cabledude Posted July 31, 2004 Report Share Posted July 31, 2004 I have gotten myself up to about 675 with help from this board. No collections, just a few scattered 30 day lates before March 2003. The only real biggie holding my FICO down is one 60 and one 90 day (prior to March 2003) late on a CC that is now current. I have asked for them to delete with no luck. I'm getting ready to try again though soon. My question is do you think I'm even getting close to getting a favorable rate at this point or should I wait till next summer after all lates have passed the 24 month mark. Everyone says the FICO will jump after 24 months, just not sure how much. Link to comment Share on other sites More sharing options...
firstsource Posted July 31, 2004 Report Share Posted July 31, 2004 As you probably know, there are a lot of things that go into qualifing for a loan, but from just the credit score consideration, you are "good to go", to get a mortgage. Should be able to get a great rate. When you are shopping, even though you can "afford" a 30 year mortgage, research 5 and 7 year ARMS. They are priced cheaper than a 30 year. Most people either re-finance ever 5 years or buy a new home every 5-7 years. Charles Link to comment Share on other sites More sharing options...
cabledude Posted July 31, 2004 Author Report Share Posted July 31, 2004 What exactly is an ARMS? My only concern there would be that interest rates are sure to climb in the the next 5-7 years. So if I would stay in the house past that time a refinance may be at less favorable terms. Link to comment Share on other sites More sharing options...
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