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Details about loans denied because the score was too low, and the cost to the consumer

BayHouse Credit Forum: 10/1999 to 01/2001: Credit Reporting, FICO Credit Scoring, Disputes, Collections, Charge-offs, Bankruptcy, CCCS: CATEGORY: Secured and unsecured Credit Cards (Capitol One, Next Card, Future Card, First - Credit Reports (no inquiry? credit scores? on-line?) - Repair (Lexington, Junum): Details about loans denied because the score was too low, and the cost to the consumer

Greg Fisher, creditscoring.com

Thursday, January 27, 2000 - 04:23 am

Sixty days ago, Freddie Mac said, "In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.69 percent, with an average 1.0 point, for the week ending November 19, 1999... "
(http://www.freddiemac.com/pmms/rate1118.htm).

Today, "In Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 8.26 percent, with an average 1.0 point, for the week ending January 21, 2000...," accoring to Freddie Mac at http://www.freddiemac.com/pmms/rate0120.htm.

On a $110,000 loan, that's over $500 more in interest per year for at least the first 5 years.

If it takes you 60 days to correct your scores (affected by errors on your credit reports) and close your loan, and you were denied because of your scores in November, you will pay that additional half percent interest per year.

If this happened to you, please post your story here.

Credit Forum CreditCourt Forum 2003 Credit Suit CreditFactors Order Credit Reports

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