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New Member
CaptGravy
Posts: 7
Registered: ‎11-28-2012
0

Comedy of Errors -- need 13 points ASAP

We were supposed to close on Friday with an FHA loan and knew we were right on the line --- our loan guy pulled our updated FICO late and lo and behold, Chase closed 2 CC accounts that we have been paying down steadily via Take Charge America....this account closur dropped my score from 640 to 627 and now we can't get the loan and to top it off the house is going to go into the forclosure process soon ---- I have about $3k that I can put towards paying down balances or opening a secured line through USAA or some other such group. 

 

What is the consensus on the fastest way to get an upward movement here?  I'm not sure I want to add another trade line but if that is the difference in getting the loan or not I'd do it. 

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
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Re: Comedy of Errors -- need 13 points ASAP

Another TL is probably not the best idea. What is your current Utilization of your total available credit?



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
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Re: Comedy of Errors -- need 13 points ASAP


CaptGravy wrote:

We were supposed to close on Friday with an FHA loan and knew we were right on the line --- our loan guy pulled our updated FICO late and lo and behold, Chase closed 2 CC accounts that we have been paying down steadily via Take Charge America....this account closur dropped my score from 640 to 627 and now we can't get the loan and to top it off the house is going to go into the forclosure process soon ---- I have about $3k that I can put towards paying down balances or opening a secured line through USAA or some other such group. 

 

What is the consensus on the fastest way to get an upward movement here?  I'm not sure I want to add another trade line but if that is the difference in getting the loan or not I'd do it. 


I'm confused.  The house you are buying or the house you live in now is going into forclosure?

 

Confused.

 

If it is the latter, then I am even more confused on why you are getting another house.

 

 

New Member
CaptGravy
Posts: 7
Registered: ‎11-28-2012
0

Re: Comedy of Errors -- need 13 points ASAP

Errors continue -- I just started logging in to all accounts to calc that and my hotels Internet just went out (replying on my iPhone). Those accounts were aged 10+ years too so I'm sure that hurt. My biggest fear is that I I pay anything off, they'll close out the account - so I think I need to keep a few dollars on each card until I get the loan locked. Hotel says the Internet should be back up in an hour or two...we'll see -- I'll post all those numbers then. Thanks.
Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

Re: Comedy of Errors -- need 13 points ASAP

Open accounts don't close out if you pay them off...unless you're referring to closed accounts with balances that you've kept in good standing every month payment wise.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
New Member
CaptGravy
Posts: 7
Registered: ‎11-28-2012
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Re: Comedy of Errors -- need 13 points ASAP

Sorry for the confusion -- the house we live in now has new renters coming in an we need to move out -- the house we are buying is a short sale that will fall into foreclosure if we don't buy it .... We just don't want to have that process start and have to re-start the whole thing as a foreclosure purchase as opposed to a leinholder approved short sale.
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
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Re: Comedy of Errors -- need 13 points ASAP

Why would they pull your credit days before your suppose to close? Is that something new? Either way that is crazy the lender could still go ahead with it since that is their score requirement and not a FHA.

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Senior Contributor
StartingOver10
Posts: 4,183
Registered: ‎03-06-2010
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Re: Comedy of Errors -- need 13 points ASAP

It is SOP for many lenders to repull your credit just before closing - in fact, they generally will also reverify assets, income and employment to make sure that everything is the same. Some lenders call it quality control (QC).

New Member
CaptGravy
Posts: 7
Registered: ‎11-28-2012
0

Re: Comedy of Errors -- need 13 points ASAP

Ok - Finally have interwebs back and can type for real..

 

Comedy of Errors began with the sellers getting the short sale approval (only a $10k "loss") on 10/19 provided we settle by 11/30.  Sellers who no longer live in the house and live out of state and have a realtor who is less than responsive, did not tell us that the approval was given until 8pm on Halloween.  We immediately ordered inspections and the like and put in for an appraisal.  Because of the new Dodd/Frank rules, our mortgage guy could not call an apprasier and ask them to hustle out there..after 10 days of waiting and no apprasier picking up the job, the fee had to be bumped to 50% above normal to get someone to take the job.  Appraisal was finally completed  last Tuesday, yet as of this typing, we still have not been given the results.

 

Adding to the Comedy, we had asked our mortage guy to lock in our numbers and let us know if we needed to do anything last minute, like pay down a CC a bit, to make sure we stayed above 640.....his father became ill and had emergency surgery and complications and he never handed off the job to anyone else in his office.  We assumed all was well (our mistake) and arranged for renters that we had lined up to move into our house.  They were living month to month deal in a virtual slum (we know the renters) and were glad to get out.  Their landlord was happy because she had been discounting their rent and immediately found renters at a higher rate. Everyone told us we were set until the11th hour when suddenly we were not because unbeknowst to us, Chase decided to report as closed some very old accounts that we were regularly paying down.  This dropped my score severely and made us ineligible for the FHA loan - and we are now essentially moving our stuff into a storage unit and living with a relative.  Hence, the Comedy of Errors title.  

 

My stats are:

Card Limit  Owed Utilization30% MarkAmountPayout Needed
BofA $    5,000.00 $  2,577.3152%0.3 $  1,500.00 $            1,077.31
CapOne $    2,000.00 $  1,081.0054%0.3 $     600.00 $               481.00
HSBC $    3,100.00 $  1,360.2744%0.3 $     930.00 $               430.27
CitiDiv $    4,680.00 $  2,387.7351%0.3 $  1,404.00 $               983.73
CitiDiam $    3,490.00 $  1,060.2130%0.3 $  1,047.00 $                  13.21
  $  18,270.00 $  8,466.5246%   $            2,985.52

 

I also have a VW Credit loan that was $16K after putting $10k down and is now about $6k left...never late.  I do have a few older BADDIES including a tax lien that I recently paid off and was lifted (income dropped over 50% and couldn't sell my old home - put me in a giant hole when I put $30k into the house to try and sell it and it couldn't overcome the market).

 

I can easily pay down $3k to get my average utiliztion to be just under 30% --- will that help get me a 13 point bump or should I look at another route?  My mortgage guy said he has used a "credit repair guy" (which I'm leary of in general) for many of his clients in the past and had great success.  I think it's nothing I can't do on my own -- the company he is recommending is Trinity Enterprises LLC in Florida.  My Realtor is a family friend and has always done good by us and uses this mortgage guy exclusively so I don't think this is a scam....but again, I think I can save myself the $500 or so fee and just fix it myself.

 

Last question - if I sign up for the MyFico ScoreWatch - will that ding my credit further when it pulls my numbers?

 

Thanks again everyone.

Regular Contributor
igids1
Posts: 191
Registered: ‎07-05-2012
0

Re: Comedy of Errors -- need 13 points ASAP

Having 1 card, showing a balance less than 10 percent of available credit, and all other cards showing 0, is generally accepted as yielding maximum points for fico. At 627, you must have some negatives as well. 

 

You still have not addressed what your util is. Are all/any of your cards maxed out? That is the first thing to answer here.


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