Q: I'd love to know if the banks will never reach where overlooked credit score 'important' traffic and look at the history of payment from global credit of a person.
I have a loan of capital with a high rate of interest that I have been told that I need to modify or refinance. We were rejected (only within the range of % that should be a little too high), for the amendment. The problem with refinancing is, we are working on a DMP (debt Management Plan) to eliminate credit card debt carried out for various reasons high and trying to get ourselves in a healthy financial situation. While in the meantime, have taken a hit in our qualifying traffic and don't know how to find that no one look to us a loan or refinancing this loan, despite they are not looking for 'new' money and they have said that we have an excellent payment history.
This is very frustrating to me that "economists" may see such obvious things to fix the economy. First of all, to do something about gas prices, so there is more money for consumers to spend and secondly, consider carefully this issue of score, 'traffic', which removes consumers who may have a bad rating, but excellent payment history and ability to pay, the tools to help themselves with lower interest rates, so once more, freeing more money into the economy.
A: It is unlikely, at least at this point, that the lenders will be willing to overlook the poor of the borrower FICO score, even if they have a strong history of payments. I agree that the ability of the borrower to pay a loan has more to do with that only your credit rating and a good insurer will agree, so, however, the rules have changed recently rating and borrowers must have a certain score approved for certain products and assistance.
Given that these days has been an emphasis both in score of traffic of the borrower, I suggest that it works to improve the rating of each form that can be. It can take months to get your score back on track, but sounds like it is going to take so that they desperately need help.
You should also note that you should keep looking, especially if you have a quite reasonable position of equity even though is considered the second lien. Other lenders may not be quite as rigid, and the availability of credit in the second market of privilege varies widely. Luck could someone to write a new loan for you. Some phone calls and doing (and compile) not to hurt some research.