Looking to get pre approved. ..

[kezia2410]

I've been working with a LO for the last few months and she has really have helped me improve my scores. She told me to pull my scores last week and I pulled them from My fico and got a mid of 644. She told me we could go forward we applied for pre approval. We were denied cause of mid was 617 when she pulled through Avantus. Then she tells us we have to wait til June to let 2 cards age to 6mths.

My question is should I stick with her or should I shop around with other lender and see who can qualify?

Any response will be greatly appreciated.

Privacy Guard 3.5.14: EQ - 596 Ex - 644 TU – 667   My Fico 3.14.14:  EQ - 600  TU-644  EQ- 643    Lender 3.17.14: EQ - 600 EX - 617 TU– 667

[ezdriver]

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@kezia2410 wrote:

I've been working with a LO for the last few months and she has really have helped me improve my scores. She told me to pull my scores last week and I pulled them from My fico and got a mid of 644. She told me we could go forward we applied for pre approval. We were denied cause of mid was 617 when she pulled through Avantus. Then she tells us we have to wait til June to let 2 cards age to 6mths.

My question is should I stick with her or should I shop around with other lender and see who can qualify?

Any response will be greatly appreciated.

Privacy Guard 3.5.14: EQ - 596 Ex - 644 TU – 667   My Fico 3.14.14:  EQ - 600  TU-644  EQ- 643    Lender 3.17.14: EQ - 600 EX - 617 TU– 667

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Your experience is exactly why I have posted here many times not to use scores from any source but a lender for home buying purposes. Your loan officer should have pulled your credit as only scores from a lender-pulled credit report is relevant to mortgage applications processing and qualification. You need to have a minimum 620 middle score ... preferrably a 640 ... from a lender-pulled credit report.

If you have not done so yet, pull your own full credit report for free from annualcreditreport.com and examine it for negative reported stuff that may be holding down your scores. Looks for things like things like late payments, charged-off accounts, collection accounts, etc. Also, you need to have two to three tradelines with solid, ontime payments that are at leat one year old in order to have a solid credit profile.

 All the best with your home-buying pursuits.

[kezia2410]

My scores were pulled with the other companies because she told me to...She refused to pull it until I pulled with my CMS. Once the score were high enough then she agreed to pull but the score were different. I have been working with her since Nov 2013 and this is the first time she has pulled my score. She told me to pull my own credit report and score every month and send it to her.

I'm just not sure we are getting the best information from her....what do you suggest? Do we continue with or or look to other lenders?

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@ezdriver wrote:

Your experience is exactly why I have posted here many times not to use scores from any source but a lender for home buying purposes. Your loan officer should have pulled your credit as only scores from a lender-pulled credit report is relevant to mortgage applications processinga nd qualification.

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[ezdriver]

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@kezia2410 wrote:

My scores were pulled with the other companies because she told me to...She refused to pull it until I pulled with my CMS. Once the score were high enough then she agreed to pull but the score were different. I have been working with her since Nov 2013 and this is the first time she has pulled my score. She told me to pull my own credit report and score every month and send it to her.

I'm just not sure we are getting the best information from her....what do you suggest? Do we continue with or or look to other lenders?

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@ezdriver wrote:

Your experience is exactly why I have posted here many times not to use scores from any source but a lender for home buying purposes. Your loan officer should have pulled your credit as only scores from a lender-pulled credit report is relevant to mortgage applications processinga nd qualification.

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Anyone calling themselves a loan officer should know that YOU have not access to credit scores that the lender sees. Credit scores available to consumers are ok to be used for entertainment or just casual tracking of the trend [going up or going down] but the actual numbers are irrelevant for any real lending transaction.

My recommendation is to interview a coupld of other loan officers and ask them if the scores you can get are any different than the scores they can get and why? If the tell you that the scores are the same or similar or they cannot explain why the scores are different, then do not use their services. Try asking your current loan officer the same question.

Again, if you want help from folks here regarding why your scores are where they are, pull your full credit reports, from all three agencies, from annualcreditreport.com and review it line by line. You will recognize stuff that may be reported incorrectly and then you can come back here with questions on what to do about it.

[kezia2410]

Thank you for your prompt responses.

I have already pulled my score from all 3 bureaus and went over it. I have paid every thing LO recommended.

(She told me not to pay these). Negative I have now is 1 charge off from 2009 ($674) , 2 Medical unpaid from 2011-$262 and Paid from 2012 (paid this month) .

I have 3 credit cards and Im an AU on a Capital 1 card and a secured loan. No Late payments.

**Secured**Wells Fargo: open 2/2013  Limit $300.00 Bal reported: 15.50

**Secured** First Bank: open 11/2013 Limit $300.00 Bal reported: 7.94

**Secured** Capital : AU open 12/2013  Limit $200.00 Bal reported:35.00

Barclays: open 12/2013 Limit $500.00 Bal reported: 76.00

Secured Loan: Opened 11/13 for 7 months Pay $70.00 every month

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[DallasLoanGuy]

some loan officers can run a report thru a score simulator.....  you need one that can.

do you have a copy of your report that you can share with another loan officer?

[kezia2410]

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@DallasLoanGuy wrote:

some loan officers can run a report thru a score simulator.....  you need one that can.

do you have a copy of your report that you can share with another loan officer?

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Thanks for your response...

I spoke with another loan officer today  who is reviewing my credit report that the lender provided as well as MyFico report. I should here back from him later.  He informed me he may have to pull the report to see where I stand with his company.

[DallasLoanGuy]

he will have to pull a report to be able to score simulate.... for sure

[kezia2410]

So we went to see another lender yesterday and we were able to get approved for an FHA with 3.5% interest with $5000 down. This time they were able to approve my fiancé and me… where as they previous lender would only work with me.  Fiancé has a 640 mid score but he has a repo from 201 3 and previous lender told us we would have to pay it off. But this lender did not require it to be paid. But we are still working with 1 other lender to see what they can offer.Then we will make a decision. Best decision we made was to shop around...

Thanks!!!!

[Mrs_hambright]

That's great!! Happy hunting!!