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About hoapres

  • Birthday 10/30/1957

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  1. hoapres


    This may only be applicable to the SF Bay Area although I have heard of some other cases. In short, if you don't have ALL CASH in the SF Bay Area then you are likely OUT of the housing market. Don't take this as gospel but horror stories include a house being offered for $1.8 million going for $2.8 million in Berkeley. That's right $1 Million OVER the asking price and the sale was ALL CASH. Houses are getting multiple offers with many for all cash.
  2. The specimen had bad credit in 2010 and decided to ride out the 7 years along with taking the attitude of paying cash for everything. He got one of those OLD and I do mean OLD Cap 1 secured credit cards that charged and still does a $29 annual fee. He got the card in 2014 starting off with a $500 credit limit which got up to $2400 in 2017 and hasn't moved since. He kept the balance close to the limit under the expectation that Cap 1 would give him an increase. I pointed out that keeping a balance close to the max along with paying minimum balance isn't going to get him a credit increase. He paid off the card last month and I told him to keep using it but just pay the entire balance off before the statement hits. I didn't believe that he would go from 697 to 768 by paying the card off. FICO score was definitely going to go up after paying the card off but I didn't expect a 71 point jump. I told him don't be surprised if Cap 1 doesn't unsecure the card and/or give a CLI. Time will tell. It will probably take Cap 1 six months to figure out that the specimen isn't down to his last dollar.
  3. This is only one data point so take it FWIW. On a THIN (and I do mean THIN) credit file having ONLY one entry being a 7 year old Cap 1 credit card. NOTHING else positive or negative on the file. The FICO score at 100% utilization being 697 went to 768 after the card was TOTALLY paid off. (0% utilization) This is a FICO 8 score. Results likely to be different with FICO 10 or 10t.
  4. Not sure if this works for the OP but I would be going down to a dealer auto auction and get a car. You need to know someone that has a dealers license to help you out. $10K cash can get you a good used auto.
  5. It is hard to reverse engineer almost everything. With regards to FICO, I have a small set of CRs over a decade in an effort to look at the major factors. This is all conjecture but I suspect that the FICO model is based somewhat on qualitative categories and once you are lumped into one that some sort of regression model is used to predict the likelihood of you defaulting on an obligation in the next 90 days. The general advice that I can give assuming that a high FICO score is a big deal to you that having 2 to 4 credit cards with limits of $10K+ over 6 years old with low utilization along with NO derogs gives you a high probability of 750+ Other factors that could help would be a mortgage. Auto loans don't seem to make a major impact. Disclaimer: This is based on a limit sample size between 10 to 30 CR. The numbers vary depending on the factors you are looking at. So don't draw any general conclusions such as trying to do a hypothesis test with a 95% confidence interval, etc.
  6. You need to check your state property tax lien laws. In some states, the liens are sold and the purchaser has the right to foreclose. The question becomes doe the property tax liens take precedent over the first mortgage. If they do then the mortgage holder is likely to pay them off along with proceeding with a foreclosure.
  7. FICO score won't count multiple auto loan inquires (I think over 14 days) as more than one inquiry PROVIDED that they are coded correctly. Sometimes they aren't. With that said, multiple inquiries aren't very likely to be the reason that financing was declined.
  8. The other option is to prepay the principal down to get the LTV below 100% or even lower. If you can refinance to get a better rate before that is needed then buy all means do it as 25.5% is something you want to get out of.
  9. +1 Santander should have the documentation somewhere. You might have to send a written letter to get it. You could also try sending an email referencing the broken link.
  10. Possibly. The only problem is that you have a 580 score and as others point out that leases are harder to qualify for.
  11. Run the numbers to determine the lease cost. This can be somewhat challenging as computing the cost of a lease is more difficult than the cost of a loan.
  12. The problem is that we have a huge glut of college graduates. I remember getting into an interesting discussion with someone from the College Board given the standard line that over 40 years a college graduate earned more than a non-college graduate. Only problem(s) are: (1) Fewer people graduated from college in 1960 than in 2000. So future performance for 2000 to 2040 isn't guaranteed. (2) If you invest the college tuition and the foregone income then you come out ahead over the college graduate. (3) Your financial return depends on the school you go to. If you go to MIT (e.g. have brains) or Harvard (e.g. get the contacts) then you come out ahead. Otherwise, you don't.
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