Reply
Established Member
teachag89
Posts: 46
Registered: ‎04-18-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

I would agree to go with a broker if you haven't already.  Where are you located?

Established Contributor
frugalQ
Posts: 516
Registered: ‎03-23-2012
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

This seems really odd.

If the collection has been moved, it seems a they could do some sort of rapid rescore and price that its no longer there.

If the overdraft was paid automatically via the money in your savings account, I don't see why that should be a problem.

I have my savings account linked as overdraft protection for my checking....and per the terms, the bank still charges the overdraft fee although they draft the funds from savings.

Are you sure there wasn't anything else? It seems as though this lender does not want to help people who have a blemish or two on their credit....even if its corrected.
Capital One QuickSilver 4.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 7K - Amex BCP 16K - Chase Freedom 3K - Discover IT 7.5K - LOC 2.5K
New Contributor
keyelove
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(


frugalQ wrote:
This seems really odd.

If the collection has been moved, it seems a they could do some sort of rapid rescore and price that its no longer there.

If the overdraft was paid automatically via the money in your savings account, I don't see why that should be a problem.

I have my savings account linked as overdraft protection for my checking....and per the terms, the bank still charges the overdraft fee although they draft the funds from savings.

Are you sure there wasn't anything else? It seems as though this lender does not want to help people who have a blemish or two on their credit....even if its corrected.

I promise you there is nothing else. I honestly believe the LO is blown away as well. He's like he's seen other stuff compared to ours. He's gone over the positives and it just seems like a doable deal. I believe they are also looking at the fact that both my DH and I have filed BK in the past. Mine in 2007 and his in 2010. Well we didn't even seriously start dating until towards the end of 2010 going into 2011 so him having a BK after me has no correlation to how we managed our finances together. We just made a year married this month.

 

But I assure you these are the two things that he says are the issue.


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
New Contributor
keyelove
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

[ Edited ]

teachag89 wrote:

I would agree to go with a broker if you haven't already.  Where are you located?


I'm in Illinois. I agree we should find someone else. I'm trying to figure out how this whole FHA case number thing works. I've heard horror stories about getting it transferred. Plus we definitely won't be able to get the home we signed a contract for because we'll have to start all over again and then won't be able to move until January. We'll have to find something existing.

 

I'm just so......worn out. If you look at my siggy and see where I started (March/April 2013) to where I am now - please know that was a ton....of work so I don't have a whole....lot fight left. Just don't know.


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Established Member
teachag89
Posts: 46
Registered: ‎04-18-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

I don't have a solution but I want to offer you encouragement.  I know this process really beats you down when you're working so hard for it.  Stay in the game!  People with much worse situations are getting mortgages.  Switch lenders.  He may be nice but someone else may be able to work a little harder for you to get this loan.  Call around to a few other lenders and tell them your situation, see what they think.  

Regular Contributor
Beasley12
Posts: 137
Registered: ‎06-04-2012
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

How many overdrafts did you have? Or. How many do you average in a month?I have heard of denials based on excessive overdrafts. Even though the overdraft comes from your savings it would still look like you cant manage your money properly.
EQ FICO 564 (3/12) Lender pull 673 (4/12) FICO 703 (6/13)
TU FICO 605 (6/12) to FICO 687 (3/13) Lender pull 680 (4/13)
EXP FICO lender pull (4/13) 651
Homeowner since September 2013!
New Contributor
keyelove
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

I would an average of 2 a month. I just thought they reviewed the sum of the file. Considering some get approved with open collections etc....I mean nothing I can do if that's the rule except try again in two months with clean bank statements.


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus
Regular Contributor
Beasley12
Posts: 137
Registered: ‎06-04-2012
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

I agree you should reapply with clean statements. If you submitted two months worth of statements with four or more overdrafts, they will deny you but I would call to find out their exact reason. Good luck.
EQ FICO 564 (3/12) Lender pull 673 (4/12) FICO 703 (6/13)
TU FICO 605 (6/12) to FICO 687 (3/13) Lender pull 680 (4/13)
EXP FICO lender pull (4/13) 651
Homeowner since September 2013!
Regular Contributor
cocomadd
Posts: 217
Registered: ‎05-17-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

I would look at the situation and see if possibly you could get your money back and wait 6 months for everything to clear and try again.  My fear is if they continue to pull your credit to get you approved that too will work against you.  I am sorry, I am sure ou didn't want to here that, but sometimes we just have to wait....

 

Best for you & yours.

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
New Contributor
keyelove
Posts: 72
Registered: ‎03-30-2013
0

Re: So Disappointed, Discouraged and Simply Sad ;-(

Thank you all so much for the support, encouragement and suggestions. We are going to see what the CEO says on Monday or Tuesday and take it from there. I so appreciate this community. It's helps you feel like you are not alone in this journey. I will keep you all posted.


Starting Score Early 2013: TU - 556 & EF - 552 & EXP - 591
Current Score 10/09/14 (MyFico): TU - 666 & EF - 665 & EXP- 711
Goal Score: 730 Across all 3 bureaus

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}