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fico: Speaking of your credit recently, has this happened to you? - 03/11/09 09:41 PM
You open up your credit card statement and your shocked to see that your credit limit has been reduced to what you currently owe! Or worse, your American Express card was just declined due to your credit limit being limited (and you thought AMEX didn't have a limit).
As the economy continues to slide off a proverbial cliff, credit card companies/banks are looking at record default and bankruptcy. Their taking swift action to shore up their losses, and they may end up doing it at the consumers expense.
Credit Reporting has become a science, and the "evil" empire, Transunion, Experian and … (2 comments)
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fico: FHA is the new sub-prime - 03/27/08 12:33 AM
This may put a hop and skip into some of your steps. A loan program that I've totally ignored in my 12 plus years of originating is now one I have adopted with open arms. It's called FHA, and frankly it's awesome. How many of you who are still loyal to Fannie or Freddie can claim they can still do loans for those with 525 FICO's....Guess what....you can in certain circumstances is you push it through FHA.
We're close to closing on a 525,000 FHA (previous Jumbo), and their score is only 525. They are going to get a 7% rate, … (3 comments)
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fico: Is FHA the new subprime option? - 03/07/08 10:01 PM
The Fair Housing Administration as part of the stimulus package that has been just passed, has raised limits in some markets to fantastic limits. In reality, how many of these home owners can qualify with FHA guidelines, and what type of credit do these borrowers need to attain these loans. Both questions are important, because limited information that's been available is now suggesting that there will be a number of conditions imposed by the lenders. But these same lenders will also benefit from the protection these loan provide through FHA and the government.
The real question is if that 620 FICO score … (2 comments)
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