My experience in one month

[Anonymous]

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@Subexistence wrote:

Is it possible to pull your mortgage scores on your own and show them to your lender so that your lender doesn't cause you too get a hardpull?

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Well it's certainly possible in the early planning stages, when you just want to get the advice of a loan officer.  But if you want to go through an official pre-approval, then all lenders will require that they do a formal hard pull of your scores.

[NRB525]

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@Anonymous wrote:

Hey guys and gals. On June 20th I got a 3B report with the following results. FICO Score 8, EQ 652 TU 646 EX 663. I then had a cousin with good credit add me to her Discover Card as a AU. Her limit is $12,000. I also got a personal loan from Lenmark for $6,000 and paid off all credit cards and one installment. I checked my 3B again today and got these numbers. Fico Score 8, EQ 722 TU 733 EX 721.  Of course these aren't the mortgage scores. Those are EQ 667 TU 695 EX 708. I'm hoping this will be enough to do a cash-out Re-fi on my home. Just wanted to share.

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Congrats on the score improvement. 

Is the new Lexmark loan reporting yet? What is the utilization on that loan? 

Is the Lexmark reporting as a revolving line, or as a term loan, an installment loan? 

[Anonymous]

Well I was turned down by Churchill Mortgage because of no reserves. I was very upset after all the work I had done in the last month. THen it hit me. Why don't I check with my current mortgage company and ask them to do a re-fi.  I called and they were more than happy to do it. I have applied, submittied docs and awaiting a call from the appraiser. They are going to pay off an installment loan during the loan and my payment is going up by $50 a month. PLus I may get a little cash back. Of course I'm still holding my breath. But I just got a call from State Farm saying that they got a call from the mortgage company to give them a new loan number. Which I'm taking as a good sign. So hopefully as is well and all of this will give me $250 more a month for my budget.

[Anonymous]

Lendmark is not showing yet. I told the mortgage company and they will pay it off during this loan.

[NRB525]

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@Anonymous wrote:

Lendmark is not showing yet. I told the mortgage company and they will pay it off during this loan.

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Ok, so a significant part of your score increase is because the bulk of the revolving debt fell into a temporary black hole. It would have ( may still ) drop when L reports that amount again as a high percentage of the loan

The mortgage taking that in will help revolving debt utilization provided you can stick to pay in full mode now on all your revolvers. The lower cash flow out is due to the significant time extension it will take to pay off what was until recently revolving debt. 

Congrats on getting the loan, always good to save interest cost. 

[Anonymous]

Thanks

[Anonymous]

Update on mortgage loan, Well, I received the conditional approval and the appraial was ordered. Now we're having trouble finding a willing appraiser in this area. I was approved at a score of 695 for a 30 year fixed rate at 4.375. No mention of reserves. LTV is 73%. DTI is 41%. Adding my cousins Discover Card with me as an AU boosted the scores way up. BUT, when the new loan payment with the cc payments is done. I'm at 43% which is still good I think. My question is. What would happen if I told them to not include her CC payment in my DTI by proving that she made all the payments. Current debts are 3480 out of 17,850 available which is 19% utilization. If I removed me as the AU, debt would be 1230 out of 5850 available which is 21% utilization. The new loan payment with only my cc payments is 39% DTI. As mentioned the new DTI with her card and my two is 43%. I hope this is not confusing. It's weird because I was turned down by another lender with this same scenario. The above figures are with the current lender doing a cash-out re-fi to pay off the Lenmark Installment loan. $6000. Any comments or thoughts would be appreciated. Wes