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Amex Authorized User Killed my Credit because no backdating

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Anonymous
Not applicable

Re: Amex Authorized User Killed my Credit because no backdating

Where did you see that it dropped your score 20 points? What are you pulling to determine that score drop? Was that your mortgage mid-score or your fico 08 score?
Message 21 of 43
UncleB
Credit Mentor

Re: Amex Authorized User Killed my Credit because no backdating


@Anonymous wrote:

Sadly, our lender told us to add me to a few accounts. Sigh!!!!!!!!!!!!!!!


I think you might have a communication issue with your mortgage broker.

 

I've been through the process four times (two purchases and two refi's) and each time for a few weeks they were each like my 'best friend' - they are your advocate to the lender (they want to make the loan; they're usually on commission and they really want you to succeed!)

 

Obviously they aren't allowed to lie on your behalf (that's actually illegal) but they are there to help you get through things such as this.  A good mortgage person will have an excellent feel for the individual credit bureaus, and might even have access to some tools that the everyday person doesn't have (i.e. rapid rescoring, etc.).  You're paying him/her good money... they should be guiding you through each step of this process, even - and perhaps especially - with the snafu's (again... they want the loan to close, too).  Smiley Wink

 

Tell your mortgage person the problem you're having, and let him/her guide you through the process - they have seen it all and since they literally have your profile in front of them they'll be able to give you more meaningful feedback than anybody on here.  If your mortgage person is not like I'm describing here, you might want to shop around for one who is... they are out there!   (There's no reason to pay thousands of dollars more to appease someone you'll probably never see again after the day you close - if they aren't working for you, cut them loose.  Depending on the loan type, there's even a chance much of the "work" that's already been done will transfer to the new lender, anyway).

 

Hang in there, it will all work out!  Smiley Happy

Message 22 of 43
UncleB
Credit Mentor

Re: Amex Authorized User Killed my Credit because no backdating


@Involver wrote:

@Anonymous wrote:

Sadly, our lender told us to add me to a few accounts. Sigh!!!!!!!!!!!!!!!


Sounds like your lender needs to brush up on his advice.  Opening new accouts or adding yourself to accounts while in the process of acquring a mortgage is never advised.


I definitely agree with the part about the lender needing to be on top of everything... that's actually a requirement if the broker wants to be successful in the long run.

 

However, believe it or not there are isolated times when the broker will tell you to get another account or become an AU... I've seen it in the 'real world' and there was even a thread a while back where Revelate was able to help someone find a card that would report soon without the triple pull of a Capital One card (which was all the person was in a position to be approved for card-wise at the time). 

 

There are so many loan types and credit profiles can vary so much it's really hard to say "always" or "never"... sometimes some actions that might seem counterintuitive to many of us might help or even be necessary.

 

People who are borderline to begin with really need a mortgage professional who is well-seasoned with dealing with these types of problems.  A broker who is accustomed to processing paperwork for $300k houses for people who earn in the six-digits will probably not be the most experienced with dealing with these type issues.  'Back in the day' we had different brokers depending on the needs of the client for this very reason. 

Message 23 of 43
Anonymous
Not applicable

Re: Amex Authorized User Killed my Credit because no backdating

Since when is a 20 point drop "killing your credit"??

 

If you go from a 820 to an 800, your credit is still very good.

Message 24 of 43
Anonymous
Not applicable

Re: Amex Authorized User Killed my Credit because no backdating


@UncleB wrote:

People who are borderline to begin with really need a mortgage professional who is well-seasoned with dealing with these types of problems.  A broker who is accustomed to processing paperwork for $300k houses for people who earn in the six-digits will probably not be the most experienced with dealing with these type issues.  'Back in the day' we had different brokers depending on the needs of the client for this very reason. 


 What about people buying $300k houses who earn in the six-digits and have these type issues?

Message 25 of 43
tussking
Established Contributor

Re: Amex Authorized User Killed my Credit because no backdating

Call AMEX remove yourself immediately. File disputes with the 3 bureaus online to remove the added account from your CR. Easy ! I would even call the 3 bureaus !
Discharged BK7 - 7.16.15
Current Fico8 - (8.2022) EX - 744/EQ - 728/TU - 740
Message 26 of 43
longtimelurker
Epic Contributor

Re: Amex Authorized User Killed my Credit because no backdating


@Anonymous wrote:

@UncleB wrote:

People who are borderline to begin with really need a mortgage professional who is well-seasoned with dealing with these types of problems.  A broker who is accustomed to processing paperwork for $300k houses for people who earn in the six-digits will probably not be the most experienced with dealing with these type issues.  'Back in the day' we had different brokers depending on the needs of the client for this very reason. 


 What about people buying $300k houses who earn in the six-digits and have these type issues?


I want to know where you can still get houses for $300K   (OK, I know...)

Message 27 of 43
UncleB
Credit Mentor

Re: Amex Authorized User Killed my Credit because no backdating


@Anonymous wrote:

@UncleB wrote:

People who are borderline to begin with really need a mortgage professional who is well-seasoned with dealing with these types of problems.  A broker who is accustomed to processing paperwork for $300k houses for people who earn in the six-digits will probably not be the most experienced with dealing with these type issues.  'Back in the day' we had different brokers depending on the needs of the client for this very reason. 


 What about people buying $300k houses who earn in the six-digits and have these type issues?


Great question!

 

They would usually end up with the same broker who knew all the ways to work the scores, so for someone with 'dinged' credit the cost of the home didn't impact which broker we would recommend (note that we would always provide the names of multiple brokers - so in the end it was the client's choice - but we would tell the client of our past experiences to help them make the selection). 

 

The down side of the brokers who were good with tarnished credit is that usually the rate (or fees) would be slightly higher, but that was the cost for having credit issues.  The brokers that were really good about finding the very lowest rate usually couldn't do as well with clients who had past issues, but again they turned nobody away.

 

That being said, note that any broker will happily take any client regardless of the circumstances (again, they want to make money, too).  It's just that over time dealing with all of them, you get a 'feel' for which brokers do better in each situation, and advise people accordingly. 

 

 

Edited to add:  On this site there are a large percent of people who are rebuilding, but in the 'wild' most of the time the folks with good jobs looking at expensive homes usually have pretty good credit.  There are always exceptions, but generally speaking it usually worked out that way.

Message 28 of 43
UncleB
Credit Mentor

Re: Amex Authorized User Killed my Credit because no backdating


@longtimelurker wrote:

@Anonymous wrote:

@UncleB wrote:

People who are borderline to begin with really need a mortgage professional who is well-seasoned with dealing with these types of problems.  A broker who is accustomed to processing paperwork for $300k houses for people who earn in the six-digits will probably not be the most experienced with dealing with these type issues.  'Back in the day' we had different brokers depending on the needs of the client for this very reason. 


 What about people buying $300k houses who earn in the six-digits and have these type issues?


I want to know where you can still get houses for $300K   (OK, I know...)


LOL... in many parts of the southeast, $300k will buy a very nice home, even new construction.  A similar house in the northeast would easily go for twice as much.  Smiley Wink

Message 29 of 43
Anonymous
Not applicable

Re: Amex Authorized User Killed my Credit because no backdating

It's all about location. Where I'm at in the North East 90k can easily get you a 1500sq 3 bedroom on 1 1/2 acres of land.
Message 30 of 43
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