FAKO vs FICO

Here's a dirty little secret that THEY don't tell you....

When you buy your credit score online, it might be worthless. Did you know that the FICO scoring model is secret? Just like the formula for Coca Cola, it's the real thing.

The only way to REALLY know the credit scores your lender will use is to get a coyp of your report from your Mortgage Broker (hopefully, that's me!).

When I pull your credit, it's the real deal. The licensed score I pull and pay for is the actual score calculated by the secret credit scoring computer. Not like some cheap Rolex knock-off you find at a New York street vendor.

If you want to repair your credit, make sure that you start with a real credit report.

Fed Cuts Don't Mean Interest Rates will be lower

Here's an article on why mortgage interest rates do not follow a Fed rate cut:

http://money.cnn.com/2008/03/14/news/economy/ratecut_mortgages/index.htm?postversion=2008031810

Enjoy!

Eliot Spitzer exposes Bush before he was attacked

Sure, Eliot Spitzer was with a hooker (or two or three?) But he seemed to spend his own money on his own time.

Back on Valentine's Day, he wrote an editorial that blew the lid off of the predatory lending crisis. Is this behind the coordinated attack on Spitzer?

You decide.... http://www.brasschecktv.com/page/291.html

Simpleology Free Tool you'll want to get...

Hi all!

I wanted to let you know about a cool website and book that I am working with. It's called simpleology and will help you break through to your true goals. I am using it to stay organized and remove mental blocks on things I need to accomplish. You can, too. It's free, so check it out!

I'm evaluating a

multi-media course on blogging from the folks at Simpleology. For a while, they're letting you snag it for free if you post about it on your blog.

It covers:

• The best blogging techniques.
• How to get traffic to your blog.
• How to turn your blog into money.

I'll let you know what I think once I've had a chance to check it out. Meanwhile, go grab yours while it's still free.

Even with FHA, credit scores must be 580 now!

This just in from my underwriters...FHA used to not care about credit scores, if someone had a 540 (or no score, or lower!) but we could provide alternative documentation that their credit was OK for the last 12 months, regardless of what the credit report showed, we were OK. Not anymore, and I quote;

“Due to volatility in the FHA markets our investors have discontinued offering FHA loans below 580 regardless of Approve/ Eligible Status. This change includes any loans currently in the pipeline or any new loans that may have been submitted. Please pass along to the field. I can tell you also that the industry is changing regarding these. Both Countrywide and Chase have also eliminated doing FHA loans below 580. Plaza will not originate loans below 580. Any loan below a 580 that underwriting deems acceptable for an exception will be reviewed by underwriting management to determine if loan is acceptable. These loans will not be locked until an Approval has been issued.”

Fed Rate Cut

Don't be fooled, they didn't cut the rate for our benefit. In fact, it will most likely drive inflation and the cost of just about everything, up! Here is a good article:
http://www.indystar.com/apps/pbcs.dll/article?AID=/20080318/LOCAL/80318010

Til next time...

Lucy Brenton

Credit Scores

I find nothing more irritating in modern life than the credit score. This 3 digit number will supposedly predict how likely you are to default on loans, charge cards, etc... Often, it is presented, wrongly in my opinion, that the credit score can be construed as a marker of someone's character.

The purpose of this blog is to allow me to rant about credit bureaus. If you want to rant along with me, please fell free to post. :)