Just closed 27K equity loan through E-loan on our new home. Wife's scores are in the 630 - 650 range with old charge off's still hanging in there. Total fees were about $300 and the I/O term is 6%. Not bad for subprime? So, overall I think using the information here in credit net has been rather beneficial. I started working on the wife's reports back in I think May of 2002 with the idea that we would buy a home in about one year. Purchased a used lexus in Feb of 2003 with the idea of showing a good positive tradeline with toyota motor credit. This plan worked as her 6 month pay history was rather key in the overall approval of the subprime first franklin home loan for the house. Her credit file was so weak that American General turned her down for a small car loan in 10/2002!!!!!!!!!! It is funny how many people I try to get to go here with no success at all. My car sales and car finance friends and drinking buddies just simply say that it is impossible to do what we have done. All other attempts to help friends by suggesting they research here is usually heard with deaf ears. My first loan broker who arranged our initial home loan was somewhat young and arrogant. Typically I knew as much or more about what was going on then he did. He charged us basically $5,000 in fees to close the deal, which was ok due to the time pressure of the coming foreclosure auction on the property. In the made rush to close in 8 business days First Franklin missed the fact that I have 2 unpaid charge off's on my credit file. Opp's, most home loan lenders would want those items paid? (E-loan made the new equity loan as the wife as the primary borrower, my credit score has been sinking as *I pay all new my bills on time* actually thanks to RNG, credit utilization and sears selling an unpaid 6 year old balance to a BF. right now I am under 600, maybe if I keep working on it I can reach 500 even? just kidding folks. *This is all sarcasm based on the fact that Fico scoring is like watching the wake of a boat to determine the future direction. IT DOESN'T WORK and is basically a giant scam. As a consumer you really have no choice for the most part but to play along and take advantage over the system where and when you can!* So I kind of went off the deep end a little, I just needed to vent. Bottom line is this: ANYONE can do this over time and have some degree of success. Dog
1*It is funny how many people I try to get to go here with no success at all. My car sales and car finance friends and drinking buddies just simply say that it is impossible to do what we have done. All other attempts to help friends by suggesting they research here is usually heard with deaf ears. 2*Fico scoring DOESN'T WORK and is basically a giant scam. creditdog ================ 1* These people are who Fico And CRAs is for. 2* Theft by sanction.
Ok Mr. Brown! How do we end the FICO farce? How do we as consumers stop being shoved like veal into little pens to be fed the sh**-stinking lies and abuses perpetrated by the credit industries? how do we create a fair and accurate standard that truly evaluates an individual's credit-worthiness? I've been pissed off (and on) by this whole FICO deal for what seems like my whole life - and so have a lot of other people here. So how do we fight back? How do we start a revolution? Give us a cornerstone, that we may build a fortress... By the way Creditdog...CONGRATULATIONS! on at least getting your wife's scores up! A tired and discouraged Poochie
Re: Re: update on results People need to make it clear to their congressmen that they won't tolerate this and they want it to be an issue and make it clear to them by voting them out if they ignore the issue. that's one start and one angle. tboy
Congrats creditdog. I know what you mean about family/friends not believing it is possible to pick up their credit scores. I gave up a long time ago about talking credit with anyone, except those here. So for all of our family and friends who don't believe us or don't care, I say let em' think what they want....someone has to foot the bill on the higher interest rate loans
Congrats on your success. I must say, as a fleet manager, I recommend this site to EVERY client who has a derogatory remark, and use my own testimony to back it up. Great Job!
