Loan Modification Forum - LoanSafe.org - View Single Post - SUCCESSFUL LOAN MODS(5yrs fxd) PAY ATTENTION (THE BATTLE IS OVER BUT THE WAR HAS JUST BEGUN)

unclmikl · 08-24-2008, 08:44 AM

YOU MAy HAVE NOTICED THAT IN THE FICO O8 SCORING MODEL THIS IS ELIMINATED BUT . not all scorers are using the new scoring model yet( as it will be available in sept ) and some may not for some time. my girlfriend and i have been together 3 yrs. she had a divorce where here ex trashed her credit(not unfamilar) i put her on my credit cards and in 14 month her fico went from 560 to 640 and still improving. granted its not all from piggy backing my credit as we have disputed and had 2 items removed and negative info is getting older. also this is very complex as you can reach different plateaus in your credit scoring as you are in a pool with others of similar credit histories ie foreclosures,charge offs and bankruptcies and as you improve your credit and become farther removed from past credit problems .you become a bigger fish and graduate to a bigger pool where you become a smaller fish (kind of like getting drafted out of college sports and now you have to prove yourself in the pros) i have looked at the fico 08 but havent completely broken it down yet but thier are things that will hurt you less and things that will help you more.
but i will cross thar bridge whenall three majors are using it.

?
say it takes six months before all three majors use fico08 (which may be generous)and your mom has a credit card with a 30k limit and $1500 balance would you want mom to put you on that account and possibly boost yout score 20,30 or 40 points or more in six months
which in turn could save you up to 2 pts on your next note in nine months.which will save you several hundred dollarson your note.

LET ME MAKE MYSELF EXPLICITLY CLEAR I STARTED THIS POST FOR PEOPLE WHO HAVE THIER LOAN MODIFRIED (FIXED FOR 5 YRS) WE DO NOT KNOW WHERE THE MARKET IS GOING TO GO.WE NEED TO BE IN A FIXED LOAN PRODUCT AS SOON AS PRUDENTLY POSSSIBLE.SO THIS MEANS WE SHOULD DO WHAT EVER IS LEGALLY POSSIBLE TO REACH THAT GOAL.YOU HAVE STAY ON TOP WHAT IS GOING ON TODAY THAT YOU CAN USE IN A POSITVE ADVANTAGE TO YOUR OWN SITUATION.
UNCLMIKL

08-24-2008, 08:44 AM	#9 (permalink)
unclmikl Senior Member Join Date: Aug 2008 Location: Mobile AL Posts: 77 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: SUCCESSFUL LOAN MODS(5yrs fxd) PAY ATTENTION (THE BATTLE IS OVER BUT THE WAR HAS JUST BEGUN) YOU MAy HAVE NOTICED THAT IN THE FICO O8 SCORING MODEL THIS IS ELIMINATED BUT . not all scorers are using the new scoring model yet( as it will be available in sept ) and some may not for some time. my girlfriend and i have been together 3 yrs. she had a divorce where here ex trashed her credit(not unfamilar) i put her on my credit cards and in 14 month her fico went from 560 to 640 and still improving. granted its not all from piggy backing my credit as we have disputed and had 2 items removed and negative info is getting older. also this is very complex as you can reach different plateaus in your credit scoring as you are in a pool with others of similar credit histories ie foreclosures,charge offs and bankruptcies and as you improve your credit and become farther removed from past credit problems .you become a bigger fish and graduate to a bigger pool where you become a smaller fish (kind of like getting drafted out of college sports and now you have to prove yourself in the pros) i have looked at the fico 08 but havent completely broken it down yet but thier are things that will hurt you less and things that will help you more. but i will cross thar bridge whenall three majors are using it. ? say it takes six months before all three majors use fico08 (which may be generous)and your mom has a credit card with a 30k limit and $1500 balance would you want mom to put you on that account and possibly boost yout score 20,30 or 40 points or more in six months which in turn could save you up to 2 pts on your next note in nine months.which will save you several hundred dollarson your note. LET ME MAKE MYSELF EXPLICITLY CLEAR I STARTED THIS POST FOR PEOPLE WHO HAVE THIER LOAN MODIFRIED (FIXED FOR 5 YRS) WE DO NOT KNOW WHERE THE MARKET IS GOING TO GO.WE NEED TO BE IN A FIXED LOAN PRODUCT AS SOON AS PRUDENTLY POSSSIBLE.SO THIS MEANS WE SHOULD DO WHAT EVER IS LEGALLY POSSIBLE TO REACH THAT GOAL.YOU HAVE STAY ON TOP WHAT IS GOING ON TODAY THAT YOU CAN USE IN A POSITVE ADVANTAGE TO YOUR OWN SITUATION. UNCLMIKL