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Credit Score in San Jose : Real Estate Advice

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Activity 6
Mon Dec 18, 2017
Frank S. answered:
Hello Dougko, you can just use one pre-approval letter/DU Approval to look at as many homes as you want.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Do you know what your fico scores are and how much you want to invest into the purchase?

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the purchase.

How much do you pay in rent and what is the maximum payment you are looking to afford? You may consider 5% down jumbo from a minimum 720 fico score up to 1.5m and a minimum 660 fico score may consider 10% down jumbo up to 2.5m.
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0 votes 3 answers Share Flag
Tue Jun 27, 2017
According to the credit reporting agencies the models for credit scoring are fluid.
What was relevant five years ago is completely changed for today's market.
Student loans do not effect your credit as much as a credit cards.
Credit scores will recover nicely when your credit balances go under 50% of the maximum limit.
The interest rates on those credit cards is significantly greater than the student loans. Paying down those credit cards is going to give you a 'bigger bang for your buck'.
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Mon Oct 3, 2016
Justagreatguy answered:
I have a 638 credit score now; and I have Credit Repair helping me with some old items on my credit report, that have been on there for 10 years now. Credit Repair is charging me $99.00 per month, and I have 3 removed from the 4; and, they only have to adhere to one more. These balances have been long paid, and the reason I got behind with them from before, was due to an illness and divorce that has now been eradicated from my life. I am doing fine financially..I am retired making $2600 per month, $31,200 per year. All I want is a $3000 loan to pay off my lingering medical bills, and to pay my bills 3 months in advance. I am a decent buy; in fact, I am formerly CT States Big Brother of the Year; but, it seems no one wants to help me. Please see what you can do for me. I give you my word, that I will pay my bill on time. I need a loan to up my credit report. Thanks 860-810-5773 Ken Finley ... more
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Thu Oct 31, 2013
Mike Diaz answered:
Hi Katie, I am from the lending side.
This is something we might be able to do as a Direct Lender and we service 50% of our loans so we can make various exceptions.
Just contact me to go over or you can fill out an app online at and I will work on getting you pre-approved.
Look forward to hearing from you.
We have loan programs where we do loans with no credit score and use alternative trade lines.

Michael R DIaz 380048
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Wed Jul 31, 2013
Jessica Bateman answered:
I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good luck to you!
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1 vote 8 answers Share Flag
Mon Jul 29, 2013
Michael Abramsky answered:
Let’s go back to basics about Inquiries.

An inquiry is a record of any company viewing your credit report for the purpose of reviewing your credit history. The Fair Credit Reporting Act (FCRA) allows any organizations to view your credit file as long as they have permissible purpose.

Permissible purpose is defined by the FCRA as;
• Ordered by a court or a federal grand jury subpoena.
• Instructed by the consumer in writing.
• For the extension of credit as a result of an application.
• For employment purposes.
• For the underwriting of insurance.
• To review a consumer’s account.
• To determine eligibility for a professional license.
• In connection with child support.

Not all Inquiries are created equal.

There are two different types of inquiries; hard inquiries and soft inquiries.

Hard inquiries occur when someone checks your credit report for the purpose of extending credit.
Common hard inquiries are credit checks from:
• auto lenders
• mortgage lenders
• credit card companies
• landlords
• cell phone companies
• utility companies
• collection agencies

Soft inquiries, also known as an “Account Review Inquiries”, occur when:
• You check your own credit report
• An employer checks your credit
• A lender checks to see if you qualify for a pre-approved offer
• A current creditor reviews your report

Soft inquiries do not impact your credit score, in fact, they only appear on your consumer credit report. This means a lender checking your credit will not see any soft inquiries.

Hard inquiries account for 10% of your overall FICO score and remain on your credit report for 2 years from the date they were initiated. But the only hard inquiries which impact your credit score are those ran within the last year.

Quick Tip: To get the most positive impact from this category, try not to have more than 1 inquiry every 6 months.

Finally, we saved the best for last.

Inquiries ran within a one week time-frame within the same industry are grouped together and only count against your FICO score as one inquiry.

So if you went car shopping and your auto dealer sent your credit application to 12 different lenders who each ran your credit report; don’t worry, although all 12 inquiries will report on your credit history, they will only impact your credit score as a single inquiry.
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