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@DallasLoanGuy wrote:same automated uw system.
uploaded to fannie mae for both loans..... fha loans just have different criteria sets.so, yes, same for both
Thanks!
I had dispute comments on accounts that FHA didn't care about. But my underwriter made me get them fixed anyways.
I had Chase remove a dispute resolved; customer disagrees comment. My lender tells me that it actually dropped my score slightly when we reran it. Experian is particularly punishing. So I gather that having those comments removed actually drops your score as a dispute might actually be inflating your score slightly.
I spoke to CREDCO customer service and she tells me that it's a mistake to call the creditor to have it removed and that it is best to contact the bureaus. Lender Credit experts tell me that it's best not to call at all as it will likely drop rather than help my score.
So I'm really confused. I'm closign on a new home in 60 days. It seems, correct me if I'm wrong, if the comments are actually not affecting your score, best not to touch it. If it is affecting your score, then you need to allow time to clear it. What is the time period when it will actually be better? I have two credit cards that show 30 day delinquency that were paid off with a few days afterwards and it says "Dispute resolved; customer disagrees". They are both over two years old.
Can someone help me please and tell me which is correct? Should I send a letter to the bureau, creditor or both or do nothing if I'm closing in 60 days? My score is currently at 735 and it was 740 and I'm afraid my interest rate could drop as a result. Please provide guidance.
@Anonymous wrote:I had Chase remove a dispute resolved; customer disagrees comment. My lender tells me that it actually dropped my score slightly when we reran it. Experian is particularly punishing. So I gather that having those comments removed actually drops your score as a dispute might actually be inflating your score slightly.
I spoke to CREDCO customer service and she tells me that it's a mistake to call the creditor to have it removed and that it is best to contact the bureaus. Lender Credit experts tell me that it's best not to call at all as it will likely drop rather than help my score.
So I'm really confused. I'm closign on a new home in 60 days. It seems, correct me if I'm wrong, if the comments are actually not affecting your score, best not to touch it. If it is affecting your score, then you need to allow time to clear it. What is the time period when it will actually be better? I have two credit cards that show 30 day delinquency that were paid off with a few days afterwards and it says "Dispute resolved; customer disagrees". They are both over two years old.
Can someone help me please and tell me which is correct? Should I send a letter to the bureau, creditor or both or do nothing if I'm closing in 60 days? My score is currently at 735 and it was 740 and I'm afraid my interest rate could drop as a result. Please provide guidance.
TL;DR - You really can't get a conventional loan with the way Desktop Underwriter and Loan Prospector are written: they don't distinguish between disputes and dispute comments, and the GSE's flat out will not accept a file underwritten with a disputed tradeline.
Removing the dispute and the comments are pretty much mandatory as a result; disputes can discount the entire tradeline from scoring, and generally if the tradeline has negative information on it (and some other cases but this is the obvious one) a dispute can artificially inflate scores.
Credco was right, call the bureaus (information in that linked thread) get the comments removed. Being on the bubble of the 720 tier (my TU 04 dropped from 731 to 722 during the mortgage process, my fault for having to switch loan products) myself I can empathize, but there isn't a lot of choice in this one. You can leave it and roll the dice with the lender if you want, generlaly it's a pretty quick process to get them removed, but realistically I'd just get them gone and be done with it.