I'm currently in a bind with roughly 2 1/2 weeks to sort matters out, as I'm headed to closing on a home. The first mortgage lender I worked with granted me an FHA loan, only to "figure out" after I put in a contract and scheduled settlement, invested money and so forth, that the property isn't FHA-eligible. I went to another lender who offered me a conventional loan, but I need to gain less than 5 points in my credit scores to gain final approval.
I was a young and ignorant borrower in my early 20s, and had my wake-up call after a layoff due to company downsizing. My last delinquency is in early 2008, and since then I have worked very hard to be financially responsible. My credit history since then has been excellent, I have an auto loan with excellent terms and qualified for the FHA at the best rate, but I'm still being affected by the irresponsible handling of my credit in my youth.
I have one account with Comenity bank that was a CO, paid in full one month after it was written off. The last activity was Jan. 2007. The credit limit was reported incorrectly on my CRs, and I filed disputes to have the information corrected. TU deleted the account entirely, but EX updated the account to reflect a CO in March 2013. EX told me by phone that this item is scheduled to be deleted in July of this year, but I was unsuccessful in requesting GW by phone with Comenity to delete the account now. I have another account with this bank since 2010, perfect history, is there a corporate office I might call to seek an expedited resolution?
The other account I'm trying to request GW is with Chase. It was settled in 2008, had been paid on time each month prior to my layoff. I worked with Chase and settled on their terms, carried out all that was requested of me in a prompt manner. I spent an hour on the phone yesterday with their recovery dept, speaking to a lady who was very nice but also very firm in stating that the only way to request GW is through a letter to a generic address. I see that some members here had success by contacting Chase's executive office, and I have sent an email through that route explaining the situation, accepting responsibility for my account history, and pleading for leniency as I am earnestly trying to do all of the right things. I have not heard a response yet, but I am keeping my fingers crossed and hoping against hope that they might be able to help me.
Has anyone had luck with either Comenity or Chase through other routes, or are there any suggestions as to other actions I might take in my case? The two hard pulls on my credit for the mortgage approvals are two separate instances, they were roughly one month apart from each other. I'm thinking that had it not been for the first pull, my score wouldn't be down the several points needed to meet the requirements for the conventional loan.
At this point I stand to lose both my interest in the home and the money I've already invested into the transaction (~$1,000). I'm rather disappointed by the situation with my first lender and will be seeking reimbursement, but I would really like to make this home purchase work out if there's any chance left. Thanks for reading.
