fico: Debt to Income Problems? Credit Tip of the Day!
- 02/19/08 12:32 AM
DTI is a common problem and I get several calls from mortgage officers asking questions on it. What should I have the client pay? First and foremost I would have them pay on the credit card debt. Paying this down will not only help the DTI but also help the FICO score. I have had several questions that state "What if we have the client refinance one of his auto's lowering the payment?" This will help the DTI a little bit but the score very well could drop. You have an additional inquiry and you also have a new account with … (5 comments)
fico: FICO Score "Credit Tip of the Day"
- 02/18/08 01:10 AM
Credit Tip of the day is on the FICO Score! Your credit score is based off of 5 different areas: 35% Is your Payment Histroy 30% Is your Amounts Owed 15% Is Lenght of Credit History 10% Is new credit 10% Is types of credit in use. If you are trying to help a customer quick you may want to look at the "Amounts Owed". This is one way you can help your customer get a quick increase in the score if you are close to the FICO Score you are requesting. I have seen a score jump 30 points just by paying off credit cards. You can … (4 comments)
fico: Mortgage Referals
- 02/15/08 07:42 AM
O.K. folks! I have signed up 12 people sent to me from mortgage officers today! Come on.....give em to me. Lets get these people fixed and in a house. Its Friday and I am ready to change someone's life! What mortgage officer out there needs some free help closing some customers? GOD I LOVE MY JOB! … (4 comments)
DTI is a common problem and I get several calls from mortgage officers asking questions on it. What should I have the client pay? First and foremost I would have them pay on the credit card debt. Paying this down will not only help the DTI but also help the FICO score. ;)
;)
