TRIBUTE CARD screwed my loan

[bigjule111]

What just happened to me is surreal .. i had a conditionally approved loan, my closing date was set to be wed the 30th of sept.  my middle score was 599. i needed that to be at 620.. so my ahole LO was doing a rescore on a paid american general account that i had... today i got my score and instead of my score going up 20 points it plummeted 25 points...also today tribute posted that my account was closed. this is a account that was in good standing, i had it for 5 yrs, they went belly up and closed all the tribute accounts,, so my question is    was it tribute that brought me down? or a updated paid american general? my LO is saying that it was due to tribute account closing, but he nos nothing   what can i do? need help

[Anonymous]

was the american general account a collection or charge off?  If so, it was probably both.  The closed tribute card hurt and if it was revolving credit it would hurt alot becuase it likely also drive up your utilization.  So that could have done that.  But if the AG account was an old collection/charge off, then that might have had a negative affect as well.

[RobertEG]

I agree with Mickie.  When the OC account was closed, you lost its CL, which increased your revolving % util.  What was the CL on the OC acouunt that went poof?  Was that a major part of your CL?

If you paid off the CA, it updated its DOLA, which probably also dinged  your FICO.

I think you were double hit, but cant tell you which hurt more, for no one can tell you how FICO scores CAs over time.

[Anonymous]

Was your loan kaput just because your scores weren't where they need to be? Or was it because they dropped? I had a Tribute card also, but I have a bit more wiggle room with my score, since I'm sitting at about 665 middle score. Just wondering, cuz all I got is worst case scenarios going through my head.

Thanks...

[ShanetheMortgageMan]

Out of curiosity, if you needed a 620 score, but were only at a 599, how did you get an approval?  Was your approval contingent upon your scores getting to a 620 before closing?

[bigjule111]

yes it was contingent on my score..... i went to see him today and it wasnt pretty,,, i now think it really wasnt tribute fault..the reason being, because he said today that he rescored only on the 2 agencys, he left experian alone beacause it was at a 622. so if tribute was the culprit then all 3 scores would of drop and experian is the only score that remain the same...... i still cant believe this happened   i payed him 224$ to blow my deal apart!!! unreal!!!    like i told him today  he had no business chasing points at the last minute  he should of rescored a month ago that would gave us time to regroup if something bad would of happen    now hes passing me over to bank of america, he said they still do 580 loans

[bigjule111]

the american general was a old charge off from 2007

[ShanetheMortgageMan]

I hope you don't take offense, but I believe this is both you and your LO's fault, more the LO's but you have to take some blame too.  First, you were trying to buy a home, and close on it in a few days, without having a credit score that qualified for the program you were going for.  There is no guarantee that the scores would have reached a 620 level by closing, it was something that appears you were both working on having it happen, but again there is no guarantee and tons of outside variables that could've derailed your plans.  Shame on the LO for suggesting you go forward with the purchase without having qualifying credit scores.  Plus like others pointed out, an old negative account with a balance usually is less detrimental to your score than a recent negative account with a zero balance.  However, with 3 days until closing, and a FICO score 21 points shy of requirements, what would you have preferred your LO have done in that situation?

[bigjule111]

no offense taken,,, the problem is we had a 30 day settlement date from fannie mae, theyre the owners of the forclosure property we were trying to buy and they specified that this is a time of the essence matter and that there would be no extension granted. Thats more reason why the LO screwed up, he knew we had a tight window,  i would of prefered if he would of chased the points at the beginning of our sad venture.or simply just tell me it wasnt possible. All along he just kept saying the points would be there...guess what,they wasnt!!!!!!!!!!!!! not only that, but i lost almost 30 points.

[ShanetheMortgageMan]

Gotcha, yeah the LO really should have advised you to wait until you have the scores needed before proceeding with an offer on a home and what not.  The old adage of "put the horse before the cart" certainly applies when buying a home.  Are you going to be able to get your earnest money back if you are unable to close on the home?