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Established Member
iwannapool
Posts: 25
Registered: ‎11-07-2011
0

Why no advice?

With so many people struggling with credit issues these days, I have a question.

 

Because of our circumstances, we are trying to buy a house (lost our home in a tornado, then sold the land it was on). I've spoke to MANY realtors, mortgage brokers, and lenders. Not one of them directed me to negotiate PIF for removal, to send out a goodwill letter, or even to come here and do research. Now mind you, if I had come here before I blindly paid off a few things, I could be in GOOD mortgage and spending my time decorating my new home. The realtor would have gotten his commission and the mortgage broker would have made his too. But these people who KNEW the most intimate details of my situation never directed me to take the proper steps in the right order. So now all I can do is wait and send out GW letters.

 

My question is this, could all these people really be this ignorant of the steps I should have taken? I'm just at a loss as to how people who rely so heavily in FICO scores for their industry to operate could be so ignorant about how to get a otherwise legit buyer up to speed. (By legit I mean 15 years on the same job, 20 to 30% down, zero debt and excellent income just a few things that need fixed on credit reports)

 

It just seems odd that they would have such a vested interest in me buying a home and yet not be able to give me the advice to get me there???? Thoughts?

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: Why no advice?

Weren't all of us ignorant until we found this forum?  My LO knew NOTHING about PFD.  "You can do that?", she says.  She was just boggled about all I learned while going through the home buying process.  She thought that the bureaus were "Only open once a month" to update our information.   She about fainted when I got a CA to delete my most recent collection that was looking like a dealbreaker.  There are often stories here about the wrong info consumers get from lenders.

 

There are a lot of rumors out there about how the FICO works.  Most people don't even know what "FICO" means.   Anyone who found this forum is very lucky.  I'm grateful to it.  DH always crabs at me for being online too much.  The kids "FICO FICO FICO."  But since I've gotten us a house, refi'd our truck from 24.9% to 6.9% - got a WHOPPER of a deal on a used car, got his scores up 100 points just by adding him as an AU.....well I think he realizes that I'm not wasting my time online.

 

And my kids are NOT going to be making the same ignorant mistakes I made for most of my life.          

 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Established Member
iwannapool
Posts: 25
Registered: ‎11-07-2011
0

Re: Why no advice?

I understand the average consumer being in the dark....but the people in the real estate and mortgage industry?

 

And I agree, I will do everything in my power not to let my children blindly make the financial mistakes I have, lol!

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Why no advice?


iwannapool wrote:

I understand the average consumer being in the dark....but the people in the real estate and mortgage industry?


Legally their hands might be tied. The Credit Repair Organizations Act would define that lender as a credit repair organization which would open up a whole new set of laws for them. Also, their liability in the repair process would expand. If they direct a customer to send a GW to here or there, and that causes a score drop (plausible in some cases) knocking that consumer out of contention for the loan, then there's a risk of being sued.

Frequent Contributor
mamahearts
Posts: 251
Registered: ‎08-16-2011
0

Re: Why no advice?


llecs wrote:

iwannapool wrote:

I understand the average consumer being in the dark....but the people in the real estate and mortgage industry?


Legally their hands might be tied. The Credit Repair Organizations Act would define that lender as a credit repair organization which would open up a whole new set of laws for them. Also, their liability in the repair process would expand. If they direct a customer to send a GW to here or there, and that causes a score drop (plausible in some cases) knocking that consumer out of contention for the loan, then there's a risk of being sued.


Which means that those of us that have benefitted from this information on this site, need to help others find it! Start a blog, make a myFICO facebook page.  Tell a friend who wants to buy a house to come here.  The word has to get out by other consumers! 

myFICO starting TU 683 8/26/11
myFICO starting EQ 645 8/26/11
myFICO EQ 652 9/26
New Contributor
CaliSunshine
Posts: 72
Registered: ‎10-10-2011
0

Re: Why no advice?


mamahearts wrote:

llecs wrote:

iwannapool wrote:

I understand the average consumer being in the dark....but the people in the real estate and mortgage industry?


Legally their hands might be tied. The Credit Repair Organizations Act would define that lender as a credit repair organization which would open up a whole new set of laws for them. Also, their liability in the repair process would expand. If they direct a customer to send a GW to here or there, and that causes a score drop (plausible in some cases) knocking that consumer out of contention for the loan, then there's a risk of being sued.


Which means that those of us that have benefitted from this information on this site, need to help others find it! Start a blog, make a myFICO facebook page.  Tell a friend who wants to buy a house to come here.  The word has to get out by other consumers! 


I have been an ADVOCATE for MYFICO Forums! I have learned a tremendous amount of information here on the forums. I feel I am definitely a more informed consumer! I would have never thought it were possible or considered PFD, PIF, GW etc. until I came here. Then, once I began to read all of the success stories, I figured "why not try". I want to have my dream home built so bad and having gone through this ordeal since June of this year, I was willing to do and try anything (legal and ethical).

 

I have been able to really turn our scores around thanks to MYFICO forums!


Starting Score:
EXP 567 (6/8/11) EQ 610 (6/8/11) TU 646(6/8/11)

Current Score:
EXP 628 (10/19/11) EQ 652 (11/13/11) TU 693 (10/19/11)

Goal Score: ALL Above 700
Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011
0

Re: Why no advice?


mamahearts wrote:
Which means that those of us that have benefitted from this information on this site, need to help others find it! Start a blog, make a myFICO facebook page.  Tell a friend who wants to buy a house to come here.  The word has to get out by other consumers! 


I have been getting the word out to everyone I know!  Everyone I come in contact with gets a mini-sermon on myFICO :smileyvery-happy:  



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Regular Contributor
buyhouse36
Posts: 176
Registered: ‎01-31-2009
0

Re: Why no advice?

I wonder if this is a new phenomenon to have SSSOOOO many people with credit problems. Credit was easy and cheap just a few years ago...people were way too extended...LO could get EVERYONE in a house....money was coming in  could enough to keep up with minimum payments...the list could go on!

Established Member
iwannapool
Posts: 25
Registered: ‎11-07-2011
0

Re: Why no advice?

Actually, there has been an article or two and even some national news stories about the economy tanking and millions being jobless...did you miss that?

 

 

Haha, just kidding. But yes, there do seem to be more struggling with credit issues than any other time in my life.  

Valued Contributor
GoodCredBen
Posts: 1,533
Registered: ‎10-25-2011
0

Re: Why no advice?

I did my fair share of screwing up.... and i have and continue to pay for it now :smileysad: 

----- IF you find my post helpful, Select the star in the KUDOS button! :smileyhappy:
Starting Score: 512 10/2011 Current Score: EQ: 686 | TU: 689 | EX: 661
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Gardening Since: 6/1/2014
May the debt elimination begin! 9680/27150

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