Credit Card Center Advertiser Disclosure†
07-21-2007 11:46 AM
07-21-2007 12:16 PM
superturnip wrote:Pre-approval letters - how valid are they? I received one from Lending Tree after faxing in the standard documentation (2 months pay stub, 2 year tax return, 2 months bank statements, invesments, etc.)I was told that we are pre-approved for well over what we are asking for. My concern is that I contacted Quicken - they pulled lower credit scores than myfico (Lending Tree's matched exactly) and the officer said that we did not qualify for the 80/20 loan that we need.We have found a few houses we like and I don't want to run into problems getting a loan locked in. My lending tree rep assures me that everything is pre-approved and we are good to go.Has anyone had issue with getting pre-approved and then running into issue locking in the loan they were approved for? Our financial, employment, and credit status will not have changed since we were pre-approved.
07-21-2007 12:21 PM
07-21-2007 02:26 PM
07-21-2007 10:37 PM
07-22-2007 10:17 AM
My understanding is a prequal is a cursory look at your finances/ credit based on info you provide, and a preapproval is a commitment to lend you said amount following a more scrutinized look at documentation by the underwriters. The prequal is not a commitment.
07-22-2007 11:17 AM
07-25-2007 11:36 AM
fused111 wrote:_____________________________________________________________________________OneMortgageGuy wrote:A pre-approval letter is good for a fire or wipe your butt______________________________________________________________________________I'm confused!
07-25-2007 02:10 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.