credit score: “My Credit is Really Bad”
- 10/18/22 11:55 AM
“Mr Petrowsky,
I did some online searches and came across your name a couple of times.
Here is my situation, I am recently divorced and need to refinance my home however, my credit is really bad. My ex was supposed to be paying all the bills including credit cards and car loans and I was paying the mortgage. He stopped paying everything, which I was not aware of until I started getting creditor phone calls. Fortunately, I have a good amount of equity and the mortgage payments have always been on time.
A number of the creditors put liens on the home, … (3 comments)
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credit score: The HELOC is Going to Change My Life!
- 10/06/22 11:54 AM
“Joe
I want to thank you for letting me know about the REMN 5 day Heloc. It is going to change my life. I am paying off and paying down debt. I will be able to get my credit score back where they belong. I will lower my monthly bills.
It will also reduce my stress of worrying about bills that I cannot get out from under.
The Heloc was very easy and fast. Everyone that I spoke to during the process was very helpful.”
Inflation costs all of us. Some feel it more than others. Credit card obligations can be a killer – especially at … (3 comments)
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credit score: “The Moral of the Story, Not All Credit Reports are Created Equal”
- 10/10/15 09:05 PM
“The Moral of the Story, Not All Credit Reports are Created Equal”
I have been coaching these folks for nearly a year. Their credit scores where much lower when we got started and they have been make progress. I got this email from them and the scores they were getting on their own, just weren’t making any sense.
hi joe. we've done everything for Kim's score. She got credit cards shes making her payment on time, school loan on time and cought up. it been almost a 8 months now and 2 of her score are high 650's is only one experian … (25 comments)
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credit score: I Pay My Credit Cards Every Month, But My Scores Aren’t Going Up?
- 09/22/14 10:34 PM
“I Pay My Credit Cards Every Month, But My Scores Aren’t Going Up?”
Last year I gave advice to someone that wanted to be prepared to buy a home this fall. She called me last week, letting me know that she monitors her scores and they are not moving up at all.
She told me that she took my advice and got three store cards and pays on them each month. When I ran the credit, her mid score was a 591. Here was the problem, the three store cards were nearly all maxed out, the only thing … (23 comments)
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credit score: “Not ALL Credit Reports are Created Equal”
- 09/11/14 05:19 AM
“Not ALL Credit Reports are Created Equal”
I am often faced with someone saying to me, I already have a credit report and my scores are this or that. I explain that I need to do my own credit report, as not all credit reports are the same.
The question is why can they possibly be different. To make this as simple as I can, lenders have very specific criteria and information that is asked of the three credit bureaus, Equifax, Experian and Trans Union. The resulting answers to this information creates a set of credit scores and these … (21 comments)
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credit score: FHA-500 FICO PROGRAM
- 09/10/14 10:36 PM
FHA-500 FICO PROGRAM
I wasn’t sure that I would see a lender that was willing to do FHA mortgages, down to a 500 credit score or even should, but this in now reality. Minimum down payment is 10%, which should be higher and the interest rate is about 1% above the market rate and that should be higher as well.
I am not sure that I will do any loans with credit scores this low, as it just goes against all common sense. It would ready need to be a unique situation, with a large down payment, … (19 comments)
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credit score: I’m Ready to Get Pre-approved, Again
- 08/27/14 10:36 PM
“I’m Ready to Get Pre-Approved, Again”
What happen to the instructions I gave you 18 months ago?
1)Stay current on your car payment and your credit card.
2)Keep your credit card payment below 50% of your credit limit.
3)Arrange for a store credit card and pay off the balance each month.
4)Stop paying your rent in cash.
Your credit scores were in the mid 500’s 18 months ago and they are lower than that today. I appreciate that you are paying $1350 per month in rent and you could have a mortgage payment lower … (28 comments)
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credit score: “80% of Lenders will NOT Consider Doing Non-QM Loans”
- 08/18/14 09:39 PM
“80% of Lenders will NOT Consider Doing Non-QM Loans” I have carried on many conversations with lenders, banks, credit unions and mortgage companies about Non-QM loans. Many say they will never do these kinds of loans, for a number of reasons, which is great for me. They are offering the right loan products for them. Tighter lending guidelines were necessary compared to what once existed, but we have gone from one extreme to another. We are currently at the lowest level of home ownership in nearly 20 years. Do you see a problem here? I recently did a … (33 comments)
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credit score: “Why Do So Many Think, Credit Scores Have Something to Do with INCOME?”
- 08/12/14 10:34 PM
“Why Do So Many Think, Credit Scores Have Something to Do with INCOME?”
I hear this statement much too often and I just don’t know where this is coming from. Income has nothing to do with your credit scores. The three credit bureaus have no way of getting your income information.
I was doing a preapproval over the weekend. During the process I asked about credit and the person told me that he was out of work about a year ago. The unemployment lasted about 4 months before he was able to find new employment. He told me … (53 comments)
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credit score: Report Explains Why Credit Standards were Lowered
- 07/02/14 01:03 AM
“Report Explains Why Credit Standards were Lowered”
I love reading these kind of reports. The truth is that credit standards have not been lowered, the credit score models have been lowered. Since the allowable scores that lender will allow and the standard have basically not changed, its still not any easier to get a loan approved.
There is only one major reason that credit score requirements have been lowered, there is less mortgage volume and this was the attempt to crank up the number of mortgages that might come in the door. There is no lack of … (27 comments)
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credit score: Do I Always Add Value When Serving My Clients?
- 06/26/14 06:00 AM
“Do I Always Add Value When Serving My Clients?”
There are so many really good loan officer all over the country, that service their clients very well. So, to come up with what I may do that sets me apart is not easy.
I have always looked for every imaginable niche to make more loans available to those that may be underserved. Many banks, credit unions and mortgage bankers can’t or just don’t want to do certain loans. Often it is internal guidelines or not knowing what lender might be able to do the particular loan.
Not … (17 comments)
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credit score: I Want Someone to be Straight Up Honest with Me
- 06/11/14 10:44 PM
“I Want Someone to be Straight Up Honest with Me”
Below is an email that I got from someone that was just looking for straight and honest answers instead of the alternative. It is so sad that some have to even think this way, as there is always so much bad information out there. How many more folks would want to own a home, if they thought they could.
"I am just looking for someone to be straight up honest with me. My wife and I have been repairing our credit for some time, and have paid … (66 comments)
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credit score: “Is it Lack of Knowledge about Credit?”
- 05/15/14 10:47 PM
“Is it Lack of Knowledge about Credit?” There seems to be two camps, folks that are very conscious about their credit and keep themselves aware of what to do to always have good scores and then there is the other group. The group that pays very little attention, unless they need credit and then average or below scores matter. I have been in the credit business for a long time and carried on the conversations with thousands of people and so often they seem to not understand what can happen if all credit is not paid on time. … (25 comments)
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credit score: Lowering Credit Score Requirements, Does NOT Mean Loosening Guidelines
- 05/14/14 10:49 PM
“Lowering Credit Score Requirements, Does NOT Mean Loosening of Guidelines”
Lower mortgage volume is the main reason many lenders are dropping the allowable credit scores on most mortgage products. I can tell you that doesn’t mean that guidelines are being relaxed. Actually just the opposite, the lower the scores, the more challenging the guidelines are going to be.
A few months ago a Realtor referred a client that was selling a home and was downsizing. Selling for $340,000 and after the payoff of the existing mortgage and costs of sale this individual will have $110,000 to put … (14 comments)
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credit score: “Inquiry Says POOR Credit, but Score is 675”
- 04/22/14 10:43 PM
“Inquiry Says POOR Credit, but Score is 675”
I normally get 3-5 inquiries off my website every week. The information requested is very basic - name, phone number, email address, estimated mortgage amount needed, rate your credit and comments.
It always amazes me how many folks view their credit. Allen filled out the form, indicated that he was denied for a mortgage a year ago because of poor credit.
I called Allen, he really wants to own a home, but wasn’t sure that his credit had improved in the last year. I told him I wanted … (27 comments)
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credit score: “The New Subprime, What Does that Mean?”
- 03/28/14 10:50 PM
“The New Subprime, What Does that Mean?” One announcement after another from lenders reducing credit scores. Just last week one lender will now go down to 540 and the other at 550 for FHA loans. Before everyone starts going crazy that we will be heading for another mortgage and real estate meltdown, get that out of your heads. There are situations that warrant a mortgage for a client with lower credit scores. Dave (his actual legal name), purchased a home in 2003 with a girlfriend. The relationship went bad and his girlfriend moved out, however she had his … (27 comments)
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credit score: “What Percentage of My Credit Scores is a result of Payment History?”
- 03/23/14 11:14 PM
“What Percentage of My Credit Scores is a result of Payment History?” This topic is difficult to understand. All the information available indicates that payment history makes up 35% of your credit score, both in a good way and a bad way. A couple of years ago a client came to me to get preapproved, at the time the credit and credit scores did not work. He had a car loan, that was not always paid on time. I had recommended that he apply for 3 credit cards, charge on them each month and pay off the balances every … (42 comments)
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credit score: “Even After Bankruptcy, Banks Cause Much More Harm”
- 03/03/14 03:19 AM
“Even After Bankruptcy, Banks Cause Much More Harm” When someone goes through bankruptcy and there is real estate included, the ability to be able to get a mortgage in the future has many variables. The shortest distance between two points is usually and FHA mortgage. There are some basic guidelines. There are a number of variables that I will not get into this post, but as mentioned here are the basics: 1) You must wait 2 years after the BK. 2) You must have re-established credit, preferably 3 accounts that show up on the credit report and a minimum … (52 comments)
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credit score: “Borrower Paid Fee or Lender Paid Fee?”
- 02/19/14 12:23 AM
“Borrower Paid Fee or Lender Paid Fee?”
When I discuss mortgage options with my clients, one of the most important topics, is how I get paid and how much I get paid and the two options for getting me paid for the work that I do.
There are two options, either they can pay me or the lender can pay me and the rate is slightly higher. Even when the rate is slightly higher, it is just as competitive as any other bank or lender. Of course, if they went somewhere else, they wouldn’t get me.
Let me explain one … (18 comments)
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credit score: “Why are there still 6%-7%-8% Mortgages Around? “
- 02/12/14 03:55 AM
“Why are there still 6%-7%-8% Mortgages Around? “
I always have a knee jerk reaction when someone calls me about a refinance and I hear rates of 6-7-8% and ask, why did you wait so long to refinance?
Jon called me telling me that he had been referred by one of his co-workers. He had been complaining to his co-worker for weeks about his not being able to complete his refinance that he started in September. When I hear stuff like this, it tells me this is a mortgage that is not going to close.
Jon … (25 comments)
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