VA mortgage advice?
Mar 16th 2016, 11:48 am
#16
BE Forum Addict
Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: VA mortgage advice?
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!
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!
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 11:57 am.
Mar 16th 2016, 11:48 am
#17
BE Forum Addict
Joined: Sep 2008
Location: Rural Virginia
Posts: 1,076
Re: VA mortgage advice?
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.
Mar 16th 2016, 12:10 pm
#18
Just Joined
Thread Starter
Joined: Mar 2016
Location: Virginia
Posts: 18
Re: VA mortgage advice?
ok great, thanks :-)
Jun 16th 2016, 2:30 pm
#19
Just Joined
Thread Starter
Joined: Mar 2016
Location: Virginia
Posts: 18
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 :-)
Jun 16th 2016, 2:43 pm
#20
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: VA mortgage advice?
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 :-)
Jun 16th 2016, 10:17 pm
#21
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: VA mortgage advice?
Awesome!
Wishing you well with your move.
Wishing you well with your move.
