Re: Charge-offs six years later

Posted by Peter (204.32.115.65) on April 10, 2003 at 22:30:02:

In Reply to: Charge-offs six years later posted by Peter on April 10, 2003 at 19:02:00:

Thanks to all for the (very quick) responses. Like others here I think I was looking for some validation on my own thoughts.

For the information of others...
In my case a house I was very interested in became available, and of course all we hear about are how interest rates are super low, etc, etc. I have much better than average income for the past three years and have been very fiscally responsible, perhaps to a fault as there are no other positives (or negatives) on my report since 1997. It's a blank slate. In retrospect a secured credit card about a year ago might have helped a bit.

I did some calling around to various mortgage lenders/brokers to see what their responses would be. I created a short printout of my information including salary, assets, Fico score, and printouts from my credit report. I did not include social security# or specific address, nor did I permit them to do credit look-ups. The goal was to get a rough idea of what they could offer before I let them go forward. The results were mixed, about 40% never returned my call or emails. About 20% told me that they don't handle my type of situation. 20% came back with high interest rate non-conforming loans (4% over market), about 10% came back with very competitive rates (I'm thinking bait and switch). The remainder included unspecified offers.

I'll pursue the good offers, and if nothing pans out I'll just wait until next year.

One last exit question. Next year all of the negative stuff disappears, should I expect that the FICO score will jump up...a lot, or will those Fair Issac people keep their score.

Thanks again for the help,
Peter

Follow Ups:

Post a Followup