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How many times must a persons CREDIT SCORE be run to get "Financed"?

By
Industry Observer

FICO Score

 

Banks and Lenders have become so tight with lending money out to purchase homes that it's like some type of a "Game" their playing ...

The reason the Interest Rates are so low is because it's almost impossible to borrow any money. Once the Interest Rates go up, a homeless person with no job will be able to get financed.

I have client's that have FICO Scores in the upper 700s and one gentleman with a 830 FICO, with a job, income tax statements of over 150K per year, 100K in the bank, personal properties that will be selling shortly amounting to around 125K, 5 year increments of pension checks coming to him and ...

CHASE BANK turned me down on a 200K purchase with 60K down ...

What is going on around the Las Vegas Valley area?

There are other Leaders that own their own Lending Companies in Las Vegas that say they can get him financed but they need to run his CREDIT SCORE ...

He just had his CREDIT SCORE run one week ago and it was around 830 ... "How Many Times Does a Person Need Their CREDIT SCORE Run"?

If you ask me I think it's one BIG GAME that Banks and Lenders do to "Beat Down" peoples FICO SCORES so they can create a Higher Interest Rate which in turn puts more money in their GREEDY POCKETS ... ;o(

Posted by

Robert "Vegas Bob" Swetz  

Direct: 408 410 4171

"Have a Wonderful Day"

VIDEOS BY VEGAS BOB

 

Comments(10)

Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

Wow getting financing is getting to be harder in our market; hopefully, things will change for everyone. Have a great weekend.

Jul 13, 2012 02:12 AM
Doug Bullwinkel
E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA
Mortgage Loan Officer NMLS #281609

Hello Vegas Bob:  Great information and chart to explain the current FICO credit score system.  Suggested for great content of interest to many AR members and the general public.

Jul 13, 2012 02:30 AM
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Pat ... Thanks for stopping by and it will all change when they raise the interest rates ... ONE BIG GAME

VB ;o)

Hello Doug and thanks for stopping by ...

Jul 13, 2012 02:31 AM
Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Good afternoon Bob. I guess I was a little surprised how many were in the acceptable range. Most clients in our area are in the bottom 40% WOuld love to see a few 800 scores looking. lol

Jul 13, 2012 03:34 AM
Diane Daley
Caron's Gateway Real Estate - Northumberland, NH

Great chart, thanks for sharing , I hope you have a great weekend.

Jul 13, 2012 05:07 AM
Carl Winters
Canyon Lake, TX

VB: Some very good information for folks.

Jul 13, 2012 12:27 PM
Nick T Pappas
Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
VB, I thought the pie chart was very informative...I never really knew the distribution of credit scores across the population. Get those credit scores pulled within 14 days and it counts as one no matter how many times it's pulled.
Jul 13, 2012 01:56 PM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Bob, That is amazing!  I don't know how nor why they would turn down a borrower like that!  Good information on FICO scores!

Jul 13, 2012 08:49 PM
Robert Vegas Bob Swetz
Las Vegas, NV

Thanks everyone and yes this graph does display great information ...

VB ;o)

Jul 14, 2012 01:22 AM
Irene Durocher
Coldwell Banker BUYERS AGENT - Boca Raton, FL
homesweethome4u@att.net

Hi Bob, great information on obtaining credit. The banks are tough to deal with.

I hope things change for the better soon.

Have a great weekend.

Jul 14, 2012 05:29 AM