USA - Credit score

Post by **Giraffe }{unter** » Tue Nov 21, 2006 1:19 am

I googled and checked the wiki, where do you find a range of credit scores and what they mean.

ie. my credit score is xxx how do I find what category I fall into with lenders?

Post by **tnf** » Tue Nov 21, 2006 1:22 am

I think it kind of depends from lender to lender, but the general guidelines are out there - and the different reporting groups figure out the scores slightly differently too. I think its above 650 is considered decent, over 700 is good, above 750 is great...or thereabouts. Mine was 770 and I had great luck with mortage stuff.

Here's a good link that breaks each score down.
http://www.creditscoring.com/pages/bar.htm

Post by **Giraffe }{unter** » Tue Nov 21, 2006 1:31 am

nice, exactly what I was looking for. I got a 792, and I'm guessing the stuff they put below was a disclaimer then.

It had a bunch of crap under my score in the "following key factors affected your score" section that didn't make sense. I cleaned my credit reports of all faulty data and closed any open unuded accounts last year.

I didn't have an issue securing a mortgage approval, I'm guessing I let the disclaimer bug me...

Post by **rep** » Tue Nov 21, 2006 2:56 am

Looking into a mortgage?

Better saving up at least 20% of the principle first. Otherwise you'll be owned by the interest.

Most people recommend 10%.

Post by **Big Kahuna Burger** » Tue Nov 21, 2006 3:00 am

rep wrote:Looking into a mortgage?

Better saving up at least 20% of the principle first. Otherwise you'll be owned by the interest.

Most people recommend 10%.

thread got shitty right about there ^

Post by **tnf** » Tue Nov 21, 2006 4:21 am

rep wrote:Looking into a mortgage?

Better saving up at least 20% of the principle first. Otherwise you'll be owned by the interest.

Most people recommend 10%.

There are programs for first time buyers that can get you past that - and its not so much the interest as it is getting screwed into paying mortgage insurance if you don't have the 20%.

But GH seems to be loaded, so I'm guessing he won't have any problems.

Post by **Giraffe }{unter** » Tue Nov 21, 2006 2:03 pm

No 20% I kept spending my money like a Moron. We just got serious about saving a few months ago. I'm probably going to have to do an 80/15/5 to make my purchase.

Monthly payment looks scary, but I'm sure we can pull it off..

Post by **shaft** » Tue Nov 21, 2006 3:17 pm

lol...what kind of first time homebuyer is going to have $40,000+ sitting in the bank.
Actually, I know a guy who waited till he had 40k, a real penny pincher. If you talk to him now he will tell you that with the housing price increase over those 4yrs or so it took him to save...he would have been better off buying right away. But that was a few years ago on the upswing of the housing bubble.

I dunno where you live, but here in MN it is becoming a real buyers market. Record number of houses on the market. New homes have been built to excess; some new homes are dropping up to 20k if you close before the end of the year. Not to mention mortgage companies are waving closing cost....and/or giving you a percentage of your down payment.

Post by **Giraffe }{unter** » Tue Nov 21, 2006 4:50 pm

$40k more like $80k - $90k for 20%

houses are on the down swing, and are dropping heavily in this area, as Shaft said it doesn't pay to wait. Throughout the winter prices are expected to drop I plan to pull the trigger sometime in jan/feb

Hopefully we find something nice by then,

Post by **plained** » Tue Nov 21, 2006 5:12 pm

shaft wrote:lol...what kind of first time homebuyer is going to have $40,000+ sitting in the bank.
Actually, I know a guy who waited till he had 40k, a real penny pincher. If you talk to him now he will tell you that with the housing price increase over those 4yrs or so it took him to save...he would have been better off buying right away. But that was a few years ago on the upswing of the housing bubble.

.

so true ive seen that as well.

money in the bank is a poor investment imo.

Post by **plained** » Tue Nov 21, 2006 5:16 pm

Giraffe }{unter wrote: $40k more like $80k - $90k for 20%

houses are on the down swing, and are dropping heavily in this area, as Shaft said it doesn't pay to wait. Throughout the winter prices are expected to drop I plan to pull the trigger sometime in jan/feb

Hopefully we find something nice by then,

your area is like the mega area so it sets its own pace i believe.

you sound like you have your shit together , i'd just throw in my 2 cents , be picky, doent settle on something you'll regret down the line

Post by **Giraffe }{unter** » Tue Nov 21, 2006 10:02 pm

yep, the wife and I have had a few moments when she loves a house, then gets huffy when I shoot it down. Once we talk about it she understands.

Some Houses have the most retarded designs. I have imagination and the ability to knock down a few walls, but some houses just cannot be done...

Post by **shaft** » Tue Nov 21, 2006 10:03 pm

first house?

Post by **Giraffe }{unter** » Wed Nov 22, 2006 2:24 pm

yup, first house, until now The cost of a shitty house with 1 bedroom and an outhouse in the slums was half a mil. Now that the real estate market has reversed, and I have a wife and some cash in the bank it's a good time to go for it.

Besides I need a place with enough room to start my army of little Giraffe Hunter's

Post by **plained** » Wed Nov 22, 2006 2:31 pm

hehe

:icon14:

Post by **Captain** » Wed Nov 22, 2006 2:35 pm

Putting "long and strong" to the test ey

Post by **Giraffe }{unter** » Wed Nov 22, 2006 3:28 pm

Captain Mazda wrote:Putting "long and strong" to the test ey

before it becomes short and withered ...

Post by **Underpants?** » Wed Nov 22, 2006 4:27 pm

hey good luck man, from what I understand you've a very good credit score, maybe like an A or something?

I'm sure neffy would agree first time home buying is a trying but rewarding experience.

Are you building new or buying existing?

Post by **Giraffe }{unter** » Wed Nov 22, 2006 5:23 pm

Buying an existing home, in an area with a good school system. Sadly that limits my locations and raises my takes to retarded levels. Looks like the lowest I will pay for taxes will currently match what I currently pay for rent

Post by **shaft** » Wed Nov 22, 2006 5:36 pm

good luck with that.

Post by **raw** » Wed Nov 22, 2006 5:52 pm

I have a FICO credit score of 759 and am thinking of buying my second house.

Post by **iluvquake4** » Wed Nov 22, 2006 5:53 pm

credit cards are evil

Post by **raw** » Wed Nov 22, 2006 5:55 pm

iluvquake4 wrote:credit cards are evil

Only if you're a pauper.

)

Post by **iluvquake4** » Wed Nov 22, 2006 6:01 pm

i thought we were friends :icon27:

Post by **iluvquake4** » Wed Nov 22, 2006 6:03 pm

:lub: