Regular Contributor
Posts: 195
Registered: ‎07-11-2007


Good Evening to all....
So...DH recently app'd for a mortgage w/ Wells Fargo (denied, but we kinda knew that was coming).  He was told that he naeeded to pay the 5 accounts that are charged off/in collections (no public records).  He was also told that he would need to open 2 more trade lines.  He currently only has a auto Loan (with Wells Fargo) that is open.  Thats his only trade line open.  His current scores are EQ 608, TU 598, and EX 567.  He currently app'd for loan to pay baddies @ his CU.  They turned him down, stating that he had to pay the baddies first.  We have to get the denial letter before we can try to recon.  My question is(also venting) how in the heck are we supposed to make any progress if no one is willing to help us? He tried Prosper, but their scoring system put him below 520 which is their minimum.He's getting the BOA 99/500 card. but other than that, everyone says no.  I know that everything works for the best, but sometimes I feel so discouraged, like there is no light at the end of the tunnel.
Note:  the sames ccc's that turned him down gave me credit and my scores are lower than his (EQ 517, TU 574, and EX 469) and I have more baddies than he does(inc. 2 public records)...what gives?????
We found a cute little house that we really love.  Its in our price range, and its in a revitalization zone, so we would be eligable for a no interest 2nd mortgage, and a defered loan for repairs that is forgiven after 15 yrs.  PITI would be under $1000.  Broker @ WF said that if  DH could get a loan to cover the baddies, we would be set.  So, is there any other lenders that might be able to help?
Any advice that is offered would be most helpfull.  We have made quite a bit of progress since I found myfico, and to you all I am most greatfull!!!!!

Starting Score: EQ 401, TU430
Current Score: EQ 501, TU 500
Goal Score: 700+ across the board

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Posts: 166
Registered: ‎05-11-2008

Re: Question/Venting

The best bet is to work on paying off those baddies. Try some PFD if you have the money. It is not often a CU will loan money to pay for bad debt. See it from thier view, if you have 5 baddies and owe on all, they see you as high risk to them.
They will give you a loan with a lower FICO score, as long as you have no baddies.
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007

Re: Question/Venting

1) See if you qualify for FHA/USDA mortgage programs.
2) Find the DOFD, DOLA and SOL for the baddies. It could be possible to negotiate a settlement for less than full amount. Have you DV'd? Who is reporting?
3) Ask a relative for a short term loan.
4) Apply for a CJ card. No credit check= no inquiry. Nice CL when approved. Small down payment required on each purchase and have to purchase before they will report. Only reports to TU and EX.
5) See about making him AU on your cards.......if they are in good standing and low util.
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