Mortgage Help

[snoopyandi]

I have been in contact with a mortgage broker and a bank loan officer and I am pretty sure both of them have lied to me. I have been in the process of fixing my credit for well over two years however I spent well over $5,000 paying off all of the debt on my credit score. My debt is gone except for one hospital loan which is being taken care of in the next two months (it turned out it was the hospital's fault and it's going through the list of people before it can be paid and taken off my score). I have two credit cards. One is unsecured and the other is secured. I pay way more than the minimum monthly and I also have an auto loan that is paid on time if not early every single month. I was told by the mortgage broker that I can have my score checked every 30 days by him. It's hurt my credit, I have 10 checks on my credit and they are not going away.

My score is around 580 and it was 639. This is on Credit Karma. According to the bank loan officer he said that my score will be at least 20 points less on Credit Karma than my actual score.

I am tired of being lied to. I have been praying to own a home for 2 years and I have been struggling and stressing. The broker and loan officer refuse to help me until my score jumps up to 640 on Credit Karma which it's been slowly dropping and going up 5 points, then dropping steadily. All I want to do is own a home and I am getting nowhere. I have followed all the steps, pay off the debt, pay the cards on time and more than the minimum, keep it below so much percentage which I have kept it way below 20% if not 10%. I have had the one credit card for well over a year and a half and this new card for almost a year now.

Help, please. I just want answers instead of how to fix my credit. I want to know what is wrong, and why my credit will not go up. It should not be this hard.

[Peter1142]

You need to buy your FICO scores on here. The CK score is meaningless. Mine was 100 points lower than my FICO at one point. Then you need to tell them when your score is good enough and not let them hit your credit with hard inquiries. Or go to a different lender.

I don't know why your credit hasn't improved. The inquiries aren't helping but they shouldn't completely tank your score. Do you have a major derog like a foreclosure or bankruptcy?

You can get a loan with a 580+, but I wouldn't recommend it.

[StartingOver10]

Are the mortgage people pulling your credit every month? If so, that is a hard inquiry and will affect your credit especially since you have said they pulled it monthly for several months.

Have you visited the rebuilding forum here yet? Pull your free credit reports at AnnualCreditReport.com and go to the rebuilding forum to see what is holding down your score.

BTW the previous poster is right: Credit Karma scores are meaningless and have no relationship to the scores that lenders use. For that reason alone I would run from the mortgage people you are currently using.

[Christian123]

I am very confused by this situation.  

The loan officer and brokers should be looking at your midscore and not your credit karma score.  Why would they be pulling your credit and then going by credit karma?- this makes no sense.  CK scores have nothing to with FICO scores and are completely irrelevant.  

Have they mailed you a letter with a copy of your scores as required?  If so, what are your scores from the letters?  Do not let them pull your report again.