05/09 - ChrisTurk Appreciation Saturday

naw, you're right

 

I'm of the mind that it's not worth fucking around with it. Insignificant benefits to getting inquiries for no reason vs slight disadvantages that take literal years to overcome. I prefer to avoid. Also, not sure where the cutoffs are, but there are cutoffs that will affect your rates, so

 

I think you have to have an excessive amount of inquiries for it to affect your score in a damaging way, assuming your credit is good otherwise (long history, no late payments, 30% or less utilization and no charge-offs). I churned CC's for points and miles for several years. The main thing like Dan said is just not having any at all within I think it's three months of applying for a mortgage. You can't appear debt-seeking.

 

This song was released and hit the Top 10 in the year I was born

 

now that I'm looking around more, the calculators show this weird thing. every time I increase my income by $250/month, the mortgage amount I qual for goes up by like $20,000. so I need to increase my income but not by nearly as much as I thought. down payment I checked the links and maybe I could get some somehow. so it's not as bleak as I thought. all I have to do is wait for the housing market to crash and get prepared now to buy at that time.

 

you're right

in particular - turker's case - probably not worth her time to go through with it and get the hard inquiry. If the calcs are saying 30k, she'll probably not get approved for much more anyways

 

THANK YOU

 

CreditKarma has a good mortgage calc based on your report I think

 

they want you to maintain your income though.
You can't just up it for a couple months and expect that to be okay.

I don't remember what they did for me, but I think they averaged the previous 3 years of my income to determine. don't remember

 

they told me the last 2 years in colorado last time I asked a mortgage broker, but that was probably 5 years ago by now. they said it has to spread out to an average. they said some people have seasonal income so it doesn't matter if it was a lot some months and hardly any other months.

 

On my way

 

I was going to suggest you go visit a local bank and sit down with a mortgage person. They'll know exactly what criteria is needed and can let you know whether or not you'd be wasting your time.

But then I remembered - coronavirus lolol.

Send an email

 

Dan you are a really smart beaver

 

You keep saying that for many days now but I'm yet to see any food. I think you're just trying to appear generous in public.

 

@Tracy Wethington
@ChrisTurk
@SirKiwiTheBrave

 

Just so you understand why it goes up fast (I asked my financial planner 3-4 years ago about mortgages). (this advice was given in Canada, so while it could apply, I have no clue if that's how it's also done in the US)

They look at 40% of your income, remove how much it costs to heat the place you're looking for (they have a formula based on cost of electricity/gas) (here was 60c/sqft), remove other debts (car loans, etc) and the rest can be allocated to the mortgage. So once you remove those fixed fees, every extra dollar (actually 40% of that dollar) can go straight to the mortgage, so it looks like it increases more than it should, but that's because of the fees that are already taken out.

 

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makes sense!

 

Stopped reading at that.