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March - 580 FICO, June - MTG Pre-Appvl, July - Contract, Sep - CLOSED!

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Anonymous
Not applicable

March - 580 FICO, June - MTG Pre-Appvl, July - Contract, Sep - CLOSED!

ON EDIT - 9/27/2011 - I closed on my house TODAY. I thought I'd bump the thread for people to not get discouraged!

 

I didn't even think of buying a house before 6 months ago TOMORROW. I saw the house, and got tons of stuff to clean up, did it and closed!!!

 

THANKS TO ALL!

 

---

 

 

WAS: OK Here goes Mortgage Gurus... What do you say?


On Edit 7/20/2011: Removed some somewhat personal info since I got help. If this helps you, great!

 

3/28/2011 - FICOs: 624 EQ / 595 TU / 585 EX (Told by Wells Fargo "see you in six months")

7/9/2011 - FICOs:  654 EQ / 672 TU / 632 EX (3 months, 11 days)

Pre-Approved at Coldwell banker for $90K mortgage.

Interest rate: 4.375%

 


 

  1. Credit
    As of yesterday EQ 642, TU 666.

    SINCE YESTERDAY on Equifax, there was a couple Midland collections that dropped OFF since my last alert, as well as my Amazon updating to $62/$800.

    Positives:  $201/$3750 - 5.4%
    Amazon/GEMB - $62/$800 - 7.8%
    Cap1 - $136/$750 - 18%
    PayPal/GEMB - $0/$750
    Walmart/GEMB - $0/$400
    HSBC/Discover - $3/$400 - 0.8% (Stupid interest)
    Fingerhut/GEMB - $0/$350 (TU/EQ only)
    1ST Premier - $0/$300

    Negatives:
    Dates are "reported dates" according to EIDT:
    7 30-day lates on my auto loans, last in 01/2010, $23K balance now $2300. Refuses to do GW, multiple attempts.
    1 Midland acct from 12/2004 on TU only, PIF
    1 WIU acct from 05/2011 on EX only, PIF
    1 FNCC CO acct from 12/2007 on EX/TU, 04/2011 on EQ, PIF
    1 FST PREM COacct from 05/2011 on ALL, PIF
    2 HSBC CO acct from 06/2011 on ALL, PIF
    1 ECMC CA CO acct from 07/2007 on TU, 01/2009 on EX, 05/2011 on EQ, PIF - 18-90 day lates on EQ only

    ACS/US BANK NA - I have a current statement showing PIF
    EX: Derogatory, 2 - 60 day, 10-90 day and currently 180 day
    TU: Closed, No Lates
    EQ: Open
    CRATransUnionExperianEquifax
    Past Due:$0$0$0
    High Balance:$4750$3313$4750
    Terms:1201200
    Limit:$0$0$0
    Payment:$50$0$0
    Opened:04/10/200904/01/200901/01/1970
    Reported:06/15/201104/11/201105/01/2011
    Responsibility:IndividualIndividualIndividual

    ACS/COLLEGE LOAN - Trying to prove duplication and improper merging of new/old accounts
    TU: Closed, No Lates
    EQ: 1-60 day, 11-90 day lates, currently 120 days
    CRATransUnionEquifax
    Past Due:$0$0
    High Balance:$4750$3313
    Terms:1200
    Limit:$0$0
    Payment:$50$50
    Opened:09/27/200509/01/2005
    Reported:06/15/201106/01/2011
    Responsibility:IndividualIndividual



  2. Income
    Edit: Redacted
  3. Source of income
    Salary
  4. Monthly debt payments
    479. This includes car and credit cards.
    up to addn'l 334/mo for student loans that are potentially deferred until 2014 (I'm planning on refusing excess and even paying off from now on)
  5. Employment
  6. Assets/Reserves. Redacted.
  7. Location
    Redacted.
  8. Property
    Redacted.
  9. Value
    $85K.
  10. Occupancy.  Primary residence, .
  11. Transaction Type
    1st time homebuyer.

 

Message 1 of 8
7 REPLIES 7
ShanetheMortgageMan
Super Contributor

Re: OK Here goes Mortgage Gurus... What do you say?

Everything looks fine except for the credit - with a charge-off this month and last month, and I am not sure what WIU is, you are going to have to wait a full year.  Your scores are pretty high from having 2 recent charge-offs.  Are those when the charge-offs occurred or when you paid them off?

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 8
Anonymous
Not applicable

Re: OK Here goes Mortgage Gurus... What do you say?

All but one charge offs happened no later than 2006 of perhaps 1/2007 (DOFD/date when they went to CO status)..

 

Only Comcast happened in 2009.

 

WIU is Axia College of University of Phoenix for ~ $80. That was 2006. I paid it last month.

 

Those were the activity according to EIDT, which I could probably find better info on something else (the payment history) but on some the payment history disappeared once PIF.

 

So basically these are all "update dates"...

Message 3 of 8
ShanetheMortgageMan
Super Contributor

Re: OK Here goes Mortgage Gurus... What do you say?

Ah I see, it looked as if that is when the charge-offs happened, which your scores would certainly surprise me if they did.  Since they all happened years ago then your credit should be in good shape.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 8
Anonymous
Not applicable

Re: OK Here goes Mortgage Gurus... What do you say?

Thanks Shane.

 

This week I've got pre-approvals from Quicken Loans (FWIW) and Coldwell Banker Select Mortgage, with Wells Fargo processing.

 

My middle score was in the 650's on Quicken and Coldwell. I have all the numbers at home (to update my signature) but I'm on vacation now!

 

That, plus just last week experienced a large amount of B* on my TU for the first time!

 

Should I also apply at my bank and maybe PSECU while I'm in the "14 day window" for the inquiries?

Message 5 of 8
ShanetheMortgageMan
Super Contributor

Re: OK Here goes Mortgage Gurus... What do you say?

You are welcome.  Out of the 3 you've applied with I'd prefer Coldwell Banker.  I believe it's a 45-day window for inquiries using the latest scoring models (which is what mortgage lenders use) - http://www.myfico.com/crediteducation/creditinquiries.aspx

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 6 of 8
Anonymous
Not applicable

Re: OK Here goes Mortgage Gurus... What do you say?

Just so you know, I closed today on my house!

 

No more credit reports were necessary after a beginning of August report.

 

Thanks Shane and all here!

Message 7 of 8
doublespaces
Frequent Contributor

Re: OK Here goes Mortgage Gurus... What do you say?

Congrats! Great story, hard work pays off now put 6 months of reserves away so you are covered in case of work emergency's Smiley Happy

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
=============
Amex: Zync, Gold Delta
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Message 8 of 8
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