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I was 4 days from closing on my house and everything was verified and I was approved. I receieved my closing disclosure and a call from the title company. I was all smiles. My credit profile expired right before the loan closed. Later in the afternoon I recieved a call stating my mid-credit score is one point below the requirement mark and unless we can remedy the situation with a rapid rescore, my loan was doomed.
The only thing that had changed with my profile was an unathorized credit pull from a mortgage company my real estate agent put me inh touch with knowing I already had a great rate with my bank. Instead of letting it sit where it was, he put me in a group message with this broker who later called me. He asked for my SSN and DOB and when I realized he was going to pull my credit, I immediatley stopped him. He agreed not to pull it. His senior loan officer saw the report with not credit profile attached and ran the report. Their attorney agreed it was a mistake and wrote a letter to get this off my credit ASAP. It did not fall off on time.
I was told to pay down $700 of my credit card debt in the mean time so we could attempt to close on time. I did one better and paid it down double that to ensure each card was not over utilized. I called the creditors once they payments cleared and begged for letter heads to be faxed to my bank.
As the changes were being made, I saw my credit score rise (primarily FICO 8) and my VS I purchase through TU even rose 60 points. I thought I was in the clear.
I got a call from the back yesterday saying all my other scores rose, but my mid-score dropped by one point. I am dumb founded. Everything that impacts my credit (history, mix, utilization) is all listed as "good" or "very good", the only "fair" is my credit history as I am in my twenties. I spent much of the night in the fetal position crying and getting sick of all of the money I invested and the emotional investment I was about to lose. This is so hurtful. My entire rental house is packed up and I am left here today scratching my head. My TU VS is 715, my TU Fico 8 Score is 681, but the FICO 4 mortgage score was 619 (now 618). They are "trying one more thing" as a couple hundred dollar item was added to the rest and not this one. I do not anticipate this to work. I took a week off work and already told all of my coworkers and family I was a proud new homeowner after everything cleared and I was issued CD (but not clear to close). Also, it is important to mention that both my experian and equifax rose with the rapid rescore. Also this is an FHA loan.
Any help or advice I would welcome.
Breathe. It is going to be ok.
Since your lender has access to rapid rescoring, they also have access to a tool that can pretty accurately determine what certain actions will have on your credit score. If they say this 200$ trick will work, it should work. If not, switching lenders is not the worst thing in the world. I spent months working with a lender to have them totally screw up my deal. I went to a new lender. The new lender was AMAZING and gave me a phenomenal rate in comparison. AND they closed my loan SUPER QUICK and painlessly to boot.
It will work out. No fetal position crying. Drink some wine, relax, and understand that in todays market, getting a loan sucks for most. Your family would totally understand a delay in closing.
@Anonymous wrote:I was 4 days from closing on my house and everything was verified and I was approved. I receieved my closing disclosure and a call from the title company. I was all smiles. My credit profile expired right before the loan closed. Later in the afternoon I recieved a call stating my mid-credit score is one point below the requirement mark and unless we can remedy the situation with a rapid rescore, my loan was doomed.
The only thing that had changed with my profile was an unathorized credit pull from a mortgage company my real estate agent put me inh touch with knowing I already had a great rate with my bank. Instead of letting it sit where it was, he put me in a group message with this broker who later called me. He asked for my SSN and DOB and when I realized he was going to pull my credit, I immediatley stopped him. He agreed not to pull it. His senior loan officer saw the report with not credit profile attached and ran the report. Their attorney agreed it was a mistake and wrote a letter to get this off my credit ASAP. It did not fall off on time.
I was told to pay down $700 of my credit card debt in the mean time so we could attempt to close on time. I did one better and paid it down double that to ensure each card was not over utilized. I called the creditors once they payments cleared and begged for letter heads to be faxed to my bank.
As the changes were being made, I saw my credit score rise (primarily FICO 8) and my VS I purchase through TU even rose 60 points. I thought I was in the clear.
I got a call from the back yesterday saying all my other scores rose, but my mid-score dropped by one point. I am dumb founded. Everything that impacts my credit (history, mix, utilization) is all listed as "good" or "very good", the only "fair" is my credit history as I am in my twenties. I spent much of the night in the fetal position crying and getting sick of all of the money I invested and the emotional investment I was about to lose. This is so hurtful. My entire rental house is packed up and I am left here today scratching my head. My TU VS is 715, my TU Fico 8 Score is 681, but the FICO 4 mortgage score was 619 (now 618). They are "trying one more thing" as a couple hundred dollar item was added to the rest and not this one. I do not anticipate this to work. I took a week off work and already told all of my coworkers and family I was a proud new homeowner after everything cleared and I was issued CD (but not clear to close). Also, it is important to mention that both my experian and equifax rose with the rapid rescore. Also this is an FHA loan.
Any help or advice I would welcome.
Are you able to ask those credit card banks to update the balance on your report rather than wait for the statement to cut?
I am so sorry this is happening to you. I know your pain only we were living in the house and thought we were going to have to move out - with 5 kids and no where else in town to go. It was a mess, but it worked out It will be ok eventually no matter what happens! Best of luck
@Anonymous wrote:
Rescue broker?? The 620 is a overlay by your lender.
^^^This. Get a contract extension and another lender.
Wow! I guess this kind of stuff happens a lot. And I already got the statements updated and it did not improve my mid score, only the low and high.
sounds like they went cheap and only rescored one bureau? if another score was that close, they should have rescored at least 2 bureaus.
did they not run a new score simulation to find more points?
They did mention that it was 1 point below the minimum, so the 620 score sounds like it'd be an overlay. However, it also may be because interest rates would be too high to qualify (usually you get a break on the rates with a 620+ score) or a 619 doesn't qualify. For example if they were unable to get an automated underwriting approval with a 619, and it has to be manually underwritten, then perhaps 620 was the magic number to get an automated underwriting approval. However, a lot of lenders go to lower scores than a 620. Starting with a new lender shouldn't take too long, figure another ~2 weeks. Appraisal is already done, so would just need to be reviewed by underwriting for the approval. May still be quicker to close with your current lender if they can get the score up with the new rapid rescore they are in the middle of. If the previous creditor that checked your credit on accident can write a letter, it may be possible to do a rapid rescore to get their inquiry off. Seems like that might do the trick.