Monday, November 24, 2008

Credit Score Nightmares

Once again, I am counting my blessings.

Given the way the economy is going, it freaks me out that we might not have been able to buy our house if we had moved here so much as one month later than we actually did. You may recall my previous posts about my credit score during our mortgage shopping experience.

Friends of ours have had their house on the market for about six months. They just finally got an offer on the house and accepted the offer, but the deal fell through.

Wanna know why?

The buyers weren't approved for the loan.

The loan required a credit score of 740, and their credit score was only 737.

Um... they've got a significantly better credit score than I do!

Holy crap batman! Seriously, that stupid $70 late payment to Dominion Power and applying for a Best Buy card to buy a TV (the two things that drove my credit score down BELOW 700) would have prevented us from buying this house if we had moved here a month later!

It probably goes without saying that I had a new appreciation for protecting my credit score after the mortgage debacle, but this just really drives the point home. (No pun intended.)

2 comments:

Hilary said...

We had similar circumstances just weeks after buying our house - 24 years ago. Housing prices soared almost immediately after our purchase and our small home would have been out of our reach at that time. I'm glad you got in under the wire. You win by a noz!

donald said...
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