topic Re: hypetherical question in General Credit Topics

hypetherical question

Anonymous — Thu, 02 Apr 2009 04:23:15 GMT

lets say you were approved for a home loan at a high interest rate due to a bad score and later you found out that the credit score was bad due to bad information on your credit report. you dispute the negative information later on is it possible to call the bank and ask to lower your interest on that loan because they gave you a rate based on wrong info? lets say it all happen within a few months so refi its not an option

i hope this question makes sense for someboy out there.

Message Edited by FicoPsycho on 04-01-2009 09:23 PM

Re: hypetherical question

marty56 — Thu, 02 Apr 2009 09:43:44 GMT

Is it a new mortgage or a HELOC. if it is a HELOC you can always PIF and then try again to get a better rate. if you closed on the loan you would have to refi later.

You could ask the bank to lower the rates but IMHO there is probably no chance of it.

Re: hypetherical question

Anonymous — Thu, 02 Apr 2009 09:58:20 GMT

If the amount of money that you will lose, due to the higher rate, is significant, then I would contact an attorney to file suit against the reporter of the bad information, and collect damages for the difference.

Re: hypetherical question

medicgrrl — Thu, 02 Apr 2009 13:19:54 GMT

The bank is not going to lower the rate on a first mortgage. What are the details and maybe we can help you out. Is it possible to refi to an FHA? Was this loan for a purchase or refi?

Re: hypetherical question

Anonymous — Thu, 02 Apr 2009 15:40:51 GMT

i got a 7% interest on 69000 home loan i have just received the letters from equifax, experian and trans union stating they are going to remove the wrong info although i dont know how exactly that will affect my score yet i am still waiting to get a report and score until all my credit card report i ran a fico simulator and it showed that i would be in the mid 700s and if so that would qualify me for a much better rate than what i got. i had a mid score of 620 when i got approved