Why was the Wells Fargo account disputed? Were there baddies in the WF TL and how recent were those baddies?
Ditto to springave1. The TL is partially removed from FICO scoring, and one of those components is the payment history. Once the dispute comment disappears, then FICO will score it once again and that caused the score drop. In essence, the dispute comment artificially raised your scores. Most lenders (including programs like FHA) will require dispute comments to be cleared for reasons like this.
Definitely shop around for other lenders, but at the same time try sending GW letters to WF asking if they can remove the late(s).
Thank you all so much for the input! I will call my lender first thing tomorrow morning. I guess my main concern at this point is what happens if by June 25 (closing date) my middle score isn't back up to 640? I mean would the loan fall through and they just up and stop building my house? I mean it's already in the works! Ugh the stress! Thanks again for any info I really do appreciate it!
In my neighborhood, if the credit falls through at the end, so does the contract for the home and the builder puts the home on the market. We've had 2 so far that this has happened to, both sold within a week, not to the original purchasers. Sad, but a reality these days.
Definitely work to see if you can a GW on the late. Are you sure that's the ONLY thing holding your credit back? Utilization? Anything else at all?
One late shouldn't reduce your score down to 548. That is almost statistically impossible.
What other derogatory accounts do you have open besides the one late on a car loan?
Like thankfulheart mentioned, what is your util in addition to that.