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SDEngineerParticipant
myfico.com (run by Fair Isaac) is the only place you can get your “real” FICO scores – however, even then a lender may be looking at a different score (Fair Isaac also provides “enhanced” scores to lenders tailored to their industries such as the mortgage-enhanced or auto-enhanced scores, and those you can’t see).
Some data (like DOFD if you’re interested in when a negative will drop off, or full contact/account info for creditors) is only available from the credit reporting agency directly (experian.com, transunion.com, equifax.com). These sites will also offer you a score for a price, but the scores are NOT FICO scores, and may be siginificantly different than your real FICO scores (the scores offered by companies other than Fair Isaac are known collectively as FAKO scores).
I pull my FICO scores from myfico.com every few months to check the score, and every year pull the free report directly from the CRA (using http://www.annualcreditreport.com) to have the full record.
SDEngineerParticipantmyfico.com (run by Fair Isaac) is the only place you can get your “real” FICO scores – however, even then a lender may be looking at a different score (Fair Isaac also provides “enhanced” scores to lenders tailored to their industries such as the mortgage-enhanced or auto-enhanced scores, and those you can’t see).
Some data (like DOFD if you’re interested in when a negative will drop off, or full contact/account info for creditors) is only available from the credit reporting agency directly (experian.com, transunion.com, equifax.com). These sites will also offer you a score for a price, but the scores are NOT FICO scores, and may be siginificantly different than your real FICO scores (the scores offered by companies other than Fair Isaac are known collectively as FAKO scores).
I pull my FICO scores from myfico.com every few months to check the score, and every year pull the free report directly from the CRA (using http://www.annualcreditreport.com) to have the full record.
SDEngineerParticipantmyfico.com (run by Fair Isaac) is the only place you can get your “real” FICO scores – however, even then a lender may be looking at a different score (Fair Isaac also provides “enhanced” scores to lenders tailored to their industries such as the mortgage-enhanced or auto-enhanced scores, and those you can’t see).
Some data (like DOFD if you’re interested in when a negative will drop off, or full contact/account info for creditors) is only available from the credit reporting agency directly (experian.com, transunion.com, equifax.com). These sites will also offer you a score for a price, but the scores are NOT FICO scores, and may be siginificantly different than your real FICO scores (the scores offered by companies other than Fair Isaac are known collectively as FAKO scores).
I pull my FICO scores from myfico.com every few months to check the score, and every year pull the free report directly from the CRA (using http://www.annualcreditreport.com) to have the full record.
SDEngineerParticipantmyfico.com (run by Fair Isaac) is the only place you can get your “real” FICO scores – however, even then a lender may be looking at a different score (Fair Isaac also provides “enhanced” scores to lenders tailored to their industries such as the mortgage-enhanced or auto-enhanced scores, and those you can’t see).
Some data (like DOFD if you’re interested in when a negative will drop off, or full contact/account info for creditors) is only available from the credit reporting agency directly (experian.com, transunion.com, equifax.com). These sites will also offer you a score for a price, but the scores are NOT FICO scores, and may be siginificantly different than your real FICO scores (the scores offered by companies other than Fair Isaac are known collectively as FAKO scores).
I pull my FICO scores from myfico.com every few months to check the score, and every year pull the free report directly from the CRA (using http://www.annualcreditreport.com) to have the full record.
SDEngineerParticipantmyfico.com (run by Fair Isaac) is the only place you can get your “real” FICO scores – however, even then a lender may be looking at a different score (Fair Isaac also provides “enhanced” scores to lenders tailored to their industries such as the mortgage-enhanced or auto-enhanced scores, and those you can’t see).
Some data (like DOFD if you’re interested in when a negative will drop off, or full contact/account info for creditors) is only available from the credit reporting agency directly (experian.com, transunion.com, equifax.com). These sites will also offer you a score for a price, but the scores are NOT FICO scores, and may be siginificantly different than your real FICO scores (the scores offered by companies other than Fair Isaac are known collectively as FAKO scores).
I pull my FICO scores from myfico.com every few months to check the score, and every year pull the free report directly from the CRA (using http://www.annualcreditreport.com) to have the full record.
SDEngineerParticipant71% of the borrowers are NEVER paying more than the minimum. I’d bet money another 20% on top of that are sometimes paying the minimum (and probably topping out at paying the IO payment – I doubt very many on the option-ARM plan are paying any of the amortized payments).
