whocares Posted July 22, 2007 Report Share Posted July 22, 2007 I was looking for some new credit lines, I was reading True Credit and they said I would have better scores if I had a mortgage...I own my homes free and clear, they have always been paid for cash, without any loans....I have 2 CC and student loans were just paid off in December. Link to comment Share on other sites More sharing options...
chilton1 Posted July 22, 2007 Report Share Posted July 22, 2007 depends if you want more bills. No mortgage and score 798 down from 804 all credit cards are less than a year old. Most recent cards two months old.I have read on here that it takes a long time for your scores to benefit from a mortgage. Link to comment Share on other sites More sharing options...
Yodaddy Posted July 22, 2007 Report Share Posted July 22, 2007 If you have two houses paid off, then you have something better than a FICO in orbit......You have collateral.Believe it or not, collateral is still more valuable than an 850 FICO and paper money.....It is coined gold sitting in the bank.Few banks would blink twice before lending you 80% of their true market value in exchange for a lien against them if you had poor FICO, so take care not to get impulsive:) ...Some folks would lend you 125% their value if you had high FICO Link to comment Share on other sites More sharing options...
whocares Posted July 22, 2007 Author Report Share Posted July 22, 2007 Hi Yodaddy, I could not get a stinking 15 grand from HBSC with my home as collateral....Thats what kinda got me working on my credit...we have alot of assets, but do to lack of financing...we buy everything cash..so no mortgage history and no real long term payments...no car loans either...we paid cash then too.I have less than 1000 in bad debt showing on my reports and most is 4 years old.We have a second home we are fixing up to the tee old style victorian...we will sell it when we are done and plan to make a good amount and pay the loan off... Link to comment Share on other sites More sharing options...
Yodaddy Posted July 22, 2007 Report Share Posted July 22, 2007 Next time seek out a local lender/investor who knows you, your market and the risks/property values there......Don't automatically skip over those little small town banks and savings n loan companies cause they don't advertise.....You will be surprized at how willing they are to float you for title to the place...Realtors too.....ANYONE can float you a loan on real property.....Many individuals do it as investment, but at such a low level that you never know.It is a simple fact that you don't need a big city bank to back you if you have solid collateral and they have a reliable and cheap lawyer.Advertise your property as up for investment and see who bites...There will be a range of individuals including old ladies, DR's, Lawyers and realtors who will respond with questions and terms. Link to comment Share on other sites More sharing options...
whocares Posted July 22, 2007 Author Report Share Posted July 22, 2007 Good suggestion, Thanks Link to comment Share on other sites More sharing options...
PolarBearnCO Posted July 23, 2007 Report Share Posted July 23, 2007 I'm still trying to figure out what this thread is supposed to be about."How Much does a mortgage or lack of matter??" Huh? Link to comment Share on other sites More sharing options...
Yodaddy Posted July 23, 2007 Report Share Posted July 23, 2007 It's fairly transparent.The guy asked just how much a mortgage loan would tend to effect his FICO scores.The consensous/answer was that any mortgage loan in good standing has a big positive enfluence on FICO scores.My response was that if you had two houses already paid for, then who cares what your FICO score is cause the collateral contained in those houses screamed louder than any FICO.I typed this slowy in case you don't read fast. Link to comment Share on other sites More sharing options...
whocares Posted July 23, 2007 Author Report Share Posted July 23, 2007 Your too funny...you typed slowly cause you use 2 fingers... Link to comment Share on other sites More sharing options...
chilton1 Posted July 23, 2007 Report Share Posted July 23, 2007 Does getting or having a mortgage help your fico significantly Link to comment Share on other sites More sharing options...
whocares Posted July 23, 2007 Author Report Share Posted July 23, 2007 True Credit and they said I would have better scores if I had a mortgage...Why would this matter, doesn't not owing 100,000.00 or more matter?It would seem to me someome who did not owe a 30 year mortgage would be in a better financial position, than someone who owes that much and credit cards too.I have good income, less than 1000.00 in debt...and yet I still have low scores...not alot of negs or collections.I'm working on that last one, getting better everyday Link to comment Share on other sites More sharing options...
