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Started By
Message
1
Posted on 7/28/15 at 9:10 am to VetteGuy
When I bought property anything above 700 got you their best land rate which was 4.25%
Posted on 7/28/15 at 9:11 am to yellowfin
quote:
4.25%
Well, that sucks.
Posted on 7/28/15 at 9:13 am to VetteGuy
It's land not a house
Posted on 7/28/15 at 9:17 am to yellowfin
Yeah, I figured.
Not commercial?
Not commercial?
Posted on 7/28/15 at 9:19 am to VetteGuy
Not commerical
talked to several banks and midsouth beat everyone by 2%
Whitney wanted 9%
talked to several banks and midsouth beat everyone by 2%
Whitney wanted 9%
Posted on 7/28/15 at 9:21 am to yellowfin
quote:
Whitney wanted 9%
LOL.
But they pay 1% on their MM.
Posted on 7/28/15 at 9:22 am to Rouge
quote:
I have zero debt and pay all of my bills on time.
this does not maintain a good credit score
yeah, i was thinking the same.
Posted on 7/28/15 at 9:25 am to achenator
quote:
These numbers everybody throws out really have no meaning. I read somewhere that there are like 49 different credit scores. Numbers can vary widely.
The lack of knowledge about how credit works in this thread is extremely high. Their are 3 major credit reporting agencies, TransUnion, Experian, and Equifax each of them with their own scoring system. Depending on which area of the country you live in one might be more prevelant than the others.
If you go to a bank or credit union for a consumer loan (auto, recreational vehicle, personal loan) they will more than likely pull your credit & score from only one of the agencies as the cost of a full trimerge credit report is much higher (depending on the agreement with the credit agency the bank can get a single bureau report for $7-10 whereas a tri-merge report will cost $50+).
When applying for a real estate mortgage a full tri-merge credit report is pulled. The information from all three major agencies is compiled and merged into one report and each of the scores from those agencies are listed on the report. There is also information on the report relating to your identity, alias names, and prior addresses, basically the report contains a fraud alert. When the lender is "scoring" your report for mortgage lending purchases the middle score is used. Sometimes there may not be enough information available to the agency to generate a credit score. In those cases if only 2 scores are generated the lowest one is used, if one or zero scores are generated then non-traditional credit sources are used, or, more than likely, you aren't getting a conventional mortgage but you may still be eligible for VA, FHA, or Rural Development financing.
Your credit score is based on many different factors and each agency has devised a complex algorithm they use to generate a score. Factors include the amount of debt you have, the type of debt you have (a good mortgage payment history carries more weight than regular installment loans or credit cards), age of the accounts, amount of revolving credit, the ratio of outstanding credit to max limit (are your cards maxed or do you keep low balances?). This is why it is foolish to ever cancel a credit card that does not charge you an annual fee. By keeping an open account with a high limit and zero balance you are adding an aged account to your credit history with a ratio of 0% credit used thereby lowering your overall debt load ratio. Depending on the day of the month your credit is pulled your score will fluctuate due to payments being applied to your various accounts and the ever changing information compiled of your credit history. The report is just a snapshot in time and will change within the next 30 days.
Finally, a good credit history is not an indicator of a good financial well being. It is only a tool to be used to determine if you have a history of repaying your debts in a timely fashion. A truly rich person has no use for credit as they are able to pay cash for everything. They more than likely will have no credit score since they have no history or very little history.
End lesson.
This post was edited on 7/28/15 at 9:29 am
Posted on 7/28/15 at 9:30 am to SoDakHawk
What do you think about Dun&Bradstreet?
Posted on 7/28/15 at 9:42 am to SoDakHawk
quote:They have all combined to come up with the vantage score system. They don't each have their own system. Unfortunately, banks rely on Fair Isaac as the industry standard and most don't use vantage score. Apps like credit karma and credit sesame use vantage score. Even with vantage score, your number is going to vary depending on which agency the information is pulled from because the information they each have isn't always identical. Many creditors don't report to all 3 agencies and some don't report to any.
Their are 3 major credit reporting agencies, TransUnion, Experian, and Equifax each of them with their own scoring system
The banks typically use one of the several Fair Isaac formulas which is derived from FICO plugging in the information collected by one of the credit reporting agencies into the chosen FICO algorithm. Scores will differ based on which FICO score they use and which credit agency they get the information from.
