smurfette in nyc

FICO "sucker" score vs. mortgage score?

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Just curious, but was it because you didn't have money for a down? I potentially might have a sizable down payment if things go as they should in the next 3-4 years where I can avoid PMI. If I can't, I will go PMI myself, but I'm trying to avoid it.

Also too....with the credit crunch going on and based on past readings, I don't think I can see an interest rate that low in the 640-680 range. Everything seems to be pointing to a higher number....

I want to send a big Thank you subprime borrowers :rolleyes: ....you ruined it for people like me that will pay a mortgage!

I found it funny too that you don't refer to the myfico scores as sucker scores when refering to yourself....real cute. :)

Sorry...I put "consumer" in quotation marks because that's what our broker called them. They are indeed the "sucker" scores.

And, yeah, PMI because we didn't have a sizable down payment.

And, if you've got 10-20% down, and scores in the high 600, low 700's, you won't have any trouble getting a mortgage.

And, don't blame the subprime borrowers...its the subprime lenders that bet they'd be able to lay off their subprime loans on unsuspecting investors that screwed that up. All the borrowers did is get suckered in to the ponzi scheme.

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And, don't blame the subprime borrowers...its the subprime lenders that bet they'd be able to lay off their subprime loans on unsuspecting investors that screwed that up. All the borrowers did is get suckered in to the ponzi scheme.

The lenders got greedy...this is true and got what they deserved. The borrowers should have known what they were getting into. I don't know anyone who would by a house without a real estate attorney watching their backs if folks were completely clueless, but hey.....

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Our mortgage broker checked our myfico "consumer" scores when we bought our house last year. Those were in the 640-680 range. The bank's underwriters reported our actual FICO tri-merge mortgage score at 690. We got a mortgage at 7.25% and of course had to pay PMI.

Wow, I must have forgot, but congratulation's on the house. I remember the rougher times for you, and know how hard you had to go.

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Absolutley. They're not going to give you a hugh credit line with scores in the 500's, but there are people that will give you CCs. That's what "subprime" cards like Orchard are all about. They give you a CL of $500, expect you to ues it to the limit, and then charge you 29.75% interest so that your monthly $25 payment is all interest. If you pay them for 12 months they've "earned" $150 in interest, and you still owe them $500 bucks. Its like printing money...

I understand that part, and there is an equal balance between total interest received, and the risk of losing the $500.00 limit. Geex, funny thing is, I was thinking more towards First Premier, and seeing how many would actually pay the setup fees, or charge to the limit and toss away the card, after seeing the statement come after the first month.

The thing is, there are creditors willing to take either side of the bet...either they bet you will pay them back (plus interest), or they bet you won't (plus interest and penalties). Like life insurance..."whole life" bets you'll live long enough to pay them the face value of the policy (plus the interest they can earn on your money)..."term insurance" bets you won't die before they've collect 1, 2 or 10 years worth of fees.

Its' all about risk.

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So....

My brother ( 0 down mtg) had FICOs in 650 range....interest 5.5% he closes in June.

Me, my middle mtg FICO was 645.....interest rate was 6% but then again, I am using my VA. I close on the 23rd.

My myFICO score the day they pulled my mtg FICO? 615 for the middle. Go figure.

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So....

My brother ( 0 down mtg) had FICOs in 650 range....interest 5.5% he closes in June.

Me, my middle mtg FICO was 645.....interest rate was 6% but then again, I am using my VA. I close on the 23rd.

My myFICO score the day they pulled my mtg FICO? 615 for the middle. Go figure.

Wow! My middle MTG score was 654 as of about a week ago. I can get FHA right now at 6.5 from a bank. TU as per my BANK score was 659, EX 654, and EQ (Beacon score, actually), was 621.

I still like the sucker scores though. They give me a great idea of where I'm at.

CONGRATS on the close, btw.

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Thanks.....but the underwriter was being a bit of an arse....and sitting on it....like we all have all the time in the world... so closing was moved off until Wednesday. Totally approved though! I would have loved to move this weekend because I would have 3 days. (Only going 5 miles) Oh, well...

But, I am SO excited about getting into my new house.

I have rented homes a lot in my life....and it is just not the same feeling as owning it! :mrgreen:

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Way to go Mom.

I hope you enjoy your new house.

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