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I was recently divorced and now have a single income ($76k a year). I have also just paid off my car and lost the installment loan aspect of my credit score (dropped from 689 to 640). Will lenders look at this bad? I paid off the car and it was never late, i dont understand why my score dropped? I am looking for a loan of $280k. by dbindel795 from Chandler, Indiana. Oct 31st 2018 Reply


Henry J Daniels, CMPSI, CMHS (HenryJDanielsNationalMortgage)
#13 ranked lender in Texas - 136 contributions

As a Lender, we look at the middle of your 3 scores, Equifax, Experian & Transunion. I've had clients have good success with Crediditcheck, Total, Privacyguard, and MyFico. These scores are closer to what we would see on a report and are not Hard InquiriesTaking that score at face value there are loan programs that you can qualify for. As far as if you can reach the $280k Price point that would depend on several factors such as:* Other Debts* Taxes, Insurance and HOA fees on Proposed Property* possibly certain deductions on your tax return could impact.Feel Free to Contact me directly at 936-228-1944 and we can go over the details of your situation and see if we can reach that target price for you

Oct 31st 2018
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Larry Penilla (Larry Penilla)
#4 ranked lender in Indiana - 24 contributions

My guess is, you're not looking at the same credit scores that mortgage lenders use. You can access your mortgage credit scores @ www.MyFico.com without a hard pull inquiry. Otherwise, any mortgage lender can pull your credit reports with the scores that will be used. An expert mortgage consultant can give you valuable advice - how to maximize your mortgage FICOs by reviewing your credit report. Feel free to reach out for more specific info regarding your best steps to take...219-765-1630

Oct 31st 2018
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Corey Vandenberg (Coreyv)
#66 ranked lender in Indiana - 31 contributions

Absolutely, I would love to help you in Indiana, please give me a call (765) 337-2902.

Oct 31st 2018
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Hello your score might have dropped because you lost the history of your car payment. But hopefully depending on what you are using to view credit the scores aren't as accurate as our mortgage report will be. I would have to go over your entire history with you determine what you qualify for. I am in Indiana as well and would love to help out. I am Ruby Stover and my number is 219-617-2987

Oct 31st 2018
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Steven Brand (stevenbrand)
#3 ranked lender in Minnesota - 111 contributions

You need to sit down with or pick up the phone and talk to a licensed Loan Originator in the state you're looking to get a loan. As Abe Lincoln said "You can't trust everything you read when you throw it in the Googler". Seriously... there are about 15 different "credit scoring models" used and you need to talk to a Mortgage Guy and get a Mortgage Credit score. Hit me up if you want straight talk with some possible vulgar language thrown in for good measure.

Nov 1st 2018
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Easy solution , you need an underwriting exception..Send your request to our underwriting dept. They will give you a yes or no immediatelyInfo@saturnmortgage.comSubject : UW question..

Nov 2nd 2018
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Without looking at the complete loan profile, it's impossible to advise.. but even 640 is within the acceptable range for FHA financing.. and with FHA,, there's little difference in the loan rate having a 640 credit score vs. a 740.. Get a hold of a local lender and apply now.. only then will you know for sure.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Nov 7th 2018
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,981 contributions

Credit scores move - sometimes daily. Score are based on a lot of different criteria, but a big chunk is based on current activity. So once an active loan like a car loan gets paid off, the benefit of the good history may start to fade. Visit this page on my web site for more about credit scores: https://joemetzler.com/score.htm For loans in WI, MN, and SD, visit me at MortgagesUnlimited.biz, or (651) 552-3681. NMLS274132.

Nov 7th 2018
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