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VA mortgage advice?

VA mortgage advice?

Old Mar 16th 2016, 12:48 pm
  #16  
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Default Re: VA mortgage advice?

Originally Posted by Pulaski View Post
In my experience people get waaay too overwrought about the utilization figures. I have been at times rather over-stretched and still had a credit score comfortably over 700 and at one time pushing 750 ..... with several loans, a couple of store cards with one maxed out, and several credit cards with utilization of 75%-95%+

Showing the degree of concern you suggest over whether utilization is 10% or 0% is barely going going to make a measurable difference. What hurt me hardest was applying for several loans in a short period of time - an idiot broker messed me around, "ran" my report twice and then turned me down ...... because running my credit depressed my credit score - so I got another loan to tide me over, and refi-ed another loan, and the next thing you know, my credit score lost 80-90 pts!
I know, but it's one of the pieces of the puzzle that can be easily controlled. A new arrivee can't do a thing about average age of credit, and probably doesn't want to take out a car or other loan just to have more than one form of credit (we get dinged slightly for only having credit cards). 'Having had your credit run' is inevitable to get a card and start building up some credit in the first place. Percentage of credit utilization and making all payments promptly are the only bits one can easily influence.

Edit: just checked on Credit Sesame, and they give the following breakdown of importance:

- Payment history (making them on time): 35% impact on score

- Credit usage (debt versus available credit line): 30% (This also contains this advice: 'Creditors and lenders like to see between 5-7% used, as it shows you are responsible.' 5-7%!! Bonkers.)

- age of accounts: 15% (an average of 5 years is the gold standard)

- account mix: 10% (apparently we should have credit cards AND a mortgage AND a car loan AND some furniture on tick, because that's 'better'...)

- account enquiries (applying for new credit): 10%

Last edited by kodokan; Mar 16th 2016 at 12:57 pm.
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Old Mar 16th 2016, 12:48 pm
  #17  
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Default Re: VA mortgage advice?

Originally Posted by southernspeed View Post
:-) back to the Anglo/American language barrier here …… bush hog ?
Yes I've looked at fencing costs, not cheap!
Bush hogging is the same as paddock topping usually a rotary cutter on a tractor to control weeds and grass not eaten.

We found using a contractor to drive in the fence posts and putting up the wire ourselves cut the cost of fencing considerably.


We tried a three point hitch mounted post driver was too slow over a long run.
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Old Mar 16th 2016, 1:10 pm
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Default Re: VA mortgage advice?

ok great, thanks :-)
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Old Jun 16th 2016, 3:30 pm
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Default Re: VA mortgage advice?

A big thank you to Petitefrancaise who PM'd me contacts at Wells Fargo. And thank you to all for your input. I haven't been on here for a while thanks to British Telecom deleting my email account with no warning! You never know what you had 'til it's gone! Wells Fargo, unlike all other lenders we tried, took all our UK credit history, mortgage payment history, pay slips etc and based their lending on that. We should be in our new house by the end of July :-)
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Old Jun 16th 2016, 3:43 pm
  #20  
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Default Re: VA mortgage advice?

Originally Posted by southernspeed View Post
A big thank you to Petitefrancaise who PM'd me contacts at Wells Fargo. .... Wells Fargo, unlike all other lenders we tried, took all our UK credit history, mortgage payment history, pay slips etc and based their lending on that. We should be in our new house by the end of July :-)
That's a great result and great news. Congratulations!
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Old Jun 16th 2016, 11:17 pm
  #21  
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Default Re: VA mortgage advice?

Awesome!
Wishing you well with your move.
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