Dave Ramsey and Fico Score

[Anonymous]

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@cjane1 wrote:

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.

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cjane1, might I suggest you read into a PFD pay for delete instead of begging them to delete it off your report after? When they still want something from you ie your money they will be more willing to help you.

[cjane1]

I only have 1 more payment and my settlement will be done. I read that the company has sued others and the amount I originally owed was 7700.00 so I settled for half. Plus, I am going to buy a home this year and needed it to show as paid as agreed, was told it would look better with the mortgage company.

[Anonymous]

My point was if it you try and negotiate to have it removed prior to paying your last payment they may be a bit more willing, and if it does not show up on your credit report at all I would think that would look better than having it show up as repo then settled....

[DallasLoanGuy]

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@cjane1 wrote:

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?

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get preapproved and go shopping.

rates already went up some. they eased back a little since then.

still great rates from a historical perspective.

the trend will be for higher rates in the future as we arent going to keep them artificially suppressed like we did the last 8 yrs

[Anonymous]

One of the many reasons you should not listen to Ramsey.

[Anonymous]

There is NOTHING AT ALL WRONG with listening to Dave Ramsey. He has done his homework and he's doing things right. He's showing you his philosophy. He's an open book(pun intended). Come on... Wouldn't you do everything he's doing if you could?

You CAN go through manual underwriting without a FICO score. That severely limits your options for lenders though. Use his teachings for guidance but follow your own path.

[DallasLoanGuy]

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@Anonymous wrote:

There is NOTHING AT ALL WRONG with listening to Dave Ramsey. He has done his homework and he's doing things right. He's showing you his philosophy. He's an open book(pun intended). Come on... Wouldn't you do everything he's doing if you could?

You CAN go through manual underwriting without a FICO score. That severely limits your options for lenders though. Use his teachings for guidance but follow your own path.

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dave makes sense on most things. i personally think he goes a little far on some things.

i dont want to limit my choices when it is time to get a mortgage or a car loan.

so i will keep a fico.

you can be debt free and have a solid fico. dont cut up the cards... just dont use them.

and there is enough free info out there exactly like dave's that you do not need to pay $100/month for....

[Anonymous]

I get that. I'm doing the same thing plus I have a BK on record so I'm obviously not following what he says (just what he does ).

BTW, what costs $100/mo? FPU is about $100 but that's a 1 time charge. It was also well worth it for what I gained. 

[Anonymous]

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@Anonymous wrote:

I get that. I'm doing the same thing plus I have a BK on record so I'm obviously not following what he says (just what he does ).

BTW, what costs $100/mo? FPU is about $100 but that's a 1 time charge. It was also well worth it for what I gained. 

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I was wondering the same thing...what costs $100 / month?!?!  Not FPU for sure!

[vanskills]

I personally think Dave Ramsey is an idiot..i