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Anonymous wrote:Anonymous wrote:Anonymous wrote:My DW and I are in the process of being pre-qualified for a mortgage. We checked our FICO scores online through MyFICO (paid the $70 fee) and mine were Equifax: 734, TransUnion: 724, and Experian: 746. However, we just received an email from BoA stating that my median FICO score came back too low to qualify at 665. Can someone explain how this can happen? Is it possible it's an error on their part? Or do mortage companies use MUCH stricter criteria? I'm really confused.
It goes by the lowest score, so if your DW has a 665 your 724 doesnt matter.
Huh? It was HIS 665, he didn't mention DW's scores at all.
well maybe he should mention his DW scores, so we can try and assist. Considering what we know (HIS scores) and what we dont know (DW scores), I believe my hypothesis to be the most plausible in a dual applicant situation. Of course there are alot of other ways this discrepancy could happen, but hey..im just trying to assist.
Anonymous wrote:18 months is a pretty short term horizon. If it was 10+ years, I'd say put it in the market. If you have a strong expectation of having at least $20k in that account months from now, you'll need to take a lower risk, lower return path.
I'd put most in a short term bond fund and maybe some (20%?) in an S&P 500 index fund.
had this been 18 months ago, I would have told you to buy tesla stock...and your 20k would have been well over 100k by now. but that ship has somewhat selled.... I would buy 5k in solarcity stock. I promise you it will double in two years. quote me. and with the remaining 15k, start a ladder CD