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Denied by the underwriter

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ShanetheMortgageMan
Super Contributor

Re: Denied by the underwriter


@Peter1142 wrote:

When those accounts report, as it sounds like there isn't much positive history, the score will probably fall well below what is required, from my experience.

 

Sorry not trying to be a downer, just realistic.. I wish TC the best of luck.


It appears that some of them have already reported, as fantombeats mentioned they already had a 20 point drop on one bureau.

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Message 11 of 12
ajzjmsmom
Established Member

Re: Denied by the underwriter


@fantombeats wrote:

So here is my story. I have been in the process of buying a home since September of last year. We were pre approved through our lender and last week were were about two weeks away from closing. This is not just a house we were buying but it's a house that we built. I got a call saying that the underwriter denied my loan because I needed a credit score of 640 and apperantly I am at a 635. In the beggining of this process when I was first pre-approved, my lender told me I opnly needed a 620 to get approved for a USDA loan. Well here is the big kicker. Monday,  thinking everything was good to go, I decided to start applying for credit cards so I can really work on my credit. To my suprised I was approved. I was approved for Lowes-$300, Home depot - $500, Macys-$300 and Kays-$800. This time last year my credit score was a 530 and I have never been able to get approved. Now I am really afraid that getting these credit cards are going to hurt my on this mortgage. I am thinking of maybe canceling them all because I checked my Equifax score this morning and it has dropped 20 points. Any help on what I should do would be appreciated. My lender did tell me that as long as I paid the only medical bill that was on my credit, it would raise my score 38 points. I did pay it, $500. Hopeing that helps.


Did your lender tell you to open these new lines of credit?  We have just started talking to a lender about getting a mortgage and one of the first things he told us was not to open any new lines of credit until after we closed, that they would pull a second credit report right before closing to make sure everything was still the same.

Message 12 of 12
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