Credit card refinancing questions

[pyroguy]

Originally Posted by AJL13

This. The difference of half a percent in your mortgage rate can mean tens of thousands of dollars down the road....well, at least in California it does. This is where credit scores absolutely matter. Unless you don't mind pissing away several hundred dollars each year in interest, then yeah, don't worry about it.

A zero credit score will still allow you to get good rates if you have financial backing to prove that you can handle the loan. You have to find somewhere that isn't too lazy to do manual underwriting, but it is possible to have a great rate and a zero credit score prior to purchasing. Then you don't "piss away" a bunch of money trying to build a credit score.

[AJL13]

Originally Posted by pyroguy

A zero credit score will still allow you to get good rates if you have financial backing to prove that you can handle the loan. You have to find somewhere that isn't too lazy to do manual underwriting, but it is possible to have a great rate and a zero credit score prior to purchasing. Then you don't "piss away" a bunch of money trying to build a credit score.

True. But depending on the lender, manual underwriting can take weeks. And if you are trying to enter escrow on a house in a competitive market, you're not afforded the luxury of waiting weeks for a loan to fund. You might as well just save your pennies until you can go all-cash.