About seven years ago, I reluctantly spent the $14.95 to obtain our credit score. At the time, with a mortgage still remaining on my list of debt obligations, we found our score to e in the low 800’s. Pretty amazing after we had paid off tons of debt in the years prior to that time.
Since then, I have not paid for a score. While I have no idea what the score would truly be, my guess is it would be significantly lower than the score in the spring of 2007.
Everyone today tells you that you MUST have a good, not necessarily GREAT, just a good credit score. Why? Because they want to keep you in debt!! The best way to keep you in debt to for you to have at least a good score. How do you keep that? Stay in debt.
Your credit score is no more that a quick assessment on your credit history and current status. So, you have to be in debt to have that good and even GREAT score.
When you finally realize that you are done with debt, you will begin to notice the credit score has a smaller grip on your life.
For most people, you are concerned about a mortgage. A potential refinance or new house purchase has you concerned about your score and your ability to borrow for that mortgage. Have you ever considered a manual underwriting mortgage company?
What is a manual underwriting mortgage company and how do I locate one?
I’ve not heard of a manual underwriting mortgage company either.
Manual underwriting is how they used to do mortgages. Essentially, you had to present all the required paperwork to, quite simply, validate that you could pay this new mortgage and you had a history of paying your bills. You would need to bring in wage statements, bills, tax returns – whatever the lender required to show you were qualified for the mortgage. Essentially what the lender would do is “peel back the onion” to qualify you for the loan.
Manual underwriting mortgage companies are not a numerous as they used to be because it is simpler and quicker to live by the credit score. They are out there and it just takes a little work to find them and one that you want to work with.
Don, hopefully my last reply addresses your question too.
I remember the first mortgage my wife and I initiated. You probably know the location of the place. GE’s Credit Union in Evendale. Does is still exist there?