Another credit card post...
#32
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Another credit card post...
I think we may be talking apples and oranges here. There is a difference in a mortgage sales person and a loan officer. Some people act like an agent to find you a loan...they deal with multiple lenders. Some people work for one lending institution. I have had dealings with both....it only took one dealing with the multi-company person. I much prefer dealing with the one institution person, she works for a real bank where people have checking/savings accounts, etc. in addition to a mortgage dept.
I appreciate you telling me about the difference between a mortgage sales person who works for a broker and and a mortgage sales person who works for a bank ; I own nearly 50 rental units so I am reasonably au fait with how the mortgage process works but you weren't to know that
they are mostly both useless, people working directly for the financial institution being a bit less useless (in my personal experience)
I had a mortgage sales person at wells fargo tell me there was no way I could increase my wifes credit score by 30 points in 30 days since 'its takes months for it to change', after paying down credit card balance and reducing utilisation less than a month later her score was up 30 odd points....
#33
Re: Another credit card post...
your first paragraph is complete and utter bollocks
utility bills have no positive bearing on your credit report or credit score
if you default and go into collections it will obviously go down as a negative...
you can get a letter from utilitiy company that shows good payment history to give to another utility company however
utility bills have no positive bearing on your credit report or credit score
if you default and go into collections it will obviously go down as a negative...
you can get a letter from utilitiy company that shows good payment history to give to another utility company however
#34
Re: Another credit card post...
there is no difference between a 'loan officer' and a 'mortgage sales person' they are one and the same. their primary job is to sell mortgages
I appreciate you telling me about the difference between a mortgage sales person who works for a broker and and a mortgage sales person who works for a bank ; I own nearly 50 rental units so I am reasonably au fait with how the mortgage process works but you weren't to know that
they are mostly both useless, people working directly for the financial institution being a bit less useless (in my personal experience)
I had a mortgage sales person at wells fargo tell me there was no way I could increase my wifes credit score by 30 points in 30 days since 'its takes months for it to change', after paying down credit card balance and reducing utilisation less than a month later her score was up 30 odd points....
I appreciate you telling me about the difference between a mortgage sales person who works for a broker and and a mortgage sales person who works for a bank ; I own nearly 50 rental units so I am reasonably au fait with how the mortgage process works but you weren't to know that
they are mostly both useless, people working directly for the financial institution being a bit less useless (in my personal experience)
I had a mortgage sales person at wells fargo tell me there was no way I could increase my wifes credit score by 30 points in 30 days since 'its takes months for it to change', after paying down credit card balance and reducing utilisation less than a month later her score was up 30 odd points....
#35
Re: Another credit card post...
One major factor taken into consideration when getting a mortgage is your credit score. The higher the score, the better so I don't understand why you would take action to reduce avenues to getting a better credit score.
#36
Re: Another credit card post...
I have an above average (excellent) credit rating and I have always closed these types of accounts as soon as I pay them off. I do keep 2 major credit cards for traveling, emergencies, though.
I could really care less about other people's credit rating, just offering my opinion from 24 years of credit accumulation and 6 home purchases.
Last edited by tamms_1965; Jan 7th 2008 at 6:29 pm.
#37
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Another credit card post...
go to www.freecreditreport.com, pull your reports and see if you electric/water/gas company is listed as a creditor
I'll paypal you $100 if they are
#38
Re: Another credit card post...
well i'm 100% confident that utilities don;t qualify as an installment load/revolving credit and don't report as such on your credit report
go to www.freecreditreport.com, pull your reports and see if you electric/water/gas company is listed as a creditor
I'll paypal you $100 if they are
go to www.freecreditreport.com, pull your reports and see if you electric/water/gas company is listed as a creditor
I'll paypal you $100 if they are
#39
Re: Another credit card post...
I didn't say they counted as an installment loan/revolving credit, I just said they could generate a FICO score. Some utilities companies report trades some don't. Under certain circumstances some utility trades that are reported will generate a FICO score. I have my theories on the algorithms involved, but this is really going off-topic. The original point I was trying to make is that FICO scores are a bit quirky and that this can sometimes work to your advantage.
#40
Re: Another credit card post...
That's why you reduce the number of revolving accounts you have. I was told (by more than one "expert) that officially closing your accounts that you do not use looks better when you're applying for a mortgage. They do look beyond the score. Many people buy things on 6/12 months same-as-cash, pay them off within the time limit and never think twice about having a credit account with the store. They never use it again but do not cancel them. These add up and it may prevent you from getting that last $20,000 you need to buy your dream home even though you can afford it.
#41
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Another credit card post...
That's why you reduce the number of revolving accounts you have. I was told (by more than one "expert) that officially closing your accounts that you do not use looks better when you're applying for a mortgage. They do look beyond the score. Many people buy things on 6/12 months same-as-cash, pay them off within the time limit and never think twice about having a credit account with the store. They never use it again but do not cancel them. These add up and it may prevent you from getting that last $20,000 you need to buy your dream home even though you can afford it.
Otoh, closing accounts can affect your credit score in that payment history will - eventually - disappear off your record. Given this, my strategy is not to open these "same as cash for x months" accounts, but to keep a stable set of credit cards that I regularly use. This keeps my total available revolving credit at a reasonable limit, and avoids closing any such accounts.
#42
Pompey Boy
Joined: Feb 2006
Location: Torrejon
Posts: 143
Re: Another credit card post...
Well I have just applied for a low value limit visa after being here 4 months which I will only be using for work.
Had no problem getting a car loan but as its secured against an asset no surprise really there.
Have couple of checking accounts running smoothly so lets see.
Had no problem getting a car loan but as its secured against an asset no surprise really there.
Have couple of checking accounts running smoothly so lets see.
#43
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Another credit card post...
Well I have just applied for a low value limit visa after being here 4 months which I will only be using for work.
Had no problem getting a car loan but as its secured against an asset no surprise really there.
Have couple of checking accounts running smoothly so lets see.
Had no problem getting a car loan but as its secured against an asset no surprise really there.
Have couple of checking accounts running smoothly so lets see.
let us know how you get on
checking accounts have no bearing BTW....