Yodaddy Posted July 23, 2007 Report Share Posted July 23, 2007 Please remember that FICO reflects HOW WELL(reliably)you pay and WHAT you pay, and OVER TIME.So...that said, then look at it this way.......FICO only reflects your paying habits.....(if you allow errors on that report to remain, then shame on you.)So FICO is a measure or reliability ONLY...It has nothing to do with your ABILITY to pay, just IF you pay and what you pay reliably....FICO doesn't reflect if you starve to pay your apartment lease or if you could afford to pay 10 times the lease, it only shows if you pay reliability.The lender you approach for the loan is the guy who has to verify your income and expenses, not FICO or the CRA's. CRA's and the big 3 have no need to know your income and expenses, just your payment habits.The lender is the guy who decides if you have the money in your monthly budget to make the payments....So the lender first calculates the payments compared to your income and expenses, then if it looks possible for you to pay, he checks your FICO to determine your payment history.If your payment history sez you tend to pay on time, and your income and expenses (verified by the lender)indicate you can afford the new additional payment, then you get the loan.So let's go back to the WHAT you pay part of your CRA record.....Let's say you have lots of collections and lates on several CC's but you've had 3 satisfactory car loans the last ten years and your present car loan is also current....If you are shopping cars, then odds are you will get a decent car loan......But if you are attempting to get a premium credit card, then forget it.Same for home loans.....If you tend you pay your home loan reliably over time, then as long as you got nuff income you will get a home loan. Link to comment Share on other sites More sharing options...
chilton1 Posted July 23, 2007 Report Share Posted July 23, 2007 True Credit and they said I would have better scores if I had a mortgage...Why would this matter, doesn't not owing 100,000.00 or more matter?It would seem to me someome who did not owe a 30 year mortgage would be in a better financial position, than someone who owes that much and credit cards too.I have good income, less than 1000.00 in debt...and yet I still have low scores...not alot of negs or collections.I'm working on that last one, getting better everydayYour information does not say much. Owing 1000 does not say much. How much credit do you have overall. if you owe 1000 and overall have 1500 not good. How old is your credit history my credit cards are only few months oldest 9 months old but oldest student loans is 15.NOt a lot of negatives is also not saying much. how old are these negatives? if you had excellent scores and then got one late that could cost you 80 points, even more. Link to comment Share on other sites More sharing options...
whocares Posted July 23, 2007 Author Report Share Posted July 23, 2007 7/22 TU EX EQTOTAL ACCOUNTS: 6 8 7 OPEN ACCOUNTS: 3 2 2 CLOSED ACCOUNTS: 3 6 5 DELINQUENT: 0 0 0 DEROGATORY: 3 2 1 BALANCES: 784 628 628 PAYMENTS: 0 21 0 PUBLIC RECORDS: 0 0 0 INQUIRIES (2 years): 3 4 3 Fakos 597 625 616 Experian report Your PLUS Score is: 642 on a scale of 330 - 830Last TU real score 621Student Loans 10 years old, Paid off in Dec 2006Credit cards 2 + 4 years, perfect paymentsI don't know why they are this way, I am not sure how EQ Looks Link to comment Share on other sites More sharing options...
Yodaddy Posted July 23, 2007 Report Share Posted July 23, 2007 Gurl, where is the car loan or home loan? You know, long term installment stuff, not just revolving stuff.All I see is credit card stuff with small balances and no ref to credit limits.I'd loan you money, but that's only cause I kinda know you and you cook and look after your bills and your man.These FICO guys are Shylocks tho. If they sneak a squeeze it's only to gauge their pound of flesh. If I do it, it's to flirt:) Seriously, from what you posted, I see no installment loans that show an original high balance with a long history of reliable payments and low present balance.A four year car loan for 20K that is 36 months old with 3K remaining would scream better scores....Same as a 100K home loan for 30 years with 10 years remaining.Your cedit history needs to show high original balance compared to much lower present balance, with clean history of no late payments over life of loan.How high original balance?.....how high is only relative to how low it is today.500K five years ago vs 250K today, is the same as 20K five years ago vs 10K today....FICO looks for TIME, RATIO of BALANCES when new compared to present, and PAYMENT HISTORY.......Small amounts can equal big scores same as large loan amounts.That is the beauty of FICO, it does not compare us income wise, only payment history wise.....FICO can be considered an equal measure of Men. Link to comment Share on other sites More sharing options...
