pilgrimfaraway Posted October 16, 2006 Report Share Posted October 16, 2006 Before discovering this site, I listened to what seemed to be deeply experienced advice from my mortgage broker. Step 1 - close my smaller, old accounts!What an expensive mistake! I just spoke to the VP of a bank that hit me on a tiny, $6 late charge, and she was sympathetic, but unmoved because "I voluntarily terminated by business relationship with my bank, so why should I now go out of my way to help?" I had a good answer to the question, but still - it would have been so much better had I not closed the account.More importantly, I would already be sitting fat and pretty on my way to having the home built if I hadn't listened and closed the accounts. they were more than 2 years old. I could have AU'd my wife onto the accounts, and then used her 710, but relatively short history, credit to get the loan SIVA.What a mess! People should need to get a license before speaking about credit! Link to comment Share on other sites More sharing options...
breathing_easier Posted October 16, 2006 Report Share Posted October 16, 2006 People should need to get a license before speaking about credit!Hear, hear! Until I met Charles/firstsource and others in the mortgage business on this site, I can honestly say I knew more about FICO, credit, credit reporting, etc. than any mortgage broker I encountered. The feeling that I got from those ill-informed brokers was that they were only interested in making the deal and would say anything to do it. I paid dearly for following the bad advice of the broker I dealt with in 2002 when I refinanced my mortgage. Part of the reason I frequent this site is to keep others from making the same mistakes I made. Link to comment Share on other sites More sharing options...
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