Post by: pianoman9701 on July 07, 2023, 02:09:44 PM
Post by: Ridgeratt on July 07, 2023, 05:25:30 PM
Post by: Fidelk on July 08, 2023, 07:42:38 AM
Post by: pianoman9701 on July 08, 2023, 11:23:02 AM
So with a 580 credit score what is the current interest rate?
There's no way to give you a rate without doing an application. Just remember that the higher your score is, the better your rate.
Post by: pianoman9701 on July 08, 2023, 11:38:27 AM
There are no 125% loans like in the years preceding 2008. Because of extremely low inventory, unlike in 2008, property values aren't going to dive 50% like 2008. And mutual funds based solely on interest rates with no service or product are now illegal. The laws have changed drastically since 2008 to not only protect the consumer, but the economy as a whole.
I'm a paid sponsor. I've helped dozens of people on this forum with my work and honesty and integrity is what I'm about. I won't be getting into a spitting match over my posts. If you don't like the program I'm posting, move on. If you feel so inclined, buy your own sponsorship and post what you wish.
Post by: Rainier10 on July 08, 2023, 12:38:50 PM
This a site sponsors classified ad.
Negative comments in any classified ad are against rules.
Turning a thread on the main forum into a political thread is against the rules.
Carry on.
Post by: pianoman9701 on July 08, 2023, 12:59:50 PM
I try not to comment on threads that could affect sponsors negatively. But a person with a 580 credit score should have some serious conditions put on the ability to aquire a home loan. I'm not liking this too much.
All the loans require the ability to repay (ATR) rule and borrowers must meet the correct debt-to-income ratio or they don't get the loan, regardless of score.
Many off the people I see with low credit scores lately have them because of unexpected medical bills from the past, which take 7 years to get off your record. Some have improved their financial position and will make payments on those past bills, which resets the black mark 7-year clock, unfortunately. Trying to do the right thing with your credit history can actually hurt your FICO score. It seems counter-intuitive to all of us in the industry to penalize someone who's finally on their feet and trying to do the right thing...or to advise someone not to pay off a 6-year old debt when they now have the means to do so. One of the changes our industry would like to see is to reward people for meeting their obligations, instead of penalizing them for trying to.
Post by: Stein on July 08, 2023, 04:09:44 PM
Anyway, I had lousy credit for years after that and as mentioned it didn't fall off for 7 years until after I bought my house. I had zero debt, great job, pile of cash in the bank and lousy credit.
Credit ratings are a joke really. You get a great one by borrowing a bunch of money in a bunch of different ways.
Post by: pianoman9701 on July 09, 2023, 09:01:24 AM
When I graduated college, I moved into an apartment and started my first professional job. I moved out a year later and they claimed I left a big stain on the carpet. I didn't and had video tape showing the condition when I moved out. They sold the debt to a collector, same song and dance. They reported it as written off, argued with the credit agencies who did nothing.
Anyway, I had lousy credit for years after that and as mentioned it didn't fall off for 7 years until after I bought my house. I had zero debt, great job, pile of cash in the bank and lousy credit.
Credit ratings are a joke really. You get a great one by borrowing a bunch of money in a bunch of different ways.
I agree to an extent. Although, one of the things the credit bureaus look at is how much credit you are approved for v. how much you use. For example, if you have a credit limit of $10K and revolve more than 30%, you get dinged. I used a line of credit at my CU 6 months ago, $4k out of $5.5K, and my credit score dropped immediately by 30 points. After going below 30%, it was restored to its original status. But since people don't know this, when they use too much credit in a given account, they can't understand why their score has dropped when they make all of their payments on time. It doesn't make sense to me either.
Post by: Fidelk on July 09, 2023, 09:13:45 AM
I've helped dozens of people on this forum with my work and honesty and integrity is what I'm about.
That is certainly the impression that I have of you.
Post by: pianoman9701 on July 09, 2023, 10:01:07 AM