Mortgage/Credit Score

FWIW, I'm not a fan of today's financial advisers, just due to the fees you pay them. If you have $100k, then fine, I can swallow 1%. But if you have $5M, then 1% or more every year is hard to swallow. I'd look for a fee only guy, or better yet, do the research yourself and find a passive investment firm and look into more index funds with crazy low fees. Over time, I'm convinced you make more going that route.

But I get some people don't want to know anything and are OK paying someone. If you're in the middle, you can still find guys to give you advice without the crazy fees attached to what your overall book size is.

 

This man speaks the truth.

 

My understanding has always been that it's best to run all your inquiries at once, just like what you're describing for shopping the best finance deal. What you dont want is multiple inquiries spread out over the year like you're always shopping for credit. It's best to have them lumped in the same window as you'll only be getting the inquiry hit once, if that makes sense.

 

That's right...Pretty much what i said a few pages back....

'FICO's algorithm will see/detect when somebody is car shopping. Dealers/banks should categorize an application/credit pull as such so that when somebody drops their SS # 30 times while rate shopping, FICO will count that as 1 hard inquiry. Having said that, often times that doesn't happen and a person might get smacked with 10 hard inquiries.

Lots of inquiries aren't that important as long as your credit file supports it. Somebody that has poor credit, low income and is trying to qualify for anything and everything, then those inquiries are red flags to potential lenders.'

 

Must've missed it while skimming...that's a lot of posts, . Also, I dont pretend to be very knowledgeable on this stuff, just enough to get by.

 

I'm telling you all it's a frigging scam. My credit score just jumped up 70 points for no reason whatsoever. And I won't be shocked if it drops 50 next week.

 

I saw that you can also pay the credit agencies now for a temporary credit score boost. If that ain't a scam, I don't know what else is.

 

funny... the older you get the less a good credit score means if you have some assets.
I wonder how low can you tank a credit score getting a repo or foreclosure... but still retaining a hord of cash.

 

Not saying you're wrong, but where are you getting this information? If it's something like credit karma, I wouldn't necessarily go by that. I use CK as a consolidated source of information but I've learned not to trust their scoring. It's been off by as much as 100 points when it came down to me actually financing something. When I look back through every credit application over the last few years and the scores they reported back each time (mortgage, car loans, credit cards, etc.) I can see a steady progression. Whereas looking at CK, I see the wild fluctuations you're describing regularly. Just my .02. YMMV.

 

I have seen my score move around for no apparent reason on Credit Karma...
And when I was shopping for my truck in the spring. My score from Credit Karma and what the dealer pulled were about 100 points different.

 

Its like quantifying their bipolar ‘feelings’ on your spending habits. Im fortunate enough to own.

 

The only thing new about that is they’ve taken out the middleman! While I think they’ve stopped the practice, there used to be brokers that would raise a score to 750-800+ in just a few months by taking advantage of the child/parent good credit transfer loophole.

 

Guys, CK is a 'vantage' score...it's not a FICO score. CK is useless other than keeping track of your accts for FREE. CK is referred to as a "FAKO" score vs the real "FICO" scores used by lenders.

There are many variations of FICO....FICO 08 is the most commonly used, but FICO 09 is the latest algorithm and is being used more.

There are FICO bankcard, auto loan, mortgage scores...FICO 02, 03, 04....etc....

For those saying their scores have huge fluctuation for no reason, is just not correct unless a derogatory/negative acct was added/removed to one of or all 3 CRA's: TU, EQ or EX. There's a reason for any score movement.

When you pull your credit (scores), that's a snapshot in time. Your credit is changing by the second, literally. As your accts age, they gain history, which is calculated into the FICO algorithms.

 

The whole credit score is a steaming pile of bullshit and I am just glad I do not have to play their silly little game. I refuse to chase numbers and do the stupid shit I would have to do to get mine higher than it is. And being able to pay them to get a higher number shows what a farce it is. So if I pay you money and have less disposable income because of it we will make it easier for you to get a loan. The thing that made me laugh the hardest is when I paid off my mortgage and my credit score went down. That made zero sense.

 

Who would you be paying to have a higher score?

If you have zero debt then the computers don't know if you're able to responsibly handle debt obligations....That's their take on it anyway. You could have $5 mil in your pocket and have terrible credit and unable to pay your utility bills on time or whatever.

Ultimately, paying your bills and keeping CC utilization % below 9% on 1 card is all anyone really needs to know. Time, credit age/history....will handle the rest. It's not really a game, there are just things to know about credit that will help everybody. Kinda like knowing when to beat rush hour traffic, or when the fresh bread is restocked at the store, or when to order tires before it's too cold to ship....shit like that. Tricks of the trade so to speak.

 

If I had 5 million in my pocket why would I give a fuck about my credit score ?

Besides the fact that I don't give a fuck now.

 

Because that million dollar yacht would be better to finance than buying with cash...Let the other $4 mil make the money to make the payment on the boat. So basically a free boat. duh.

 

Here's a question. Does failure to pay a RRW Airfence Fund bet affect your credit score ?