Real Estate Investor · Mission Viejo, CA · Member since 2008 · 1 post · 0 votes
If I apply to refinance my house, will the credit score be all the bank looks at? I had perfect credit until a credit card company failed to mail me my statement for 3 months, and then canceled my card and reported 3 missed payments of $25, even though I wired the payment to them as soon as I found out about it. This single hit to my credit rating has reduced my score to 629, which is considered sub-prime.
Does anyone know if the banks consider the whole report and would notice that there are no other blemishes? Or am I stuck waiting 7 years for this to come off my record before I can refinance at a prime rate?
I would think that if this credit card company mistake is all it takes for a bank to consider me a bad risk, then the banks haven't learned anything about making risky loans.
Residential Lender · ST. Louis, MO · Member since 2008 · 18 posts · 0 votes
18y
629 is not subprime 620 or less is. Your credit history is just as important as your score. Your history becomes more important as you r scores becomes lower. As long as you dotn have any lates on your mortgage then it shouldn't be a problem especiall if the credit card is reporting current now. I do these types or loans for people everyday. should be no problem.
Where is your LTV (loan to value) at right now? I can give you more accurate info with the knowledge..
lagrange, GA · Member since 2008 · 17 posts · 1 vote
18y
if you have time and you need help getting that and the other negative off of your credit reports, give me a call or just reply here with your issues and i will do my best to assist you.