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We've been preapproved FHA but decided to wait 2-3 months until i finish school and begin working to bump our preapproval amount considerably. Our lender only requires 30 days employment out of school.
Anyway, when we met with our LO and came up with this plan, he just gave us our credit reports because they'll need to be repulled by then anyway. As we were looking over it, we noticed a CC on my husband's report that's not his!
Now i'm in panic mode because i don't want this to mess with us getting a mortage in June. Funny enough it's in good standing. It's a $27,000 card with a few thousand dollar balance requiring a minimum payment of $82 a month.
If i understand correctly, disputing it right now could cause us problems with approval in June. On the flipside it's not our account, he could end up delinquent, etc etc. My husband said this has happened to him before and he actually suspects this is his father's account (no contact with his dad for 20 years). He has a common name, shared with his father but not a junior because different middle names.
What should we do?
If you're going to wait a few months to apply for the mortgage, I would dispute it. Disputes are typically wrapped up in 30-45 days. I would call them and do dispute by phone. This way you get the opportunity to let them know it could very well be his fathers' account.
Thanks guys
I don't know what AAoA means. We're going FHA so his 700 midscore and we assumed his utilation was below 9%. That's not the case because the card has almost $8k charged on it. So removing it would actually help in the utilization aspect. He does have one 2500 cc of his own right now with $100 balance, student loans, and a car loan. It might hurt us a little in the DTI but i'm scared to touch it at all because i don't know what it will do lol
The card doesn't have any lates on it at all, but there's probably nothing stopping the real owner from maxing it out.
I just had him log into his myfico (we pulled our scores/reports about a month ago - 2 wks before our LO did) and it's not on there at all for any of the 3 agencies. Guess that's why i never noticed it before!
Why would it show up on the lender's report and not myfico? Now i'm really confused lol