home, you need credit and fico scores, especially for a mortgage.

I think the lowest scores for FHA are 620? it might even be 580 now...you can google it.

[Anonymous]

580 but I don't think a score that low gets a good rate.  I wouldnt think so anyway.

[DallasLoanGuy]

Dave ramsey doesnt need a fico score because he makes gazillions on people sending him $100 per month. he can pay cash for his mansions

i think that $100 per month should go more to bills and not to advice i can get for free.

he is right though. you dont need a fico score if you dont want to finance anything

[IncrsCreditScore1]

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@DallasLoanGuy wrote:

Dave ramsey doesnt need a fico score because he makes gazillions on people sending him $100 per month. he can pay cash for his mansions

i think that $100 per month should go more to bills and not to advice i can get for free.

he is right though. you dont need a fico score if you dont want to finance anything

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LOL.  Love your sense of humor.  And I totally agree with you. 

[cjane1]

Yeah I thought he was kind of full of it.. Unfortunately we don't have a 6 months emergency fund as he suggested but I have been paying off my repo and only have 1 more payment to go of 972.00 then I will be begging them to remove off my credit report. I've been working on cleaning up my credit so we can buy a home with a good interest rate, I want to get a 15 year mortgage so where not paying after hopeful retirement at 65. What is best ARM or fixed and how much is the lowest we would have to put down?Our lease is up in June so we don't have much time to get everything done and no way do I want to sign another lease for a year. This will be our first house and I am really nervous about making the wrong move. Our income is 65,000 with my husband only working, I am currently looking for a job so of course the income will be higher but we don't want to pay an outragous monthly payment, something close to what we are paying now on our rental.

[DallasLoanGuy]

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@cjane1 wrote:

Yeah I thought he was kind of full of it.. 

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not totally.   but he goes to far on a couple of things

[cjane1]

Since you are in Texas as I am, what is the best way to getting a mortgage? I live is San Antonio and the housing market seems to be going great but are interest going up soon?