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The good news, and the bad news

I just spoke with my mortgage broker, who informed me that my credit score is 776. :) Which is a lot better than the 724 I pulled back in January. That’s the good news – my awesome new credit score.

The bad news? As a young, single-income, first-time home buyer who makes less than the median income in Vancouver, I’m basically priced out of anything. My mortgage broker’s words, not mine. Basically, she said that with my perfect credit and without any debt, I would get pre-approval in the blink of an eye. That being said, the maximum purchase price I can afford by myself is $230,000 with a 30-year mortgage, and a 5-year fixed rate of 5.54%.

Granted, the properties I’ve been looking at have been in the $205-220k range … so I would still be okay … but damn. I’m so far from where I want to be in terms of financial footing.

Why the heck did my credit score go down?

WTF! It’s been 10 months since I’ve checked my credit score. Last March, it was 727 … so how is it possible that it’s now 724!? RIDICULOUS!

I have no new credit, no balances on any cards, no new credit inquiries (hard hits), and I’m now completely out of debt.

There’s an error on my credit report though – it said that I had a 30-day late payment in May 2007 for a CitiFinancial credit card … even though I closed that account (and it’s listed as closed on the report) back in 2005. It’s odd. I haven’t even used that card since 2004. I’ll have to dispute it.

But did that one error really affect my score that much? I’m really angry. Not that I think I’ll need my credit score anytime soon … but what if this fall, I find a perfect little condo that I want to buy? What then? You never know when your credit score is going to come back and bite you in the butt. And I know my score is okay, but it just doesn’t make any sense at all. I’ve followed all the rules, and I was really hoping to get rewarded for all my hard work.

Hopefully once this blemish is corrected, my score will go back up. I’ll check again in 6 months.

Also, for those Canadians out there who want a way to check your credit score for free (I haven’t done this yet, but know that it works), please refer to a previous post I wrote last year, called Finally, a way to see your credit score for free.

EI update, cable services, and my credit score

So Employment Services called me yesterday afternoon. After asking me some ridiculous questions, she said she would have to contact my previous employers to verify everything that I had said was correct. She didn’t know how long that would take, so she wasn’t sure when my claim would be finalized. I really really hope this gets done by the end of the week.

I got a call from Shaw Cable today, and signed up for high-speed internet and basic cable for about $60/month. Plus, there’s a promotion going on where I get a free modem. I’m happy with that … and after reading all of your responses about whether you have cable or not, I think I’m going to keep my cable. I want to keep my entertainment costs to a minimum here, so if I can catch the game at home, that saves me from going out to a pub, or taking public transportation over to BF’s. They are coming to do the install on Monday after 6pm, which is super convenient because Monday will be my first day in my new place.

Also, I really really want to check my credit score. I haven’t checked since last March when it was 727, but I’m scared. For some reason I feel like my score is going to disappoint me. But it’s not like it can be worse than 727, right? When I last checked, I was still in debt. Now I’m not. And I haven’t applied for any new credit, so it only makes sense that my score would be better. Hmm.

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