It Still Amazes Me... how people are just not in touch with their credit scores.
- Perhaps they don't quite understand how the score is calculated... thats okay
- Perhaps they don't know the range of scores.. thats okay
- Perhaps they can't remember when the Bankruptcy was filed exactly, but have an idea... thats okay
What I am more surprised with is when you speak with someone and you are very clear to ask them "have you had any foreclosures over the past 7 years or filed bankruptcy within that time". They say no. Great! Then you go on to ask "have you had any collection accounts, charge offs, and reposessions within the past few years". Again, you get either 'no' or 'well I have, but it was over 6 years ago'. We might be able to work with that a bit.
And of course the last question is "have you been making your payments on time or do you have any history of late payments". Rencently I asked this question and the answer was no. Guess what I found?
After asking these questions and a few others, I get an idea of where the client may be credit wise (keep in mind, I said 'and a few others'). Well, according to a recently potential client... they had a pretty clean record. But when I pulled their credit scores... the HIGHEST score was 600.
When asking these questions I was very clear as to what each term meant... collections, foreclosures, repossession. But still they acted as though their score MUST be above 760. This clients report had Collections as recent as June and July. So, either you are WAY out of the loop, you didnt understand the questions, OR you figured I would just not see them... This is what I do for a living. I'm must more willing to jump through hoops for you if you are upfront with me. Chances are very good that you have received phone calls and/or letters regarding these accounts. Tell me about them so that we are on the same page and can address these issues right away.
It Still Amazes Me...
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The views expressed on this site are mine alone and do not reflect the views of my employer.
It's even more amazing when they tell the loan officer one thing and the agent another thing and we have to compare notes and it's like, "Seriously? Are you kidding?!!"
It is usually the clients who spend, spend and don't manage their budgets (just like the USA goverment).
Donna - So right. As though we wont be talking about the status of your loan.
Edward and Celia - True. They have a hard time managing.. but fill me in a little so that Im not carrying on like it sounds pretty smooth... then I find that you are a MESS. Doesnt mean it cant happen, but it does mean it cant happen just yet.
and it is free once a year as well from the 3 agencies too, how easy is that!
I think a lot of people get shamed by their bad credit then lie about it thinking nobody will notice.
Mark - Not enough people take advantage of the free report. Its so important, especially if you had credit issues in the past. But even if you didn't, you should make sure you didnt have fraud issues at any time.
Bryan - Its like when a dog does 'his business' in the corner of the room. He/she never wants to look in the corner because they know what is there and they hope no one else will notice. Its a shame. It would be much easier to just address it, lets work on a soluction, and lets move on.
So many "It amazes me" situations that always seem to happen. It's very good advice to stay on top of what can possibly happen during a transaction.
Eileen - So true that there are many moments that make you go ... hmmmm.. :-)
Things that make you go ... hmmmmm! I think the answer lies in a little bit of everything you touch upon, John. Some truly don't understand it all. Others seem totally oblivious. And still others ... wow. I always wonder what news or conversations they are having that they are so unaware. I totally agree with you ... it makes you go, huh?? Hang in there ...
Gene
You and I both know abou those 'huh' moments. Thanks Gene.
Credit reports are like lie detectors - the truth will be revealed; most of the time.
HA. So true Teral!
Very good reminder to everyone how important a good credit score is and that we should keep track of it. Excellent advice to everyone, especially those considering buying a home!
Gretchen
Thanks for the comment Gretchen!
John - And this is EXACTLY why buyers need to get pre-approved prior to looking at homes especially if they "think" their credit is good enough to obtain financing.