The biggest problem you have is you can't relate that not everyone is in the same situation as you are.
You go into these huge posts about how your credit score is this, or your rate is that, and if you refinance this way then you can save this amount of money. Its not all fun and games for everyone else, possibly including the OP. Your examples are mathematical and represent the overall picture, but not everything is going to be roses for him if he takes your advice.
I only pointed out that anyone looking to get into the housing market should try to get an FHA loan since it allows for some nice options, main one being stream line refis, everything else was directed to 90 accord who asked about stream lines, you told him not not think about it for at least a year, I disagree 100% with that. If he is in a place to get it, he could save money now that might not be an option to save later.
I can get my credit report and look at the hundreds of companies that have pulled my credit. I've had a reputable company tell me they wouldn't finance me when my credit was 760 because I'd had it pulled so many times.
Just because you have good credit doesn't mean you should try to use it every possible chance you get.
I was financing shit left and right, credit cards, my first laptop, my desktop, tv, surround sound, car, I've had 4 loans, including 2 consolidation loans and my credit was above average. Including my debt:income ratio, this is part of the reason my credit went to shit. I used it too much and got into trouble in using it. Its hard as fuck to get it up into the 700s, but it takes ONE bill being 2-3 months past due to put it 6 feet under.
you're talking about hundreds of times? I'm talking about 2-3 times in 1 year, IF the rates keep falling. that's counting the first pull for the first loan on the house. Lets get something straight here. your credit isn't bad because you pulled it too many times,
a 760 score puts you in a great credit bracket, however if your debt to income ratio sucks. that means jack shit. So you ran up x many loans, missed a few payments, one of them maybe 90 days past due? do you really think your credit score went down because of too many credit pulls?
Just take my advice and use your credit sparingly, have it pulled sparingly. If you can have it pulled and get something refinanced... great. But think long and hard of the repercussions it'll have 2-5 years down the road, not just at the short term problem you're looking at.
So its better to pay off your bills over a longer time then it is to save more money and pay the bills down faster? even if it means pulling your credit ONCE for a stream line refi?
Take a look at my signature. I have 8 lines of credit with 7 that are open. I'm not even going to guess at how many I'd finally gotten closed before these 8 came along. I've had 8 years of awesome credit and now I'm trying to keep my head above the water line. Jeffie on the other hand is making more than I am and can sit there with a credit score of 0 and still be able to live extremely comfortably. Listen to him because he makes more money, I don't really care.
And you still think your credit went down because of too many pulls? You're a very high risk account to any credit company because you clearly have too much debt.
Most of everything I said in this thread was pointed out to 90 accord who might qualify for a stream line. He would be dumb to not at least look into his options.
James, I don't understand why you seem to look at me like I'm making big bucks and I have all this money to piss around because of my job. and that's the only reason I'm where I'm at.... I work at a PIZZA PLACE. I make about 20 cents a week at handsonkitchen.com and haven't had time to make any money music wise due to the house remodding. I started looking into ways to make money work for me when I was around 16, I NEVER spent money on something if I didn't have a plan to have it paid off with whatever terms I set for myself. How is it I'm able to have what I have? I'm smart with my money. I will sit and look at 5 different angles as to how I should use it. If I'm able to save 100 bucks a month by dropping a point on a refi with very low closing cost, its a no brainer, if I can get more on my paychecks and have less of a tax return so I can use the money during the year to invest, I do it. If I had out standing bills, every extra cent would go towards it. You are in the spot that you're in for a reason. If I were in your shoes, I would have never bought a house, I would have rented a cheap apartment, sold off any non needed things, picked up an extra job and busted my ass until my bills at the end of the month were at ZERO with money to set aside. Only at that point would I look at moving forward into bigger investments like a house.
Anyways, credit means jack shit if its used in the wrong way. It's a tool, if used right, it will carry you far. if used wrong.... you'll have little things in your sig showing how deep you're in.