Posted on 7/28/15 at 9:46 am to VetteGuy
quote:
What do you think about Dun&Bradstreet?
I know those frickers will call you every day until you sign up and pay their yearly fee
Posted on 7/28/15 at 9:47 am to VetteGuy
quote:
What do you think about Dun&Bradstreet?
Don't know of a single lender that uses them. Maybe some use them for making an internal determination, I don't know. Maybe they are making headway into some local or regional markets but on a nationwide level I have not seen any movement towards them as a credit reporting agency. The industry standards are TransUnion, Equifax, and Experian. Mortgage lending guidelines for Conventional, FHA, VA, & RD financing are based upon those scores.
Posted on 7/28/15 at 9:47 am to malvin
I don't have one.
Posted on 7/28/15 at 9:57 am to WDE24
quote:
They have all combined to come up with the vantage score system. They don't each have their own system. Unfortunately, banks rely on Fair Isaac as the industry standard and most don't use vantage score. Apps like credit karma and credit sesame use vantage score. Even with vantage score, your number is going to vary depending on which agency the information is pulled from because the information they each have isn't always identical. Many creditors don't report to all 3 agencies and some don't report to any. The banks typically use one of the several Fair Isaac formulas which is derived from FICO plugging in the information collected by one of the credit reporting agencies into the chosen FICO algorithm. Scores will differ based on which FICO score they use and which credit agency they get the information from.
True, things have changed a bit. Fair Isaac has come up with the scoring algorithm but each of the major agencies still supplies a score based on their data.
Here is an excerpt from the Fannie Mae handbook regarding general credit score requirements.
Credit scores are required for most mortgage loans purchased or securitized by Fannie Mae. The lender must attempt to obtain and use the classic FICO credit score for each borrower. The classic FICO is produced from software developed by Fair Isaac Corporation and is available from the three major credit repositories. Fannie Mae requires the following versions of the classic FICO score for both DU and manually underwritten mortgage loans:
Equifax Beacon® 5.0;
Experian®/Fair Isaac Risk Model V2SM; and
TransUnion FICO® Risk Score, Classic 04.
If the borrower’s credit file includes complete and accurate information to ensure the validity of the credit score, the lender does not need to further evaluate the borrower’s creditworthiness.
Reading further into the handbook, a minimum score of 620 is required for fixed rate loans and 640 for ARM's, though, from everything I have scene the big bank servicers and MI companies are overlaying higher scoring requirements, 680 minimum from what I have seen.
Posted on 7/28/15 at 10:01 am to SoDakHawk
quote:Most credit card companies that provide FICO scores are using the newer FICO 8 score. For most people, the FICO 8 will be a little higher than the older model FICO scores.
Equifax Beacon® 5.0;
Experian®/Fair Isaac Risk Model V2SM; and
TransUnion FICO® Risk Score, Classic 04.
However, not sure how many lenders have switched to FICO 8.
This post was edited on 7/28/15 at 10:02 am
Posted on 7/28/15 at 10:32 am to Real Pirate
quote:
Sorry for thinking that 760 wasn't that good? Seriously, a 760 equates to a B in a class.
Anything over a 700 is excellent credit.
Posted on 7/28/15 at 10:37 am to ksayetiger
quote:Best reply FTMFW
It was 760 until I took the OT advice and didnt.pay a traffic light ticket. Now it is 520
Posted on 7/28/15 at 11:09 am to TigahRag
quote:
You have no idea "how it works" .. downplay it .. but have a 95th percentile score .. Right ...
I really don't. I have had credit for over 30 years now. Try to pay bills on time but forget a few times. We try to keep our debt low but that fluctuates from time to time. My point is... I have no idea why it is over 100 points higher now than it was 5 years ago.
Just an FYI.. I was rejected for a Best Buy credit card last Christmas. I got the rejection letter and it cited a litany of reasons... (Debt load, late payments and my credit score) The letter went on to say my credit score was obtained by Equifax and it was at the time 795. I kid you not. I think these people are idiots.
Posted on 7/28/15 at 1:10 pm to malvin
quote:
What's your credit score?
My FICO score at Experian is 820.
My wife's FICO score at TransUnion is 850, the highest anyone can achieve. If asked, she can barely recall where we even bank at.
Any score above 760 doesn't necessarily translate into a person getting a better rate or terms and conditions.
This post was edited on 7/28/15 at 1:29 pm
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