SDEngineerParticipant71% of the borrowers are NEVER paying more than the minimum. I’d bet money another 20% on top of that are sometimes paying the minimum (and probably topping out at paying the IO payment – I doubt very many on the option-ARM plan are paying any of the amortized payments).
SDEngineerParticipant71% of the borrowers are NEVER paying more than the minimum. I’d bet money another 20% on top of that are sometimes paying the minimum (and probably topping out at paying the IO payment – I doubt very many on the option-ARM plan are paying any of the amortized payments).
SDEngineerParticipant71% of the borrowers are NEVER paying more than the minimum. I’d bet money another 20% on top of that are sometimes paying the minimum (and probably topping out at paying the IO payment – I doubt very many on the option-ARM plan are paying any of the amortized payments).
SDEngineerParticipant71% of the borrowers are NEVER paying more than the minimum. I’d bet money another 20% on top of that are sometimes paying the minimum (and probably topping out at paying the IO payment – I doubt very many on the option-ARM plan are paying any of the amortized payments).
March 5, 2008 at 10:03 AM in reply to: Income to Mortgage Ratios in the new Banking System??? #164317SDEngineerParticipantThe new article on the front page uses per capita income, which is generally quite a bit lower than household income, which is the income figure usually used in the housing price ratio.
SD’s always been high – 4-5x household income is pretty much the average for the past 30 years (discounting this particular bubble).
IMO, you can thank “stated income” no or low doc loans, combined with option ARMs, low teaser rate ARMs, and IO payment loans for the massive run up in household price ratio – no bank would ever make a 10x income loan, but they were willing to turn a blind eye and give a wink during the run-up as long as the buyer was willing to lie and say they made enough to afford it. The banks drank the kool-aid too, and figured that as long as the borrower could somehow afford to pay the teaser rate IO payments that the house would appreciate, the buyer would refinance (or sell), and everyone would continue to make money hand over fist.
March 5, 2008 at 10:03 AM in reply to: Income to Mortgage Ratios in the new Banking System??? #164630SDEngineerParticipantThe new article on the front page uses per capita income, which is generally quite a bit lower than household income, which is the income figure usually used in the housing price ratio.
SD’s always been high – 4-5x household income is pretty much the average for the past 30 years (discounting this particular bubble).
IMO, you can thank “stated income” no or low doc loans, combined with option ARMs, low teaser rate ARMs, and IO payment loans for the massive run up in household price ratio – no bank would ever make a 10x income loan, but they were willing to turn a blind eye and give a wink during the run-up as long as the buyer was willing to lie and say they made enough to afford it. The banks drank the kool-aid too, and figured that as long as the borrower could somehow afford to pay the teaser rate IO payments that the house would appreciate, the buyer would refinance (or sell), and everyone would continue to make money hand over fist.
March 5, 2008 at 10:03 AM in reply to: Income to Mortgage Ratios in the new Banking System??? #164639SDEngineerParticipantThe new article on the front page uses per capita income, which is generally quite a bit lower than household income, which is the income figure usually used in the housing price ratio.
SD’s always been high – 4-5x household income is pretty much the average for the past 30 years (discounting this particular bubble).
IMO, you can thank “stated income” no or low doc loans, combined with option ARMs, low teaser rate ARMs, and IO payment loans for the massive run up in household price ratio – no bank would ever make a 10x income loan, but they were willing to turn a blind eye and give a wink during the run-up as long as the buyer was willing to lie and say they made enough to afford it. The banks drank the kool-aid too, and figured that as long as the borrower could somehow afford to pay the teaser rate IO payments that the house would appreciate, the buyer would refinance (or sell), and everyone would continue to make money hand over fist.
March 5, 2008 at 10:03 AM in reply to: Income to Mortgage Ratios in the new Banking System??? #164648SDEngineerParticipantThe new article on the front page uses per capita income, which is generally quite a bit lower than household income, which is the income figure usually used in the housing price ratio.
SD’s always been high – 4-5x household income is pretty much the average for the past 30 years (discounting this particular bubble).
IMO, you can thank “stated income” no or low doc loans, combined with option ARMs, low teaser rate ARMs, and IO payment loans for the massive run up in household price ratio – no bank would ever make a 10x income loan, but they were willing to turn a blind eye and give a wink during the run-up as long as the buyer was willing to lie and say they made enough to afford it. The banks drank the kool-aid too, and figured that as long as the borrower could somehow afford to pay the teaser rate IO payments that the house would appreciate, the buyer would refinance (or sell), and everyone would continue to make money hand over fist.
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