NNWalking

thanks, very helpful info for me.

another question i had: when loan folks say "reserves" what does the term mean. does it mean 1 month reserve = your PITI for one month or does it mean the overall expenses for 1 month?? and typically, what is a good amount of reserves that loan folks want to see?

Part of a solid score is showing that you not only have the credit but that you use it and not abuse it. Try buying groceries with it for a few months and then paying it off in full or paying down to almost zero and see what happens - It should get you a few points - that said if you have a true 720 score you should be fine with that - A few extra points wont make a huge difference in rate - Happy New Year B thanks for the response, in your opinion is the next goal to get a score over 740 or 760?? the only thing i noticed in playing with rate quote calculators is the higher score does not necessarily get you a better rate, but it does get you lower fees. am i correct in this matter?? happy new year to you as well

Hello, happy new year to all!! i'll try to make this short and sweet. applying for a mortgage this year, i have 0% CC utilization at the moment (and it seems to be hurting my FAKO score) . i know that optimum scoring models show that a 1-2% balance on CC would produce the best score. would this also apply to the "tri-merge" report?? should i go ahead and put a balance on one of my cards with the goal of getting the maximum score i can?? or does this not matter for the "tri-merge" report. also another note- completed a SS in 12/11 and scores around 720 TU and EX according to previous credit apps (fico scores) thanks and any feedback appreciated.

interesting article for those who are trying to purchase a home but are having problems because previous short sales are being classified as foreclosures. another article i read is this is possible too as long as there is option of manual underwriting. anyhow, would probably help if the public pressured the powers that be to make this "new code" possible sooner http://www.inman.com/2013/06/04/short-sales-may-show-up-on-credit-reports-as-foreclosures/ Here’s some good news for the large numbers of short sellers whose transactions have been classified as “foreclosures” by the credit reporting system: There is a new code on the launch pad that could bring more accuracy to the process, separating out short sales from foreclosures rather than having them lumped together. That, in turn, could help short sellers requalify for new mortgages much sooner than the four to seven years sometimes required after a foreclosure today......................................

http://www.inman.com/2013/06/04/short-sales-may-show-up-on-credit-reports-as-foreclosures/ This "new code" they are developing might help short selleres who were classified as foreclosed on in the future. wonder who to pressure to make this reality Short sales may show up on credit reports as foreclosuresCredit bureaus working to help lenders tell the difference Here’s some good news for the large numbers of short sellers whose transactions have been classified as “foreclosures” by the credit reporting system: There is a new code on the launch pad that could bring more accuracy to the process, separating out short sales from foreclosures rather than having them lumped together. That, in turn, could help short sellers requalify for new mortgages much sooner than the four to seven years sometimes required after a foreclosure today. Executives at the Consumer Data Industry Association, the trade group that represents the three national credit bureaus (Equifax, Experian and TransUnion) along with several dozen other credit and consumer information companies, tell me that a new code has been developed to specifically designate short sales, so there’s no confusion with foreclosures. The new code is expected to undergo an “operational testing” period, and then become available to lenders, servicers and others who report information about consumer credit behavior to the big three bureaus. Why is a coding change potentially so significant? Because until now, there has been no widely recognized, uniform way for creditors to indicate to the big three credit bureaus that a homeowner engaged in a short sale. According to the CDIA, there have been ways for lenders to report a credit obligation was “settled for less than the full amount,” but when a mortgage was involved, that was often interpreted to mean there was a foreclosure. Part of the problem, industry officials say, is that widespread use of short sales is a relatively recent phenomenon; the CDIA’s “Metro 2” reporting system was never tweaked to handle such large numbers of transactions where the lender agreed to accept less than the full mortgage balance as part of a negotiated settlement involving a new purchaser for the house at an agreed-upon price rather than a foreclosure sale. The issue was made even more complicated by the fact that the major automated underwriting systems run by Fannie Mae and Freddie Mac had no built-in capability to recognize short sales on credit reports. As a result, according to Pam Marron, a Florida mortgage broker who has made fixing the short-sale reporting system a personal crusade, “millions of people who are otherwise qualified for a new mortgage are being turned down” because their credit reports show a foreclosure as the end result of their most recent home loan transaction..................................... ....................................................

I think a healthy market will have less govt support and more private companies jumping in (Maybe soon since fannie just reported record profits?) Also healthy markets will have net construction jobs being created. In this market you are just controlling the supply by delaying foreclosures (in California anyways)

In California, the supply of houses is being blamed on the new foreclosure laws that recently took effect. I have Seen too the bidding frenzy out here. There is other data though that Says this may not last, sales data is low suggesting that they need to build more, but Why aren't they building more unless they know more supply will come from existing homes coming to market.

This was a new experience for me, i used to be able to overpay on freedom card. Maybe its just this account, i will look further into it

Thanks, unfortunately at this time its chase.

Also, the new vantage score will use the same range as a fico. Now if we can only get more banks to use the new model.

Anyone else having recent problem of Not being able to pay above current balance for Chase freedom cc. Because of this quirk, Chase will report a balance to cra and possibly decrease score ( Had a pending charge that will post when statement cuts)

I Should ad that pmi lasts for loan term for 30 yr mortgage for greater than 90% ltv. 78-90% ltv you have to pay pmi for 11 years. And less than 78% ltv you pay pmi for 11 years. All above are for 30 yr mortgage and take effect june 3rd 2013

Lifetime of loan pmi doesnt take effect till june 3rd 2013

Lets say i still have My original amex card opened in 2007, second card also backdated to 2007. Any harm in closing original card? Will closing original card and second card result in losing the 2007 date? Just wondering since 2007 carries fee and i really dont use it, just afraid i will lose amex "age"