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yes I'm mortage shopping since the current broker seems clueless I've looked at a few onine and contacted a recommended local broker. Only problem with lower score is will get a higher rate but better than no house. Yes I'm set on this house since it'sa custom build picking out everything in the design center and spending countless hours of research.
Zguy
@Anonymous wrote:On 7/6/2011 pulled credit with builders Mortgage Company, report showed a 684. Signed a contract on 7/22/11 with builder to build a house. I had two accounts in dispute status with all three bureaus which I got removed. I did not use credit cards and balances are down. Builders Mortgage Company re-pulled my credit to close January 20th and my score is now 664! I pulled an Equifax 3 in 1 complete report on 12/12/11 and it shows my scores as Equifax - 697 / Transunion - 691 / Experian – 688. However I also pulled a Myfico on 12/12/11 from Equifax shows 664! Needless to say I’m pissed! I had purchased a package of 3 complete reports from Equifax to monitor my credit score to make sure I quailed but apparently the complete report is not a real Fico score!
The Story, I had originally been preapproved through Lending tree. They originally pulled my credit on 2/26/11 and I got approved. I found a builder I like in July and decided to build a house. The lending tree mortgage company repulled my credit on 7/5/11 once I signed a contract. However the builder’s mortgage company was a better deal so I applied with them so they pulled my credit on 7/6/11 which showed a 684. The Myfico report is saying I have two credit pulls which apparently dropped my score 20+ points. It should be up considering the negatives that have been removed and balances.
The builder’s mortgage company Loan officer said she can’t get me insurance and I need a mid 680 to get a loan. Her advice is to pay off $289 CC balance and repull credit since that’s the only card with a balance increase! Seriously? So I have two questions one is there any way to negate the multiple pulls since they are for the same house. Second I could pay 10K toward either Credit card balances or pay off my car. I’m worried if I pay down credit cards they may lower my limit negating any benefit to my score. I worried if I pay of my car $9500 (879/month) that it will lower my dept to credit ratio and not improve my score. I asked my loan officer and she would not give me any advise.
Any help would be greatly appreciated, this is not fun!
Zguy
Your car loan balance is not included in Utilization, but might affect underwriting if you are below the debt/credit ratio. You definitely need to pay down some credit cards and get your utilization to 5-9% on one card, and 0 on the others. What other negatives do you have on your report? Anything you can GW or PFD?
@Anonymous wrote:yes I'm mortage shopping since the current broker seems clueless I've looked at a few onine and contacted a recommended local broker. Only problem with lower score is will get a higher rate but better than no house. Yes I'm set on this house since it'sa custom build picking out everything in the design center and spending countless hours of research.
Zguy
Zguy, I suggest finding another lender! I am havng a home custom home built and my hubby and I were FHA preapproved for $595K with a mid score of 656. But, I would contact the builder and get in writing that whatever offer you received from going with the referred lender will still apply if you ar able to succesfully obtain another lender.
Good luck!
Where are you located?
I have already disputed everything on my credit report earlier this year (only with teh bureaus) and most lates and all medical collections removed.
All I have left are some late pays.
Mastercard 11/2010 – 30 days 07/2009 - 30 days 03/2009 - 60 days
Car payment only 02/2009 - 30 days 10/2007 - 30 days
I also tried disputing the inquires online with Equifax and they were not removed.
I'd love to payoff my CC's but not gonna happen int the next 60 days. I do have more money comming but may not be in time.
Q4 bonus paid on March 15th (net 10Kish) and cashing out my pension plan my work is terminating (gross 45K) still awaiting IRS Approval esitmated mid Q1 2012.
Dallas house is in Lewisville - Castle Hills.
Zguy.
At this point disputing may not do any good if they are valid derogs. You may be able to gw those tradelines to remove derogs. Like suggested before there are other loan programs out there and you have some time on your hands to go through the process. Have you checked to see the monthly payments for a higher interest rate? Play around with some onlince mortgage calculators and see if the difference will be manageable
@Anonymous wrote:I have already disputed everything on my credit report earlier this year (only with teh bureaus) and most lates and all medical collections removed.
All I have left are some late pays.
Mastercard 11/2010 – 30 days 07/2009 - 30 days 03/2009 - 60 days
Car payment only 02/2009 - 30 days 10/2007 - 30 days
I also tried disputing the inquires online with Equifax and they were not removed.
I'd love to payoff my CC's but not gonna happen int the next 60 days. I do have more money comming but may not be in time.
Q4 bonus paid on March 15th (net 10Kish) and cashing out my pension plan my work is terminating (gross 45K) still awaiting IRS Approval esitmated mid Q1 2012.
Dallas house is in Lewisville - Castle Hills.
Zguy.
Those recent lates are killing your score - definitley need to start teh GW process. Search this site for GW letter and the name of your credit card issuer and start hounding them.
I agree w/ -p ... I'd be calling, emailing, faxing, begging, pleading for them to remove the late marks. This is your best bet for a quick boost!
Since your other CC companies balance chased you, it's probable that the others will too. So keep that in mind - most here have advised you to pay down your cc debt instead of paying off the car loan to help the score - either one is good financially as you won't be throwing money out the window on interest. But not sure either will help your score based on the situation as you explained it.
+1 to those that advised you to find a new lender. Rate shopping is encouraged by FICO and as long as you do so within a 30-45 day window, your FICO score will only be hit one time for as many inquiries that are done. If you need recommendations for lenders, just ask around here. All of us are willing to chime in with the bank or lender that helped us or didn't help us so much.
I just pulled a MYFICO SW report and it says that I have too many inquiries (I have 13 showing) but the SW report says I have only 4 that are affecting the score. So it is definitely true that they lump them into one hit to your score.
Lower the utiliation on both those cards. Way too high. Closing those cards that you paid off also may have lowered your score and definitely affected total utilization. Please see the posts on closing cards.
Best to you and yours and hope this helps.