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Regular Contributor
cocomadd
Posts: 217
Registered: ‎05-17-2013

Maybe you can learn from my mistakes??

Hello all,

 

I have been through the mill with the whole credit score and mortgage preparation stage of my life.  I want to share some of my unfortunate experiences so if anyone out there is thinking of applying for a mortgage they will not go through the trouble we have gone through.

 

First before you even think of doing anything contact Equifax, Experian, and Transunion vis fax & letter requesting for them to opt you out of any and all pre-screenings.  Simutaneously go to the opt out pre-screen website and opt out there as well.

 

Second, Do not use any trial "free" credit score offers, in the fine print when you do this you will be opted in again!  Which will cause them to sell your credit info to anyone that may want to collect old/junk debts...and they will tank your score if they succeed!

 

The above scenario happened to us 4 times!!!  We didn't know why we kept getting these strange old invalidated debts on our credit report...I have written over a dozen letters, contacted many consumer agencies, and spent a lot of $$ on certified mail to clear these and it has been a major stress on me and my family.

 

After I thought everything was taken care of,  about 10 days ago I decided to see if my husband's Experian score was increasing, so I went to credit.com to see I got a really pretty 710 score, with a grain of salt, that score is just a guide....well...we JUST got an alert his score tanked 28 points!!!  some other strange junk debt with vague information popped up!!!  Now I do not know if this was credit.com or Experian because 2 weeks ago I requested the free trial for his report!

 

Now, after we were ready to submit our loan....we have to now start the process again with disputes, validations, certifications, calls, faxes....Lord help us!

 

So, with that said we may be in jeapordy of losing the home that is being built now because the USDA in my area is expiring and we only have 2 weeks...this is down to the wire!!

 

I hope this will help anyone out there.  I hope you will take heed and do as I suggest. 

 

If anyone out there has a word of encouragement for me/us I would greatly appreciate it.

 

Best.

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012

Re: Maybe you can learn from my mistakes??

I have been following your journey and I am so sorry this is happening to you.

Even with the tank in score, it appears that he is above 680. So, you may be safe there. As far as the collection, how much is it? Is it small enough where the lender may not care or you can just pay off at closing? You should discuss this with your LO.

I completely understand the principle of going through all recourses to confirm the debt is valid, but this may be the time where you just bite the bullet and pay it to accomplish a greater goal (closing on your home).

I hope everything works out ok for you.
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Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012

Re: Maybe you can learn from my mistakes??

Most importantly.....DO NOT GIVE UP. Remember, anything worth having is worth fighting for.
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Regular Contributor
cocomadd
Posts: 217
Registered: ‎05-17-2013

Re: Maybe you can learn from my mistakes??

My husband is going to call on Monday to get all the details on the debt that just posted, but it is not a small amount it is $742.  We have never had any bills for this amount and have paid everything on time for the last 2.5 years!  So, to pay something that doesn't belong to us is wrong.  We are not sure exactly where his scores were at before this recent event, but I know his EQ was 652 also his TU was in the same bracket....not sure of EX, the score I got was from EX and as you know that can be way off.

 

I hope it gets fixed before the deadline.  I understand we may have to pay this to make it go away, but we are already nearly clearing our savings and this amount is too much for now.

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
Regular Contributor
cocomadd
Posts: 217
Registered: ‎05-17-2013

Re: Maybe you can learn from my mistakes??

Thank you frugal Q.  yesterday I felt like throwing in the towel.

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012

Re: Maybe you can learn from my mistakes??

My apologies, i thiught you meant that his score was 710.

Junk debt collectors have a way of killing a dream.

If you haven't started the formal mortgage app process yet, you should call a mortgage company and ask their professional opinion. It may be such that you won't have to pay it. Or if it is paid t closing, maybe there will be enough lender credits to allow for a lower net payment.

Honestly, if you are two weeks away from not being able to qualify at all, you don't have many other options. Yes, I agree that you should find out what it is. I also agree that it's not right to pay for something that's not yours.....but this should be easily corrected. However, if he finds out it is his debt, then you only have 2 choices in this short timeframe....pay it or not. There will be consequences either way. Maybe there could be a payment arrangement made.

I'm just throwing ideas out there....you will have to do what's best for your family!
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K

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