refinancing

[stepmi]

Anyone know whether or not 656 is a 'good' credit score? I'm refinancing and have 15 inquiries in the last 6 months (bought a car in Aug, tried to refi house in Nov + refi my car in Dec - neither refis went through) which has brought down my score to what it is today. Does this score warrant CAUTION to anyone's knowledge?

 

[HomeGuru]

Anyone know whether or not 656 is a 'good' credit score? I'm refinancing and have 15 inquiries in the last 6 months (bought a car in Aug, tried to refi house in Nov + refi my car in Dec - neither refis went through) which has brought down my score to what it is today. Does this score warrant CAUTION to anyone's knowledge?

**A: your FICO score of 656 is good. But that is not everything. Mortgage lender underwriters also look at the number of inquiries (and you have way too many), late payments (especially your mortgage), number of credit accounts etc.. Also the fact that you recently bought a car made matters worse due the changing of your back end ratio. To top it off, you tried to refinance both the house and the car. You should not have bought the car and 6 months ago, you should have refinanced your mortgage absed on the presumtion that your credit history was much better. It appears that you do not know how to handle credit and are now desperate for loan funds and/or lower payments. Mortgage lenders do not want the risk of loaning money to someone singing Desperado.