I'm so nervous. I'm going to try and provide as much info as I can on here so all the experts can help determine if I should be worried. I completed the app on Wells Fargo early last week, a local LO with Entrust Mortgage contacted me last Friday 6/8 and she said credit is good to go with a mid score of 650. Scores were EX-640,EQ-656,TU-650. I'm going USDA guaranteed. I was worried about something negative suddenly appearing so was upfront with LO and wanted to know the chances of them pulling credit again. She said they only pull once and that it wouldn't be pulled again unless it went past 60 days. I provided all documents, paystubs, w2's, statements, explanations for deposits. I got a new car auto loan the end of May that's not on my credit report yet, but she said it wouldn't matter cause I supplied the statement from the loan and she added it into my DTI on the loan application. On the Uniform Underwriting and Transmittal Summary form, the Qualifying Ratios were Primary Housing Expense - 26.57% and Total was 37.82%
The reason I'm so nervous is because an old collection account that is not accurate was removed from EQ and EX but not TU. On 6/11, that negative reappeared on EQ and EX, so I immediately contacted LO about it stating that with that added, I'm worried about the scores not being good enough if they pull again. She said I would be fine, that we're scheduled to close in 30 days and they wont pull again. What do you guys think? Should I worry? She said they just don't pull again, that she's never seen them pull again unless it went past 60 days.
The other reason I'm worried is because I read about the loan app not being able to go to underwriter if there are dispute comments. There were two of the old collection accounts that had dispute comments on them at the time my credit was pulled. She never said anything about it. I asked if I had to pay those or anything and she said no, they are from 2006-2008. I've emailed her this morning asking if the dispute comments would be an issue, and if I would have to get them removed and them pull credit again, so I'm waiting on a response from that.
From that collection reappearing on EQ, it dropped my score from 640 to 629 on myfico. Her EQ was 640 so I'm guessing it will now pull as 629? My TU on here is still showing as 618 with that negative gone now, but her TU was 650 with it, so my TU could only have gone up since that negative dropped yesterday and was on there when she originally pulled. My EX FAKO was showing as 670, but now as 628. When she pulled it was 656, so I'm guessing it will now pull as 614.
What do you guys think? Should I be worried, or is she correct on everything?
LO replied and stated it's possible UW may ask for proof of the dispute but it is not likely. I'd really appreciate any input.
She said she wouldn't pull again unless it goes past so many days.... right? So if she is going against your current CR you are okay, but if she pulls again I would worry.
actually, 640 is still passing.... you may be just fine.