10-23-2012 08:38 PM
As of Friday, both my husband and mine credit was pulled for pre-approval. We have pretty good credit scores my mid score was 752 and his was 667. However, there is a collection account that is on his credit with dispute comments. We have no idea where these comments came from as we never disputed the item. Instead of the LO telling me on Friday that this would be an issue, she just sent me our credit reports and never said anything.
As of today, she told me that we needed to have it "taken care of". I had no idea what "taken care of" means. Does this mean that we should pay it or should we try to get the comments deleted. Her response was you can do one of the other.
I am so confused and she is offering no help, she didn't even know that we already signed a contract with the Castle Rock Homes. I already feel like she is not going to be helpful in the process at all, but we were sent to this lender by the Castle Rock and if we are financed with them, the Castle Rock will pay our closing costs.
Can someone tell me what we should do? How do we begin to even get the dispute comments deleted?
10-23-2012 09:54 PM
10-24-2012 07:08 PM
10-24-2012 08:46 PM
I would start off by finding a different LO. They can't exactly tell you what to do, but they can at least give you some options and try to guide you. The bank you are going through probably wants that paid off, but with your credit scores, you can definitely find a bank that will give you a loan and not need you to pay that off. I would shop around some more if you have the time. Best of luck
10-24-2012 09:32 PM
Try a PFD and if that doesnt work ask the LO if underwriting requires it to be paid off or last option you could go off your income and credit only if your income is good enough to support the DTI
10-25-2012 07:00 PM
Ok.So today we contacted the agency and I paid a settlement for half of the balance. The CA told me that they would fax me a letter on tomorrow saying that the account had been paid and that they report to the credit bureaus the first of every month. She also told me that I can take the letter and send it to the credit bureaus to try to get a speedy deletion.
I hope I did the right think and I'm keeping my finger's crossed.
10-25-2012 07:02 PM
I would love to go with a different lender, but in order for the home builder to pay our closing costs we have to go with the lender that they choose...Ughhh!!! So far I am not impressed with the LO, but I'm going to reach out to her on tomorrow.
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.