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trying to qualify for a VA loan

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Anonymous
Not applicable

trying to qualify for a VA loan

My credit card company caused my score to go down 40 points due to a lack of  communication.  The remainder is $1,100.  If I get it pad off, will my credit score come back up? Is there any way I can fix this?  I have disputed 2 times through equifax and have talked to the company myself many times. 

Message 1 of 6
5 REPLIES 5
Lel
Moderator Emeritus

Re: trying to qualify for a VA loan


@Anonymous wrote:

My credit card company caused my score to go down 40 points due to a lack of  communication.  The remainder is $1,100.  If I get it pad off, will my credit score come back up? Is there any way I can fix this?  I have disputed 2 times through equifax and have talked to the company myself many times. 


What do you mean by "lack of communication"?  Was there a late payment added to your credit report?  What is the basis for your dispute?

Message 2 of 6
Anonymous
Not applicable

Re: trying to qualify for a VA loan

 

I was told not to write anything too long, but I think you want to know exactly what the problem is.  If this is too long, I apologize.

 

The company and I had an agreement for me to pay by draft monthly a small amount.  Everything went fine and we were approved for a VA loan. Then they started calling the wrong phone number trying to get in touch with me (although I remember giving them the right number) and so I didn't know they were trying to get in touch with me.  They sent the same bills in the mail as usual (I thought) so I just made sure there was money in the bank to pay the draft.  Then they sent me something that got my attention and I called them immediately and set up a new payment plan.  No one told me that if I made the late payments immediately, I wouldn't get them on my credit report.  So when we found a house, and the broker started redoing our VA loan app she discovered that they had caused the score to go down 40 points.  I called the company repeatedly trying to get them to take part of the responsibility for what happened.  One person I talked to said if I would make the late payments, they would be taken off my report.  But they didn't.  They just subtracted the money as extra payments.   I was told to fax the credit report to them and write why I wanted them to take the bad off my credit, so I did--repeatedly.  Then they wrote and told me to get Equifax to do a dispute.

   I contacted Equifax and they did 2 disputes.  And all the company will say it that they are correct and nothing can be done.  The company and Equifax won't tell me if paying off the card would change anything.  My daughter told me that you might be able to tell me or tell me where to find out or get help.  The cost of paying off the card would be a little over one thousand dollars.  Maybe I could get someone to loan me the money, if it would help us get a house. 

  I hope you can help me.  Our goal is to live on the same property with my daughter and grands, so we can help each other. 

 

Message 3 of 6
IOBA
Senior Contributor

Re: trying to qualify for a VA loan

It sounds to me like the issue is with the cc, not the CB.

 

Do not dispute with the CB.   

 

Go back to the creditor and ask them to sit down with you and talk to you.  (It may be over the phone, but the point is, they need to give you their side of things, and you need to present your side.)

 

* Remember to be polite.   No finger pointing!

* Explain that you are in the process of buying a home and were unaware of the "Lates". 

* Ask them to remove the lates immediately as a courtesy.

* Ask them to send a letter confirming that they are removing the lates.

* Send that person who is helping you a "thank you" fax and letter immediately!  The person is doing you a favor and should be appreciated for excellent customer service.

 

Do not pay off the cc if you do not have the money.  Any lender or underwriter will probably ask you where the money came from to pay off the cc.   Continue to make payments on the cc, as much as you can afford to do.   But please do not go further into debt to pay of that debt.

 

Additionally, pull out any paperwork you have that references your original payment agreement.   Make sure you met the terms.  Always refer to this as a misunderstanding!

 

Let us know what happens!

 

 

Message 4 of 6
Booner72
Senior Contributor

Re: trying to qualify for a VA loan

 

 

+1 - and just to emphasize, no matter how frustrated or mad you get, you will get nowhere by being snotty to them.  Nice as pie - Oh I'm so sorry,  This is all just a simple mistake - etc.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 5 of 6
jackg
Established Contributor

Re: trying to qualify for a VA loan

One more thing I noticed is that you repeatedly say that the CC company caused your score to go down and you're wrong about that. They didn't wake up that morning and say to them selves that they were going to screw up your credit today. Be honest about this, you did something and what ever it was it caused the CC company to react.

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 6 of 6
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