FICO question
#51
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'05 E320 CDI, '08 BMW X5 4.8i, '11 Duramax 2500HD
you mortgage broker are becoming worse than used car salesman, and lawyers in the food chain! ![Big Grin](https://mbworld.org/forums/images/smilies/biggrin.gif)
Seriously, these companies keep calling my house like clockwork at the same time with their bloody autodial systems than when you answer, you get nobody on the line! What a waste of their money and my time! Dynasty mortgage is a big one these days with this crap!
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Seriously, these companies keep calling my house like clockwork at the same time with their bloody autodial systems than when you answer, you get nobody on the line! What a waste of their money and my time! Dynasty mortgage is a big one these days with this crap!
#53
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1989 Toyota Tercel EZ - dyno'd @ 70whp/77wtq
Originally Posted by amdeutsch
I was under the impression that the FICO is handled by someone else and just reported by the CBs. How can there be such a difference in max score as posted by sl561? ![Confused](https://mbworld.org/forums/images/smilies/confused.gif)
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Once the statistical models developed, they try to scale them the same across the bureau.... so score of 700 means the same (or similar) thing.
As I stated earlier, since there are data inconsistencies among the bureaus, the max. possible score is different. But you could generalize the score range to be 350-950.
Try not to close your accounts (even if you don't use it) if you have balance in other accounts because one of the well-known and powerful variable used in FICO is utilization (ratio of your balance to your credit limit). So if you close your accounts, it makes your credit limit lower, thus, higher utilization, thus, you are deemed to be higher risk than you are before.
Good rule of thumbs for something that you could control...
- Pay all debts on time
- Sum of all your debt divided by your credit limit (credit and retail cards - not including mortgage, equity line, student loans, etc.) should be around 5%.
- Don't put too many inquiries.... if you shop for mortgage or car loans, better shop in ONE day.... all bureaus will only keep ONE (even though you put 10 inquiries) at the end of the day
Hope it helps some members here.... If you want to know more, just ask in this thread... hopefully, I could answer.
Disclaimer: I am not a Fair Isaac employee.... only someone who has been in financial service industry for years
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#54
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Originally Posted by amdeutsch
There are some sites, news reports, etc that I read recently that nowadays claim 740/750 or above for the best rates. I'll try to find those again.
I pulled my 3 scores at myfico.com and are 748/765/781. What % of my gross monthly should I "max out" with a mortgage?
#55
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07 M6, 05 Noble, 01 S4, Smart ForTwo
Originally Posted by Chappy
I pulled my 3 scores at myfico.com and are 748/765/781. What % of my gross monthly should I "max out" with a mortgage?
Those are good scores- it will be hard to knowlingly manipulate them any better.
As far as what you can afford- all up to you, and your local RE market. Just remember to take into account for taxes, insurance, etc. People with higher disposable income will tel you 30% or so, but it may not be realistic for your income, needs, housing, etc. Just make sure that when you calc your budget you have a nice coushin every month of excess income
#56
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Is anyone interested in 100% investment loans? I was with Countrywide Financial for 2 1/2 years until I moved onto Aegis Mortgage Corp. and we offer them.
#57
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07 M6, 05 Noble, 01 S4, Smart ForTwo
1st of all, thanks for the plug... 2nd off, 0 down investment loan is pretty stupid, and non-cost-effective. 3rd, we can do them as well, so can many others.