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I applied for a USDA loan in Feb. but it was denied for CAIVRS right before it went to USDA and the seller did not want to wait for consolidation and I am back to square one (its a long story) . I know most lenders want a 640 mid score and I have a 644 mid score right now but I am going to take a hit for a new tradeline. My question is simple am I better off trying to go through my bank or working with a broker? Am I stuck waiting 6 months for the "improvement" on my credit? I am really confused and gun shy at this point. I want to try since open area USDA is in my hometown until 9/31/2013 but I am afraid of yet another pull on my credit since the last broker seemed to think 7 pulls was acceptable (yes sarcasm). Any suggestions or guidence?
Thanks
@teddingt wrote:I applied for a USDA loan in Feb. but it was denied for CAIVRS right before it went to USDA and the seller did not want to wait for consolidation and I am back to square one (its a long story) .
I know most lenders want a 640 mid score and I have a 644 mid score right now but I am going to take a hit for a new tradeline.
New Tradeline? Is this to pay off whats in CAIVRS? Having a new Tradeline report varies with how much it impacts your scores. I have seen a drop in scores as little as a few points (5 or less), I have also seen much bigger drops in scores (5-40) depending on other things in your credit profile. Now I also have seen New Tradelines increase scores which would also depend on whats in your credit profile. YMMV
My question is simple am I better off trying to go through my bank or working with a broker? You have to use who you are most comfortable with. Using a Broker may give you a few more options since they use several Lenders.
Am I stuck waiting 6 months for the "improvement" on my credit? This depends. Some Lenders are okay with payment arrangements being accepted.
I am really confused and gun shy at this point. I want to try since open area USDA is in my hometown until 9/31/2013 but I am afraid of yet another pull on my credit since the last broker seemed to think 7 pulls was acceptable (yes sarcasm). Any suggestions or guidence?
Thanks
New Tradeline? Is this to pay off whats in CAIVRS? Having a new Tradeline report varies with how much it impacts your scores. I have seen a drop in scores as little as a few points (5 or less), I have also seen much bigger drops in scores (5-40) depending on other things in your credit profile. Now I also have seen New Tradelines increase scores which would also depend on whats in your credit profile. YMMV
Yes it was for the student loan. I ended up consolidating with Sallie Mae. ($3500.00) my origial debt was not showing on the report just CAIVRS. Not sure what other things you mean....... No debt all collection paid last year with one being deleted. 2 small cards and no auto I have less than 100.00 on my DTI. I was told I have a "thin" file.
Thanks for the reply