chilton1 Posted July 23, 2007 Report Share Posted July 23, 2007 7/22 TU EX EQTOTAL ACCOUNTS: ............. 6.................8..........7 OPEN ACCOUNTS: ...............3.................2..........2 CLOSED ACCOUNTS:.............3.................6.........5 DELINQUENT: .....................0.................0..........0 DEROGATORY:.....................3..................2.........1 BALANCES:.......................784................628......628 PAYMENTS:.......................0....................21.......0 PUBLIC RECORDS: ..............0.....................0........0 INQUIRIES (2 years):...........3....................4.........3 Fakos......................597...............625......616 Experian report Your PLUS Score is: 642 on a scale of 330 - 830Last TU real score 621Student Loans 10 years old, Paid off in Dec 2006Credit cards 2 + 4 years, perfect paymentsI don't know why they are this way, I am not sure how EQ LooksYou probably need to get one or more positive accounts. you dont have a lot of negatives but you have very few positive accounts. You did not say what the credit limits were. is the 621 a fico score? if your credit limits are not very high that could be killing your score.how much available credit do you have? the paid off student loans also cause a decrease in your scores. Link to comment Share on other sites More sharing options...
whocares Posted July 23, 2007 Author Report Share Posted July 23, 2007 I got a gold card from HSBC 1000.00 limit, I have a 500.00 card from Orchard down to 325.00 balance...I learned I need to keep that lower...I have a shilouettes card for 250.00, Used it once or twice...250 limit...0 balance owedCar 2006 BMW paid Cash, House 156,000 Paid cash, second house 34,000 paid cash, My shop 220,000 paid cash, Inventory 120,000 paid cash, Hubbys truck 2005 explorer paid cashI guess I felt if I owed nothing I would look better credit wise...I would not lose anything if my business failed...I don't want to apply for anything more..as I don't want too many inquiries...and I would not want to be turned down. Link to comment Share on other sites More sharing options...
chilton1 Posted July 23, 2007 Report Share Posted July 23, 2007 ok you dont need anything else. You need to pay down the balances. you are using almost 70% of the orchard card. I don't know your balance on the HSBC but with a 1000 balance you should not owe more than 250.I think the balances are killing your score; try to pay them down. try to get the balances down to no more than 30%. I keep mine between 1 and 9%. Link to comment Share on other sites More sharing options...
whocares Posted July 23, 2007 Author Report Share Posted July 23, 2007 HSBC has 100.00 balance, I bought gas and the 59.00 application fee, I'm going to pay down orchard to almost nothing...I was going to pay it off and close it...But from reading here...I need to keep itand since I'm self employed, I don't need things to get out of hand. I do not make alot of money on paper...so I don't know what to put as income. Link to comment Share on other sites More sharing options...
chilton1 Posted July 23, 2007 Report Share Posted July 23, 2007 that is good. that is probably what is keep your scores down. Pay it down and you will mostly likey see an good increase in score. Do not close the card. work on removing the negatives. also do the equifax trick to remove the inquires Link to comment Share on other sites More sharing options...
Yodaddy Posted July 23, 2007 Report Share Posted July 23, 2007 Girl, you have 600-700K in assets and almost no debt.Exactly why do you need higher scores?Are you looking to support a business expansion via your personal credit?...Or are you simply looking to sleep better?inspite of the assets, are you losing ground due to income?Are you one of those folks who worry more as they get less to worry about?I'm not teasing you......Just trying to understand what your goals are and your motivation. Link to comment Share on other sites More sharing options...
Yodaddy Posted July 23, 2007 Report Share Posted July 23, 2007 EQ trick to remove inquiries?.....Tell me more....A buddy of mine at work has 12 and seeks relief. Link to comment Share on other sites More sharing options...
chilton1 Posted July 23, 2007 Report Share Posted July 23, 2007 Yes you can. When you go to this site, https://www.econsumer.equifax.com/consumer/sitepage.ehtml?forward=online_dispute, enter in your zip code. On the next page...@ the very top (below "Welcome to Equifax Online Dispute"), click on "If you do not have a confirmation number, click here to start your investigation". In the Investigate Item #1 box, for creditor's name, enter in the creditor who pulled your report. In the Acct# box, enter in "Inquiry DATE" (DATE is the date the report was pulled; an example would be "Inquiry 1/24/07"). Then check "not mine". Do this for up to 10 inquiries @ a time, I think. At the bottom of the page, click "send mail"...and then be on your merry way.http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=263630&highlight=remove+inquires Link to comment Share on other sites More sharing options...
Yodaddy Posted July 23, 2007 Report Share Posted July 23, 2007 thanks.....just for grins, I tried it to see what happened....This should be fun. Link to comment Share on other sites More sharing options...
chilton1 Posted July 23, 2007 Report Share Posted July 23, 2007 well keep checking if they are not gone in 24 hours do it again and they should all be gone. For transunion you can bump the inquires off by pulling your report every day after about 45 days you may start to lose inqures. Experian you have to get a spy on the inside 8-) Link to comment Share on other sites More sharing options...
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