FEB 2015 CLOSERS

[Anonymous]

My only snag is that when the lender pulls the report one day before closing they're going to see an inquiry that I didn't actually make. I've already discussed it with them, sent them a letter explaining what I see on my side as well as a copy of the credit report showing a different name and address (in a different state) as the only doing the inquiring. No new accounts opened in the last 2 weeks since the inquiry but I'm nervous about how closing on time. Wife may murder if we don't. I've sent all the information I have off to the creditor with hopes that they can get these inquiries that are obviously not mine removed from my reports.

[newstart2010]

What did your underwriter say about the inquiry.  Mine said that we can explain it by explaining The Man didn't know better but we canprove we are not using the tradelines.  or thatnothing opened up from it.   It was all about being honest and letting themknow as things pop up.

I understand where your wife is at.  I am close to being on that show Snapped.  Its justso much stress and I cannot take my mind off of it.

[Anonymous]

I haven't talked to the underwriter about it just the loan officer. It didn't show up on the credit report they pulled to do the pre-approval because that was on 12/10/14. This inquiry occurred on 1/21. I've been very upfront with the LO about it. I sent a letter explaining the situation and my TU credit report that shows a different name and address than mine. LO states that he would really like a letter from Capital One (the creditor). I called CapOne on the 22nd, day after inquiry and they said they'd be sending a letter in 7-10 days. It's Feb 9th and I haven't seen the letter so I called them back today. It was escalated to a supervisor who had me upload a copy of the credit report as well as a letter explaining the situation. They are attempting to have the inquiry removed prior to the final pull, but I'm not optimistic that will happen.

[Anonymous]

Talked to my loan processor today. (Someone tell me to start a new thread if its not appropriate to post these updates here).

After I submitted updated bank statements and copies of bank activity additional conditions were raised with the UW. What were these large deposits, (~$11,000 & ~$5000 respectively). For the $11k, I explained to them that it was my paycheck and yearly bonus that I had submitted a 1/15 paystub for. She said she had the paystub but the actual amount that went into the bank doesn't match the check. When I made the deposit I kept $800 cash out of the $11k paycheck. I don't know if this was a mistake or not, but I figured $800 cash out of $16k when I only need to bring $6500 to the closing table wasn't a big deal. I wrote a good letter of explanation outlining all the math. Hopefully its sufficient for the UW. The second $5000 check was my normal payroll plus a quarterly bonus I get the last business day of Jan, Apr, July, & Oct every year since I started at my company 5.5 years ago. They needed the paystub for that 1/30 check, so I sent it along. Great time for our HR dept to change payroll processors. None of this comes up if its direct deposited instead of paper checks.

After I sent over the letter and paystub I called her back so she could review it with me on the phone. She was satisified with it and said there was a chance we could close on Friday (?!?!?!?!) which is 10 days early!! I'm concerned about how that would affect closing costs as our realtor was pretty upfront that we should definitely close at the end of the month rather than beginning.

I'm still concerned about the inquiry that has been documented elsewhere that wasn't on my credit report when they pulled it on 12/10. It's going to show up on the soft pulls they do right before closing. There's no new accounts, its either fraud or some mistake by Capital One. Right now I feel like I'm in the clear until they pull this credit report.

Continuing to keep my fingers crossed that this is going to get done without issue.

[newstart2010]

you need to ask what change closing early will make to your downpayment.  It will increase the money you have to bring to closing by a little i think.  as for the inquiries, according to my underwriter, they have to pull the credit again within 10 days of closing to see any changes.  even if its the day before you should be able to explain the inquiry.  your LO might have already explained it and they could just have you sign a form for it the day before.

If you close that soon I will be so jealous!!!  We are still looking at possibly delaying till the 27th.  The appraisal is not back yet, and the IRS is dragging its feet as slow as possible.  I just want to be in my new home!!  We do our final walkthrough with the builder this friday and blue tape all the things we see that need to be fixed before closing.  I can't wait, but its going to make me so sad if I still can't get in the following friday.

Also, I think this is fully appropriate for this thread.  We are all just inches from closing and going through the same stress.  

[Anonymous]

They're aware the inquiry is going to show up. I called them the day the myFICO alert fired because I knew it was a no-no so I was sort of panicked. I explained to them that it wasn't me, gave them some info Capital One was able to give me, and sent a letter of explanation. They really want a letter or something from Cap One that says its not mine, but I can't force them to send it. I called and asked on that same day, 1/22. They said I'd have something within 7-10 days, well that came and went and I didn't get anything so I called them back. Got escalated to a supervisor. She's supposed to be calling me back today or tomorrow. I'm just trying to stay out front of this as much as possible.

[newstart2010]

Wow, they just wanted an explination of the inquiries and opened accounts from us.  And we had to prove that we did not use the accounts.  But we have not come up on the final pull yet so i have no idea what else will come of it.  I would be on that supervisor's butt!  get them to fax it to you!  They can do that.  

[newstart2010]

i'm currently on my daily call to the IRS to see if they have sent out the transcripts yet.  I turned in the last of the signed documents my underwriter needed today.  Also lined up the insurance and got that bound, so that is done.  the underwriter has everything she needs.  She leaves tomorrow afternoon for a cruise, which only is effecting this friday since they are not open Monday.  But she wants to make sure she has everything sewed up for next week.  I have no clue what happens next as she said she has another line of underwriters to pass this on to which finalize everything.  She makes sure its ready to go and easy for them to pass.  Then its done.  Fingers crossed the IRS has their stuff done so I can close.  Otherwise I have to wait a week.     AAAAAAAAAAAAAARRRRRRRRRRRRRRRRRRGGGGGGGGGGGGGG!

[Anonymous]

I'm a first time home-buyer and Im scheduled to close on February 24th...got my fingers crossed and im sick to my stomach as i'm typing this. Had the appraisal done this morning, so I'm just waiting now.

[Anonymous]

I think it has something to do with the fact that I'm disputing that the inquiry was mine. If it were mine I could probably just explain it away with a letter. Kind of sad really. Good luck with the IRS. No idea if they got my transcripts back but that was a few weeks ago so I hope so.