Have you checked your FICO scores lately?

[southerncomfort]

I really don't care so much about FICO scores and getting credit, EXCEPT for a mortgage. So I decided to buy my FICO scores. With 9 months to go in my CH. 13 these were my scores . .

577, 594, 623

Not too good!! The myfico website said I could expect to be offered mortgages ranging anywhere from 9-11% !!!! OUCH!

So, what are your scores??

[rrockinggramma]

mine were 556 (TU) 553 (EQ) and 585 (EP) in December. I am just now getting the updates from my disputes and plan to pay off all my stuff by end of January which will raise my scores all the more. For FHA, now need about 600 to 620 score to qualify. I am working on that also.

[southerncomfort]

mine were 556 (TU) 553 (EQ) and 585 (EP) in December. I am just now getting the updates from my disputes and plan to pay off all my stuff by end of January which will raise my scores all the more. For FHA, now need about 600 to 620 score to qualify. I am working on that also.

That's interesting. I didn't know that!!
So, I have another question--exactly how do you (or anyone) go about finding legimitate sub-prime lenders. I have been reading the "mortgage after bankruptcy" section, but I really don't know how to go about this. I feel like there would be no point in walking into any local bank . . but I have no idea how to search out these people who (are legit) and will give me a loan. Does anyone know???

[rrockinggramma]

I have been talking to a mortgage banker here in michigan. He told me that FHA is keeping the lending requirements pretty loose. Other credit is drying up big time right now. In fact, I am going to wait to see what the interest rate does in the next few months. FHA will give you the best rate right out of chapter 13. I would stay away from other subprime lenders. In fact I think they are all out of business right now. But FHA is doable. The congress is making some changes to it right now but it is still a viable alternative to subprime lending. But I am watching those interest rates. I lived through Jimmy Carter and inflation, stagflation etc and our home in 1979 the bank wanted 16 percent interest (no joke) that is how bad it was back then. They are predicting that same scenario again (but maybe not that bad) anyways, I will post what I know. But I need to get my scores up. That is job 1 right now. Do you have any credit cards right now?

[southerncomfort]

I have been talking to a mortgage banker here in michigan. He told me that FHA is keeping the lending requirements pretty loose. Other credit is drying up big time right now. In fact, I am going to wait to see what the interest rate does in the next few months. FHA will give you the best rate right out of chapter 13. I would stay away from other subprime lenders. In fact I think they are all out of business right now. But FHA is doable. The congress is making some changes to it right now but it is still a viable alternative to subprime lending. But I am watching those interest rates. I lived through Jimmy Carter and inflation, stagflation etc and our home in 1979 the bank wanted 16 percent interest (no joke) that is how bad it was back then. They are predicting that same scenario again (but maybe not that bad) anyways, I will post what I know. But I need to get my scores up. That is job 1 right now. Do you have any credit cards right now?

Yes, I have Orchard ($700), Merrickbank ($1600), Capital One, ($500) and a Discover card ($1100).

So you can use any broker to apply for a FHA loan?

[rrockinggramma]

you need a broker that knows FHA in's and out's. So check around. Have you been nosing around myfico.com? They have great ideas on how to get your credit score up quick. I am practicing their advice and can't wait to see the results.

[southerncomfort]

you need a broker that knows FHA in's and out's. So check around. Have you been nosing around myfico.com? They have great ideas on how to get your credit score up quick. I am practicing their advice and can't wait to see the results.

Well, no, and i noticed tons of inaccuracies. If fact, the the myfico place shows my Ch.13 as being dismissed!!! I need to check out myfico and definitely work on claening up my report.

[rrockinggramma]

I sent you a PM

[georgiagin]

We're in the process of buying a home contingent on the BK dismissal papers arriving. Credit scores were 577, 641, & 665. We qualified for an FHA at 6.5% If for some reason the BK papers dont arrive before closing we'll lease purchase til the papers come so we dont lose this house.

[southerncomfort]

We're in the process of buying a home contingent on the BK dismissal papers arriving. Credit scores were 577, 641, & 665. We qualified for an FHA at 6.5% If for some reason the BK papers dont arrive before closing we'll lease purchase til the papers come so we dont lose this house.

Ahh, that gives me hope!! I have been reading about the FHA loans. I need to work on cleaning up my credit report! Good luck to you. I hope everything goes smoothly.

[stljohn]

insurance companies also use fico scores.

[Florida13]

I checked mine today and they are 622, 668, 603. I also have 9 mos. to go and I were surprised they are over 600.

[pa308]

Who do you all use to monitor credit scores? What is the best deal out there for monitoring?

[rrockinggramma]

there are lots of places. If you go to transunion, then use the site transunioncs.com I am using scorewatch from myfico. But all 3 bureaus have their own product.

[2ndChanceTx]

Mine are 687/665/661. That is with most everything reporting 0/0 and IIB or Included in Chapter13/ Wage Earner Plan. It took about six months to get most of the stuff correct and there are a couple of stubborn accounts that report balances and past due amounts.(on one CRA) I am going to wait until the discharge to get agressive with them to report correctly. My goal was to start cleaning up early so that when I get out of 13 (about 8-10 months) I will be able to start looking for a house....

2nd Chance TX