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.
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..
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.