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Started By
Message
Will the credit bureaus always find fault?
Posted on 8/13/14 at 10:15 am
Posted on 8/13/14 at 10:15 am
This is for my wife.
To respond, she has a balance of $61.51 on her PenFed Rewards Credit Card that is used for gas purchases that is paid in full every month.
We did obtain a Home Equity Loan (building outdoor kitchen and pool) with PenFed that we just closed on and have our first payment scheduled for the end of this month.
If she had an 850 "perfect" score, would the bureaus still find "fault?"
To respond, she has a balance of $61.51 on her PenFed Rewards Credit Card that is used for gas purchases that is paid in full every month.
We did obtain a Home Equity Loan (building outdoor kitchen and pool) with PenFed that we just closed on and have our first payment scheduled for the end of this month.
If she had an 850 "perfect" score, would the bureaus still find "fault?"
This post was edited on 8/13/14 at 10:18 am
4
Posted on 8/13/14 at 10:46 am to Will Cover
Sort of unrelated, but I'm thinking of the penfed equity loan for an addition. How long did it take to close? On bogleheads it's a mixed bag of awesome and horrible stories.
Posted on 8/13/14 at 10:48 am to Will Cover
You are worried about an 831 credit score?
Posted on 8/13/14 at 10:48 am to Will Cover
You are worried about an 831 credit score?
Posted on 8/13/14 at 10:50 am to Venelar
quote:
but I'm thinking of the penfed equity loan for an addition. How long did it take to close?
Exactly one and half months. Fairly simple process. Didn't always receive a timely response back from our loan officer, but we pushed through.
Rate was great, better than anything I could find locally.
Posted on 8/13/14 at 10:52 am to Shankopotomus
quote:
You are worried about an 831 credit score?
Score is not an issue.
Just curious if there will always be something "negative" as feedback, even for people with high credit scores?
Posted on 8/13/14 at 10:55 am to Will Cover
Yes. Because a perfect 10 doesn't exist.
Posted on 8/13/14 at 11:11 am to VABuckeye
quote:
a perfect 10 doesn't exist.
If this were the OT Lounge, I'd go in a different direction.
Posted on 8/13/14 at 12:19 pm to VABuckeye
They say it doesn't, but at my last job there were plenty of 850s in the system. I am pretty sure it is part of the regulation that they have to give reasons though.
Posted on 8/13/14 at 12:32 pm to HeadyMurphey
quote:
They say it doesn't, but at my last job there were plenty of 850s in the system. I am pretty sure it is part of the regulation that they have to give reasons though.
Pretty sure the form letter will always have reasons, no matter how high the score.
My grandmother called me after getting a decline letter (auto dealership put her income in wrong with 1 lender) and it stated some crazy form letter reasons. Her score was 846. I laughed and told her there was nothing to worry about. But she is one of those people that will spend time running out to tell kids to get off her lawn. So i'm pretty sure she called the dealership and the lender to bitch at them.
Posted on 8/13/14 at 1:21 pm to Will Cover
Do they require an appraisal?
Posted on 8/13/14 at 2:40 pm to Will Cover
I've been looking at credit reports for years and have never seen an 850 score. I don't know if it is possible and I think credit reporting agencies will always find a negative to report even if not really negative.
Posted on 8/13/14 at 2:44 pm to yellowfin
quote:
Do they require an appraisal?
Yes. Appraisal was scheduled fairly quickly within 1.5 weeks, after paperwork was submitted and appraisal came back 3 days after viewing my home.
Posted on 8/13/14 at 2:45 pm to SoccerMom
quote:
I've been looking at credit reports for years and have never seen an 850 score.
My wife's score actually went down. It was 836, but I assume the inquiry with PenFed (home equity loan) caused a 5 point drop.
Posted on 8/13/14 at 3:07 pm to SoccerMom
The only way I saw it was because I looked for it. I work on the software side and ran a query on the database. Out of 500000 pulls, I saw about 5 850 beacon scores.
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