Re: Re: FICO Mortgage Rates-Survey Allen: No offense taken. However, right now banks are being very liberal when funding mortgages, something that may not occur again in the foreseeable future. Many people, not just those with BKâ??s that otherwise would not qualify for a prime rate mortgage, are in fact getting the very same rates reserved for the 700 + club. I do agree that this may be a little unfair to those people who have strived to maintain a spotless credit history. My wife is one of those people. In our situation, our debt load is very low, and our back-end ratio on the mortgage is only 34%. My wife's credit is perfect, Iâ??m sure that this was a major factor in Chaseâ??s decision. We have always been on time when paying our rent for the previous two years that I have lived at my current residence. This also may have played a role in Chaseâ??s decision. However, this doesn't mean that I had everything "golden" post BK, quite the contrary. We searched for 2 months before we could find a place to move to in Illinois in 2001. No one wanted a renter with a BK. I have not been able to obtain any form of prime credit post BK, and when I purchased my automobile in â??99 I was forced to pay a 20.9% interest rate. It has been difficult, but I have learned so much post BK. Anyways for what its worthâ?¦ PolarisA3
Re: Re: FICO Mortgage Rates-Survey Allen... unfortunately that is often the case with BK. Look at mine and my hubbies scores. Mine are after years of struggling, paying bad debts, struggling to make ends meet. DH's are after 2 BK and no other out of pocket $$$ and the main reason his are lower than mine are because he only has one open line at the moment. Amazing yet frustrating all at the same time. I could have filed BK years ago and put all that money that I've paid into savings and have a hefty down for our house we'd like to buy. We are in the same boat, Islandboy. If we go with a conventional loan. I think we are going to look into something more creative instead for buying our house (lease option).
