If you are considering paying off or paying down an account in an attempt to improve your credit scores – you should really consider using our “what if” program.
It can save you time and money – and give you a valuable insight on the impact of paying off or paying down accounts on your credit scores.
I’ll give you an example… Yesterday I had a borrower that was thinking about paying off his Chase credit card.
The card had a balance of $267, and his credit limit was $500. When I asked the “what if” program what would happen if he paid off the account – it said his TransUnion score would go down by 16 points. I know that doesn’t make much sense, but the fico system doesn’t make much sense.
The best part is that this program is very reasonably priced.
I’ll be coming out soon with some updates on how the new LO Comp rule is effecting loan pricing and loan closing costs.
Please call me or email if you need help with a loan, or if you know someone that needs help buying or refinancing a home.
That’s it for today. I hope you have a good day. Thanks for reading this email!
Brett
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