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Re: Need ADVICE: Web sites for home loan information


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Posted by jm10101 (198.80.153.10) on October 28, 2002 at 16:25:57:

In Reply to: Re: Need ADVICE: Web sites for home loan information posted by Humphrey on October 28, 2002 at 16:06:26:

It is a problem that you don't have any revolving accounts. FICO scoring favors having a couple bank cards AND a couple department store cards...

Hmmm...What else do you have on your account? Any loans? Car or student?

I hope others will pipe in if they think I'm giving you bad info, but I truly feel your broker is incorrect. If your scores go up, it will not be very much. It may be enough for your needs, however. If you could get them to agree to delete the trade lines in exchange for payment, then you could be in good shape. Maybe the rapid rescoring would be a better way to ensure this would happen - once in a while a collector is not good to his or her word...I suspect if your broker approaches a CA with rapid rescoring, the CA will smell the blood and make things expensive...although, they may also delete things if paid.

On the other hand, I doubt a bank will close the loan with unpaid chargeoffs showing on your credit reports - they represent the possibilty of a future lien on the property, so it's going to be in your interest to get rid of them.

I'd dispute with the CRAs as a starting point, if you have the time.


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