Valued Member
looksbylatay
Posts: 43
Registered: ‎09-26-2012
Need Help. I applied 2 days ago for a Wells Fargo Home Loan

I applied 2 days ago for a home loan thru wells fargo. I wanted to shop around what it is hard to get people on the phone. Anyway the processor pulled my credit experian 586, TU- 661 and EQ- 639, she told me i was good but she had to send it to the underwriter? She told me it should take 5 days after I send the application back. Is this normal for the underwriter process ? and what is next?


Starting Score: 586
Current Score: 639
Goal Score: 661


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Super Contributor
DallasLoanGuy
Posts: 6,178
Registered: ‎07-03-2007
Re: Need Help. I applied 2 days ago for a Wells Fargo Home Loan

normal for them.

you should shop around.

 

plenty of BETTER lenders for you

 




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Valued Member
looksbylatay
Posts: 43
Registered: ‎09-26-2012
Re: Need Help. I applied 2 days ago for a Wells Fargo Home Loan

Thanks

 

No update from wells fargo, Bank of America denied me today.

The LO said  they needed a 640 mid score. I have a 639. I called BBT and they I going to pull my credit today. Let pray!


Starting Score: 586
Current Score: 639
Goal Score: 661


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Valued Member
looksbylatay
Posts: 43
Registered: ‎09-26-2012
Re: Need Help. I applied 2 days ago for a Wells Fargo Home Loan

So it is now 10/02 still not update from Wells Fargo. I tried applying at BBT, BOA and Susanqa Bank.  BBT my loan office is now on vacation. BOA deny me they are request a mid score of 640, I have 639. still wanting on Sansaqa bank. I called the Wells fargo she is putting a alarm on the file. I am losing my excitment. It looks like I will be renting for another year. I am sure the seller is not going to hold on to the house.


Starting Score: 586
Current Score: 639
Goal Score: 661


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Valued Member
looksbylatay
Posts: 43
Registered: ‎09-26-2012
Re: Need Help. I applied 2 days ago for a Wells Fargo Home Loan

same day update.... received a call from LO from last bank I submitted an application. The issue is I am listed as an "auth user" of an amex that have never been late perfect payment history. The balance shown as 12000.00 this changed my debit ratio to 53. also I do not have any account older than 6 months.  Unsure of my next steps. any thoughts 


Starting Score: 586
Current Score: 639
Goal Score: 661


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Established Member
stopdrpnro
Posts: 28
Registered: ‎03-26-2012
Re: Need Help. I applied 2 days ago for a Wells Fargo Home Loan

With that big a difference in your scores your first step should be to pull all 3. Scores and verify everything. More than likely there are other mistakes. Somewhere that could be holding you back.

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
Re: Need Help. I applied 2 days ago for a Wells Fargo Home Loan

looksbylatay wrote:

same day update.... received a call from LO from last bank I submitted an application. The issue is I am listed as an "auth user" of an amex that have never been late perfect payment history. The balance shown as 12000.00 this changed my debit ratio to 53. also I do not have any account older than 6 months.  Unsure of my next steps. any thoughts 


Accounts do not have enough history on your own. Looks like you are an authorize user on an account in great standing which in underwriters opinion is their to help boost your score. 

 

In my opinion you should wait another 6 months- year and build up your credit history. By then you should have a chance to raise your scores and clean up any negatives you have present if you have any.

 

Good Luck......

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Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Need Help. I applied 2 days ago for a Wells Fargo Home Loan

You don't have enough of your own history for them to do a risk assessment.  You just need some aging of your accounts to show them proper debt management.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
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