@fieldzz wrote:
Hi All,
Currently in the process of getting preapproved from Wells Fargo. I used them on my last mortgage and was simple and straightforward. This time around, the person I was talking with on the phone for the preapproval told me to cacel about 6-7 cards to get my preapproval.
I was under the impression that if a card has a $0 balence then they will not take that card into account int the debt to income ratio. To cancel 6-7 cards would obviously impact my FICO score, and doesn't seem like a really good option.
^^^Get away from WF. They are awful when it comes to originating a mortgage. The fact that they asked you to close 6 to 7 credit cards in order to get a mortgage pre-approval illustrates the LO's misunderstanding of how FICO scoring works (IMO).
Find a real LO with a mortgage lender that only issues mortgages and doesn't do bank accounts or other banking functions. Stay away from the big box banks - they really have changed their mortgage origination process over the past decade since the mortgage meltdown. Besides, WF has a reputation for issuing the pre-approval and then not being able to actually close the loan. Go to someone trustworthy.
