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Question about using a bank or broker

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teddingt
Regular Contributor

Question about using a bank or broker

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 

re bk
EQ 572 TU 540 EXP 545
Current
EQ 598 TU 556 EXP 557
Discharge
09.16.2016

Message 1 of 3
2 REPLIES 2
JM-AM
Valued Contributor

Re: Question about using a bank or broker


@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 


 

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 3
teddingt
Regular Contributor

Re: Question about using a bank or broker

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

 

re bk
EQ 572 TU 540 EXP 545
Current
EQ 598 TU 556 EXP 557
Discharge
09.16.2016

Message 3 of 3
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