Forum
|
|
Forum
|
     | Tuesday, January 11, 2000 - 05:00 pm  My husband and I are in the process of buying a home and were told that our ratios are high. We are buying a home at 230K and hoped to get a 5% down, but can go up to 10% plus. We have a total cc debt of 3700.00, which I can pay off immediately and a car payment of 474.00 per mo. How damaging would it be to trade the car in for one with a lower payment on the FICO? (We were toying with trading the gas guzzler anyway) Also, my husbands FICO score was 30 point higher than my, I assume because I don't work. Should we put the loan in his name only, but hold it in joint possesion? Any sincere help appreciated.
|
| | Tuesday, January 11, 2000 - 09:26 pm The car payment is the killer. Can you pay it down to 10 or fewer payments left? Can't really say anything about your Scores, since I haven't reviewed your reports. And, even if I had, Scores vary widely from day to day. Please read the FICO Fraud topic in the credit section or go directly to http://www.bayhouse.com/FICOisFRAUD.html to see the actual reports with the Scores varying from day to day up to 24 points. YOUR Score has nothing to do with not working, but you most likely have different credit data on your report. Putting the loan only in your husband's name MIGHT work, but you couldn't be on title till after closing. Did you ask your lender/broker about that? Lenders DO have varying underwriting guidelines.
|
| | Wednesday, January 12, 2000 - 07:17 am Christine, Thanks for the response. Unfortunately, the car payment will run for another 3 years. That's why I was wondering if I'd be better off trading it in and suffering the dings on the inquiries.My husbands score(yesterday:-) was 661. Mine was 632. I read the above referenced post. FICO is truly a bizarre system. My husbands job moves us alot. 3 times in the last 12 mos and we keep getting dinged for "time at current address" and living in temporary housing. Ouch!
|
| | Wednesday, January 12, 2000 - 09:58 am Well, your Scores are low. Most likely your Score will get even lower if you get another car. It's really up to your LENDER/BROKER to discuss with their underwriting department what you should do. As I said, every lender has slightly different underwriting philosophies. I don't have your loan application and credit, and I sure don't have a crystal ball. I'd recommend you get a credit analysis from one of the "experts" in the credit forum here. And I hope you don't plan on buying a house only to have to move again 3 months later! My gut feeling tells me that you should hold off on buying for a while, most definitely until you have a PRE-APPROVAL. http://www.bayhouse.com/mortgage-credit.html You're likely to get into a lot of problems in the process and end up paying through the nose for a loan.
|
Credit Forum CreditCourt Forum 2003 Credit Suit CreditFactors Order Credit Reports |