Application 'suspended' with Quicken Loans as a result of checking account advance

[Anonymous]

I closed with Quicken but they weren't our first choice. They were just the fastest at getting things done for us in a short amount of time. I also had two other pre-approvals so we knew we were okay with or without them.

Try a local broker.

[essilem]

I am now working with a new lender, Franklin American.  My mid score that she pulled was 618, which is odd to me because it was just 620 10 days prior when QL pulled it. (Could it be because of different versions of FICO that they are using?  Experian is my mid score)  She told me the best way to increase and get those two points are to pay two small old collections...they are both medical and both under $100 each.  I explained to her that it was my understanding (from all that I've learned here) that collections, paid or unpaid, are virtually scored the same.  At any rate, I paid them because I know that some lenders just want them paid.  I also told her that I am going to pay down even more of credit card balances (I have less than $1k over 4 cards).  She actually told me that paying down your credit cards lowers your scores...that the more credit you have available the lower your score???  Is it just me or is this the most bizarre advice??  I was originally going to pay them all to zero except for one (keeping at about 10%), like I've read on here.  Instead I paid them down to each of them having about a 10% balance.  So I'm really hoping that my score goes up the two points necessary to move forward....thoughts?

[bigman023]

In my experience,  I found there are many LO's who know very little about credit scoring/rebuilding. Some will tell you they dont know.  Some will try to act as if they do.  Unless the LO is using their  FICO simulator, I would think twice before taking their advice.  It seems pretty obvious to me that you need to bring your utilization down. I think you made the right move, by paying them down. 

Good Luck!

[Anonymous]

Pay all of them off except for one, leaving it with a 10% util. That will get you the biggest bang for your buck. Depending on what your util was before you paid down, that determines how many points you will get. If you're at 90% util and pay down to 10%, you will get more points from my experience. It is like losing weight, it comes off fast in the beginning and you're motivated but those last couple of pounds (points) are slow to go.

[essilem]

Thanks for confirming that I'm not crazy!  The LO's assistant just called me and said..."according to the simulator we're using, your score will increase by 16 pts if you pay down one card to $10 and another to $14".  Duh!  That's what I tried to tell the LO!!

[Anonymous]

Yeah, that makes more sense. I would trust people on this board before I would trust a LO, honestly. Either way, you wont know what happens until you pay it off and it updates. Keep us updated...

[essilem]

I FINALLY heard back from the loan officer's assistant today...my mid score (lender pull TU 04) went from 618 to 640!!!  I actually pulled TU myself here this morning, it was previously 636 and today's score was 659!  Equifax hasn't changed at all...holding steady at 604.  I'm curious what Experian will be....

I'm very grateful of the wealth of knowledge here...I couldn't have accomplished this without it!

So...next steps are: 

1.  hope seller agrees to extension of contract

2.  inspection

3.  appraisal

If all goes well, maybe I'll close before Christmas!!!

[Anonymous]

Congrats on the good news! I am also looking to close right before Christmas, there seem to be quite a few people here getting a new home for the holdays

[essilem]

Lots of good news! 

First, received all 3 updated scores from lender...yay!!

November2011:

Experian 636

Transunion 618

Equifax 604

December 2011:

Experian 640

Transunion 650

Equifax 604

Second, seller agreed to extension...appraisal is ordered...inspection is scheduled!!

I guess it's time to start packing!

[sassymomof2]

Congrats!