Loan Fell Through....Avoid GOLDQUEST MORTGAGE !!!!... - myFICO® Forums

jamevfan · ‎11-09-2009

TO MAKE A LONG STORY SHORT WE WERE 2 DAYS AWAY FROM CLOSING ON A NEW CONSTRUCTION HOME AND THE HOME WAS FINSISHED EVERYTHING WAS GOING AS PLANNED AND MY CREDIT REPORT WAS GOOD FOR 90 DAYS WITH THE RATE LOCKED IN AT 6%, COME TO FIND OUT THAT MY MORTGAGE BROKER WHO PROMISED THAT HE WOULD CLOSED US AND SAID HE COULD GET US DONE NEVER SECURED A LOAN FROM THE BEGINNING AND WAS STRINGING US ALONG, HE COULDNT EVEN CALL US AND TELL US THE NEW WE HAD TO HEAR IT FROM A 3RD PARTY THAT HE COULDNT GET THE LOAN APPROVED DUE TO MY CREDIT SCORE DROPPING FROM A 622 TO A 585. IT PISSES ME OFF WHEN I GO INTO A DEAL ASKING WHOMEVER IM WORKING WITH TO BE UPFRONT AND HONEST AND THAT IS REALLY TO HARD FOR THEM TO DO, SO LONG STORY SHORT WE ARE HAVING TO REBUILD AND REDO ALL THIS LOAN STUFF OVER AGAIN, THE NEW BROKER THAT HAS SAVED 3 OTHER LOANS THIS COMPANY HAS LIED TO SAYS IF I PAY OFF MY 2 CREDIT CARDS HE DID A SIMILATOR THAT MY SCORE WOULD GO UP 48 POINTS AND HE WOULD THEN DO A RAPID RESCORE....ANY EXPERIENCE WITH THIS? IM SOOO TIRED I HAVE BEEN WORKING VERY HARD ON MY CREDIT AND PURCHASING A HOME FOR THE PAST YR, SEEMS LIKE NOTHING WILL GIVE. I NEED SOME SERIOUS INSIGHT........

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677

Anonymous · ‎11-09-2009

it is ridicuous that the LO would not contact you. that said, the fact that your score dropped below 620 makes it very hard to get a loan done. Beware of paying of debts as far as raising scores. If they are open credit accounts, it will help. If they are collections, it will either have no effect on your score or lower your score to pay them off. make sure your current LO knows what is going on.

the bottom line is that the vast majority of lenders require 620 and a good portion of those that do not althought not outright fraudulent, lead customers along in the hopes that they can get an approval with some mitigating factors or that the FICO will improve during the process.

Good luck with it.

rockymtngrl · ‎11-10-2009

The fastest way to get your score to go up is by paying down credit card debt and LO do have a simulator they can play with different scenarios. You may not get EXACTLY 48 points but by paying down the cards your score will definetly go up.

MaisCher · ‎11-10-2009

@rockymtngrl wrote:
The fastest way to get your score to go up is by paying down credit card debt and LO do have a simulator they can play with different scenarios. You may not get EXACTLY 48 points but by paying down the cards your score will definetly go up.

From what I hear from most people your scores SHOULD go up as planned when they do the simulator/rapid rescore. Just don't put all your hopes and dreams into it. I just recently did this because I needed 2 points to get to 620. The simulator said I would get 6 if I paid one of my cards down to $55. I did this and instead of gaining anything, I lost 18 points. Luckily my lender didn't charge for the rapid rescore, but just know that the scenario could go both ways. I just wish someone had prepped me for that possibility when I went into it.