Good Credit Score Not Good Enough Anymore

[Guy Whitey Corngood]

http://finance.yahoo.com/banking-budgeting/article/108486/good-credit-score-not-good-enough-anymore?mod=bb-creditreports

With historically low rates, many homeowners are watching closely for the right time to refinance their mortgages. Those with good credit may well recall being showered with praise by a mortgage broker during the initial purchase for that solid credit score.

That was then. This is now.

A few years ago, a score of 620 or higher was good enough. That increased to 680 in early 2008. Then it jumped to 720 in April last year and 740 in August, says Rodney Anderson, senior managing partner of Plano, Texas-based Rodney Anderson Lending Services.

In the past, any score of 700 or higher would get a double thumbs-up from credit experts. Now, rate adjustments begin kicking in at 740, with every 20-point drop adding another adjustment

[DJ13]

1. Perfect

As people with good credit were finding themselves screwed over by credit card interest rate increases and reduced limits by these same banks they elected to close their accounts, resulting in a lowered credit score.

So in retaliation these same banks now increased their credit score requirements for mortgages.

And our brain dead government cant figure out why credit remains frozen?

[SoCalDem]

2. Way back when we did a re-fi, they were dumbfounded

we ONLY wanted $22,500 cash-out, and they kept saying,,"but but you have a 780 score, and you COULD take out $200K".. they could NOT understand that ALL we wanted was enough for a new roof, some concrete work, some new paint & a new HVAC system..:) They acted insulted:)