Want a new home but . . .

[cahomebuyer]

Our Story so far:

Applied for home loan on August 13 - got call from loan officer who had a field day denegrating us and our credit history.  Said we had a foreclosure.  Said we'd been late a lot, why should they ever loan us money, blah blah blah.  Didn't care for the messenger but got the message.  Got  the lender's "merged credit infile report" and have been working on getting items deleted, corrected, and possibly GW removed.

HUBBY CREDIT REPORT SHOWS:

Chase Short Sale completed August 2010 - reporting 120 days late on Equifax / Transunion  (no report on Experian) - talking to lawyer about this.  

Chase Charge off - HELOC#2  $90k - reporting Experian/Equifax/Transunion.

Capital 1  Charge off - $9800 - reporting Experian/Equifax/Transunion - STATUS: PAID, Closed $9800 written off.

Chase HELOC #1 - house sold in 2005, HELOC not paid off correctly- showing balance (correct) but also showing in comments "credit line suspended due to collateral depreciation" - how about "credit line closed due to sale of house" instead?  The account is in "good standing" .

American Honda - Status: Paid, Closed. (paid off car in  April 2010) - reporting Experian/Equifax/Transunion - sent GW letter.

           1 Late 2009

           3 Lates 2008

           3 Lates 2007

BOA - reporting Authorized User  (not) - reporting Equifax/Transunion

            DELETED FROM EQUIFAX  

            Transunion - waiting on update

WIFEY'S CREDIT REPORT SHOWS

BOA - very complicated - dispute although account is closed, "paid for full for lexx than full balance".  Need go get this account sorted out.

Capital 1: - Sent GW Letter 

           2 lates in 2009

           8 lates in 2008 (have no recall why)

           1 late in 2007

GE Capital: - Sent GW Letter

           3 lates in 2010   

MACY - Sent GW Letter

            2 lates in 2008

            1 late in 2007    

Stanislaus Medical - not my account

           Deleted - Transunion - 

In Calif so although wifey not on loan application, credit will be pulled for any loan app.

Hope by October 1 more positive movement with GW letters.

Belong to FreeCreditReport.com so can track Experian score, should we track Equifax/Transunion scores? 

Should we get the word "dispute" off on any negative items?

[jadeite788]

This needs to go in the rebuilding credit forum.  Besides lates more than 2 years ago don't have an affect on credit score.  Short Sales are looked down upon from my understanding by lenders.  As far as the captial 1 charge off, did you pay it off.  If not do a PFD and see if they will accept 40% of the balance for a deletion.  Negotiate.  Negotiate.  American Honda, there is a clause in the FCRA that states that the  creditor has to report accurate information, but yet they don't have to report anything at all.  I forgot the exact clause because true enough you paid it off in "good faith".  I used that clause with a Perkins loans, to get the lates off, and lo and behold they deleted the account altogether which raised my transunion score.  

[bobvette]

The first thing I would recommend you do is to pull your scores from this site if you haven’t already done so.  FreeCreditReport.com is a marketing machine that only provides a FAKO score which has zero value to the consumer and a lender.  I also agree that I would post something in the rebuilding forum; there is great advice and direction in that forum. 

[jadeite788]

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@bobvette wrote:

The first thing I would recommend you do is to pull your scores from this site if you haven’t already done so.  FreeCreditReport.com is a marketing machine that only provides a FAKO score which has zero value to the consumer and a lender.  I also agree that I would post something in the rebuilding forum; there is great advice and direction in that forum. 

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+1

[cahomebuyer]

After the phone call, we pulled all three free reports from annualcreditscore.  Only use the other site to "monitor" what  may be happening.

[cahomebuyer]

We have an issue on our credit report about the Short Sale.  When we applied to Tri-Counties, on the phone we were told we had a foreclosure.  Although I tried to tell her it was a short sale, she kept using the word  foreclosure.  Equifax used the word "foreclosure" in their comment section, and I've disputed that, so we'll see what happens.

We have now talked to a lawyer who has filed a suit in California about the incorrect reporting of short sales as foreclosures on credit reports.  One of the things we have to do is get a denial letter from the lender stating all the reasons to find out if the short sale is actually being used as a reason.

So we are applying, again, for a home loan, although through another lender.  They have given us a list of documents to provide them, before they'll pull the credit report, which is fine.  Including a letter of explanation of the short sale.  After she pulls the credit report, we'll have to explain a few other things as well, including a charge off of a credit card and HELOC.  Our  hopes are not high on getting loan pre-approval, but we'll just hve to wait and see.