12-27-2012 03:15 PM
My broker said the turn around here for USDA was around two weeks also but that it possibly could take an extra week. Ive not heard from him at all this week so I assume he is off for the holidays. Best of luck to you!
12-27-2012 06:37 PM - edited 12-27-2012 06:43 PM
Did I mention I've had a lot of overdrafts? Not just a few. I think I had 17 for the year. Even I was shockd at how much I has spent on them. I'm so worried.
12-27-2012 07:21 PM
I got promoted on my job but that promotion keeps me away from home quite a bit. My employer doesn't offer direct deposit. I couldn't get to the bank to deposit my pay checks on time but I did pay all my bills on time. I thought it was better to pay the overdraft fees than pay the bills late. I also ended up finally opening a new checking account in the town I work in. Its never been overdrawn and I have finally figured out how to connect both accounts so that I can now transfer money from one account to the other. Plus, I have left a check from the new bank with a relative in my town who can at any time deposit it for me if needed and just today I found out I can get email alerts from my main checking account if my balance falls below a certain point. The thing is my original bank gets an automatic deposit each month from another source of income I have so we had to use it. I need that income for my mortgage as well as the income from my job. I'm in panick mode, seriously. I just never realized it would be an issue. I feel so stupid now, after all the hard work Ive put into building my credit back up.
12-27-2012 07:57 PM
With a letter of explanation you should be ok. Make sure you tell them what steps you are taking so it does not happen again. Have they already asked you to write a letter?
Here is a good link on how to write a good (and bad) letter of explanation: http://underwriternotes.com/category/letter-of-exp
Also, I don't know who you bank with but many of the banks now allow you to deposit checking by taking a picture with your smartphone. Maybe that is something that can be useful for you since they don't offer direct deposit.
12-28-2012 07:07 AM
My broker asked me to write a LOE just before the Christmas holidays. I believe he is off this week since I havent heard from him. I have sent several letters. I told him to pick which one he thought would work. He is very good about things like that. I had to write am LOE about my addresses. I technically dont live in the town I work but I do recieve mail there (like my pay check) and since I had opened a checking account in that town I had to explain the address. But he assured me that wouldnt be an issue. He hasnt assured me on the overdrafts.
12-28-2012 07:10 AM
Also, I'm not sure if my bank offers that with a smart phone or not. I dont have a smart phone but I could certainly get one if they did have that option. I'm still using a "dumb phone." lol.
12-28-2012 07:34 AM
Wonder what the UW thinks if you hit overdraft and it pulls from savings. I have a couple over drafts this year when I wasn't paying attention to my account and it pulled from savings.
I typically keep my checking account pretty low, but have a crap ton in savings just to seperate my money. Id have no over drafts if I just kept all my money in my checking.
12-28-2012 07:51 AM
It was my experience that even if it is sensible management to keep funds in savings or unused LOC and have overdrafts covered, UW don't like it. You might consider keeping an extra cash cushion in checking until you close.
12-28-2012 08:14 AM
So do you think because UW's don't like overdrafts that will prevent me from closing? My middle score is TU 660 (lender pulled). I have zero balances on all credit cards. I have 4 credit cards reporting with no lates. My oldest one is only 3 years old and the newest is only 4 months old as Ive been in rebuilding mode. I did have a small balance on one cc when my credit was pulled for the home loan though. Ive since paid it off and don't intend using any of my cc's till (IF) after I get to close. The house payment would be about 100.00 less than the rent Ive been paying. I have one negative on two reports which is an old medical bill from 2009 that I haven't any knowledge of. Ive disputed it, offered a pay for delete and they wont budge. My broker said that wouldn't be an issue at all though and not to worry about it. Its for 97.00. I told him I could pay it off and he said not to do that. In fact, he said everything was great, going along very smoothly. Then he discovered the overdrafts. I know Ive already stated this some place but at first he said we should just wait until my next statement comes out in mid Jan. Then he said to get a VOD from my bank which I did. Then finally he said he had spoken to an account rep who said it should be okay if I wrote a letter of explanation and what actions Ive taken to prevent this from happening again. I did that but since I believe he is still off on holiday...Ive not heard a word back. What do you think my chances of closing are? Could someone explain what he meant by speaking to an account rep? I'm assuming thats someone with the uw's but not sure.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO