When you DONT get an approval

[Goodcreditsesame]

So,

After busting my chops I finally bit the bullet and applied for a mortgage (NFM). He sent my information to automated underwriting before getting me an approval. I was denied due to

Several lates post BK (2008 discharge) I wrote a letter to explain but I guess it wasn't good enough
Several new accounts less than a year old (I applied for credit trying to build my score)
Too many inquiries
Maxing my credit card in February (I've since maintained 1% balance)

He wants me to try again in 14 months.


Should I pretty much throw in the towel or do you try other lenders? I went to a NACA workshop
So I always have the NACA program to work but I really wanted to be a homeowner now. Also this is the last month of FL bond funds and I'd like to have that down payment assistance.

Thank you so much for
Your time and attention to this.

[Goodcreditsesame]

Mortgage scores (MyFico)
TU-677
EX-670
EQ:671

[Anonymous]

Last late payment and how late?

[Goodcreditsesame]

Last late was in 2015 at 30 days.

[Anonymous]

How many new accounts do you have? When was each account opened?

I would try another lender. Your last late was almost 2 years ago. Do you still have that account opened? Has it been paid on time since then? If so, I would contact the company and try a goodwill effort and ask about removing the negative mark. 

[Goodcreditsesame]

Thank you.
44 total accounts (most of them closed student loans which were consolidated)

I just emailed CEO FOR GOODWILL
Account still open and won't be paid off until August 2018.

It has been on time since then.

Going to try another lender! Thank YOU

[Anonymous]

You have 44 new accounts? How long has the oldest one been open? 

[Goodcreditsesame]

Noooo I thought you mean total....

Oldest is from 2002 (student loans), but its closed and paid as it's a Perkins loan and it was forgiven
Newest notes 7/2017 but that's because I lost my card (care credit)

[Anonymous]

You mentioned that one of your denial reasons was too many new accounts in the past year. How many accounts have you opened? 

Lenders advise against opening new credit when going for a mortgage because it's adding to your debt. Also, the adjustment from the changes in your average age of accounts scoring and could lower your score. You also take a slight hit when the new account reports and sometimes it can take a couple of months to get back the points you lost. 

[Goodcreditsesame]

Yes.

I opened a credit card in 12/2006 and two in 2/2017. I did it to boost my scores so that I could start to qualify LOL. Before then I had no credit cards and was advised to get them.


How long will it be considered "new"?