Nah, you def want the highest credit score possible. The difference of a fraction of a percent over the life of a mortgage will save/cost you thousands.
Coli Credit Experts, I Need Your Help (Student Loan Consolidation)
- Thread starter Double Burger With Cheese
- Start date
Entrapta310
:umad?:
i been to mortgage companies and they were gonna give me a good rate because of my measly 625 score at the time,
but when they asked me for 3 years paper trail on income, they got shook and said no to me.
then told me to come bakk when i had 3 years worth of GOOD income that would satisfy them..plus come bakk with a down payment saved.
I'm about to close on a house and went into the process w a 800 credit score. Banks were offering sweet deals to get me to sign.
i been to mortgage companies and they were gonna give me a good rate because of my measly 625 score at the time,
but when they asked me for 3 years paper trail on income, they got shook and said no to me.
then told me to come bakk when i had 3 years worth of GOOD income that would satisfy them..plus come bakk with a down payment saved.
Maybe you are talking about a special loan program you were applying thru
Entrapta310
:umad?:
what was your income history looking like for the past 3 years and did you have proof of it?
i got pushed away because of that
I'm struggling to get a clear answer on something. I'm debating on if I should consolidate my student loans. I think they have my credit lookingI owe about 30 racks. But instead of it showing under one account on my credit report, it's split up into 17 different accounts. The student loan people told me it's shows like that because of all the start and stops I did while getting my degree. They said the only way it will all fall under one account is if you go straight through without any breaks. So instead of me just having one account with 30 racks, it's split up between 17 different accounts.
I'm thinking that this shyt is hurting my credit score. I would assume that my score would improve if I consolidated everything under one account. The student loan people said that they can do that for me. But when I try to get some clarity on if this would effect my credit score, they don't really offer any insight either way. I get mixed answers when I google the subject too.
So to those who are familiar with how credit reporting and scoring works, can you tell me how consolidating my 17 student loan accounts into one will hurt or help my credit? Are there pros and cons for doing this as it pertains to my score? Thanks.
Having 17 current accounts is better for your score than having 1 current credit score.
I've had legit income history since 2004, although in the past 3 years I've worked for 3 different companies. It was painless to hand over the tax forms, already had the info from filing taxes anyway
Entrapta310
:umad?:
see, i had 3 years of w2's and good credit, but they didnt wanna take that
and told me that i needed 3 years of income that was steady at the same level each year.
and since i have some income that wasnt claimed, i got the boot out the office.
if i want to get a mortgage, i was told i need at least 2 years of steady income that goes up and not down.
maybe i should apply for a government type loan or some shyt, but why didnt they offer it to me though?
Significant fluctuations down in your income are a red flag. They worrying you could hit a down year and not afford your mortgage payments.