01-29-2013 04:47 PM
A bounced check is considered a crime in many states. A bounced check can be reported and at times they are (not always). You failed to pay your debt in a timely fashion and that can be reported. For example, dont pay your electric bill, or bounce a check with them (especially several times), then tell me its not reported on your credit reports.
A check with overdraft protection is not considered a bounced check in the same sense as being a crime.
Im sure the OP didnt volunteer to her LO or Broker she bounced many checks.
01-29-2013 05:08 PM
01-29-2013 05:28 PM
01-29-2013 05:35 PM
I haven't had an NSF or a Overdraft fee since I was 16. With mobile banking, online banking, and telephone banking this should be a thing of the past. Plain and simple if you dont have a surplus to cover something dont buy it. Always have a surplus in your checking account. I know that savings draws interest...but you wipe out a month of interest or more when they charge you 33 dollars for not having the funds to cover a purchase.
01-29-2013 08:31 PM
Just to clarify my terminology. I mean overdrafts. The bank has always covered the check/debit. I have never had to go pick up a check or anything. The bank pays and then charges me to the hilt. I went in to the bank today and turned off the where they would approve me going into the negative on my debit card. When I get paid again I will put money into a coushin for my checking account so this doesn't happen again.
IThe persoon who told me I couldn't get approved with over 2 overdrafts within a year was with Quicken Loans. I have heard it depends on the Underwriter. Is this true?
I also was working with someone at PNC. Maybe they are looking at me closer because I am self employed.
01-30-2013 04:50 AM - edited 01-30-2013 04:52 AM
Are bounced checks different from overdrafts? in the way the lender looks at them?
Bounced checks are the same as overdrafts as far as the u/w is concerned. The funds weren't there when the check/debit/ACH etc was presented.
Your file will be reviewed much more carefully because you are self employed. It is also typical for some underwriters to ask for more than two months of bank statements if you are self employed. They will probably want both your business account and your personal account bank statements as well as business tax returns and personal tax returns. If you are self employed you go through a more riguous approval process.
01-30-2013 05:24 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.