home loan + overdraft fee

[kofifi]

I talked to quicken loans today and went through the pre approval process. I was denied because i had overdraft fees on my account. the gentleman says my credit scores were fine and assests wer fine but i had overdraft fees on my account and could not approve me because of that and i should wait 60 days before reapplying. I applied at discover home loans as well as put in a application at NFCU as well as lending tree. Do all these lenders hve the same policy as in less than two overdrafts in the last 60 days? I have been working to get my credit cleaned up since the begining of the year and feel like i am sooo close. I really do not want to wait another 60 days. Also since i applied at so many places i am assuming my credit score will go down.

[FaaastCash]

An overdraft is charged anytime you make transactions against your account in an amount that exceeds your current balance. If you are enrolled in an overdraft protection program,  your bank will pay on your behalf the merchant or individual to whom the payment was authorized. Most large national banks now charge $30 or more for the privilege of their covering your overdraft for a few days. Know your factsand try to avoid them with strictly following bank rules.
 
 

[Sunshine85]

No overdrafts in 60 days is not a standard policy, but I can tell you that overdrafts coupled with poor/marginal credit will cause you nothing but grief in underwriting.

You may not want to wait 60 days, but that is very likely your best course of action. Some of the larger banks show YTD overdraft fees charged, so even if you have two months of clean statements, the UW will still know you've been overdrawing your account.

[jadeite788]

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@kofifi wrote:

I talked to quicken loans today and went through the pre approval process. I was denied because i had overdraft fees on my account. the gentleman says my credit scores were fine and assests wer fine but i had overdraft fees on my account and could not approve me because of that and i should wait 60 days before reapplying. I applied at discover home loans as well as put in a application at NFCU as well as lending tree. Do all these lenders hve the same policy as in less than two overdrafts in the last 60 days? I have been working to get my credit cleaned up since the begining of the year and feel like i am sooo close. I really do not want to wait another 60 days. Also since i applied at so many places i am assuming my credit score will go down.

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Try talking with your bank to see if they can waive one of the overdraft fees.