topic Re: DEPRESSED!!!!!!!!!! in General Credit Topics

DEPRESSED!!!!!!!!!!

girlie — Tue, 10 Jul 2007 22:56:52 GMT

i have been working diligently for the past year to pay on time, pay down my debt, write good will letters (most ignored or not received well), read this forum and apply all your great advice and generally rebuild my credit. i was recently approved for delta sky miles and even received a cli increase almost immediately after requesting so my total cl is $3000. i thought i was on the upswing and i was putting my credit problems behind me. NOT SO my mortgage broker tells me. long story short i have raised my scores from 466 tu, 490 ex, 535 eq to 678 tu, 667 ex, 661 eq. i thought i would be in decent shape when shopping for a mortgage even though there are many, many, many rolling lates. i was just advised by my mortgage broker that she has to get me a subprime loan. i may not even purchase anything at this point. i might just wait it out and see what happens.

what really kills me is that a friend of mine filed bankruptcy and his score was in the 700's two years after filing. here i am paying back every friggin cent i owe and after 15 months i am still away from the elusive 700 club.

sorry for sniveling, but i am having one heck of a pity party for myself today

Re: DEPRESSED!!!!!!!!!!

Anonymous — Tue, 10 Jul 2007 23:00:36 GMT

@girlie wrote:
i have been working diligently for the past year to pay on time, pay down my debt, write good will letters (most ignored or not received well), read this forum and apply all your great advice and generally rebuild my credit. i was recently approved for delta sky miles and even received a cli increase almost immediately after requesting so my total cl is $3000. i thought i was on the upswing and i was putting my credit problems behind me. NOT SO my mortgage broker tells me. long story short i have raised my scores from 466 tu, 490 ex, 535 eq to 678 tu, 667 ex, 661 eq. i thought i would be in decent shape when shopping for a mortgage even though there are many, many, many rolling lates. i was just advised by my mortgage broker that she has to get me a subprime loan. i may not even purchase anything at this point. i might just wait it out and see what happens.
what really kills me is that a friend of mine filed bankruptcy and his score was in the 700's two years after filing. here i am paying back every friggin cent i owe and after 15 months i am still away from the elusive 700 club.
sorry for sniveling, but i am having one heck of a pity party for myself today

Are those your FICO scores (678-667-661)? If so, how loyal are you to your mortgage broker? Seems like you could certainly do better than subprime, unless there are other factors affecting approval.

Re: DEPRESSED!!!!!!!!!!

Anonymous — Tue, 10 Jul 2007 23:01:21 GMT

I feel your pain - BIG TIME.

I'm looking into a third job....Seriously.

Re: DEPRESSED!!!!!!!!!!

Anonymous — Tue, 10 Jul 2007 23:01:24 GMT

I'm confused. Those scores don't seen to be sub-prime. But then again I have heard a middle 680 is prime. You're almost there (TU 667). Keep working on it . You can do it. You've come a long way. And keep in mind that higher interest rates for you mean more money to the lender. Check with another broker.

Re: DEPRESSED!!!!!!!!!!

girlie — Tue, 10 Jul 2007 23:04:02 GMT

yes those are my fico scores she pulled and the same that i have pulled from myfico. she is excellent! i work in the real estate industry and i have referring her to my clients many times over so i don't think the problem is her. i am just wondering when does this credit stuff get easier. when will my mistakes from the past stop haunting me?

Re: DEPRESSED!!!!!!!!!!

girlie — Tue, 10 Jul 2007 23:06:00 GMT

i know those scores don't seem subprime, but i guess it has to do with all the lates on my credit report and believe me there are many. just feeling very down because i have been so diligent.

Re: DEPRESSED!!!!!!!!!!

Anonymous — Tue, 10 Jul 2007 23:07:16 GMT

girlie,

If you want, I'll PM you the contact info for a broker who's very knowledgeable in both mortgages and credit.

Re: DEPRESSED!!!!!!!!!!

Bruiser — Tue, 10 Jul 2007 23:10:15 GMT

i feel your pain also,..

i'm going through a stressful time right now, i'd be happy to just get a subprime loan

i'm waiting for the stamp of approval from the bank...but it has been hell

my loan is going to be 8%, but i found the house i want, and i've looked a lot

i don't want to wait until i have a better score and lose the house

my middle fico is 642

if you want to feel any better,..you can listen to my story of trying to get this loan,...its been hell in a handbasket

Re: DEPRESSED!!!!!!!!!!

girlie — Tue, 10 Jul 2007 23:15:39 GMT

noah, thank you but i don't think the issue is the broker. she is meeting with a lender rep later today and then will have more information. i know more later and might hit you up on it later. thanks for all your supports guys.

Re: DEPRESSED!!!!!!!!!!

Anonymous — Wed, 11 Jul 2007 00:47:50 GMT

Don't get discouraged.

That was me last night, but I feel better now.

The point is that you are doing things and making steps and you are seeing an improvement.

Think about it carefully, if you can wait a few months before buying a house then I might be worth it to wait, let the lates age some more.

You're doing good, keep doing exactly what you're doing.

Re: DEPRESSED!!!!!!!!!!

Anonymous — Wed, 11 Jul 2007 01:12:45 GMT

Everyone please keep in mind that most experts believe the housing market has yet to hit bottom. Time is on your side if you are working to improve your credit and your scores are rising. The houses will still be there six months from now, and your scores will only rise.

Re: DEPRESSED!!!!!!!!!!

Anonymous — Wed, 11 Jul 2007 01:35:19 GMT

hi Girlie:

I once knew a successful person who told me "if you want something, you have to expend more of it". For instance, if you want more energy you get it by exercising not by resting more. I'm curious to know, how many credit cards do you have and what are the cl lines? I don't want to get personal but if you're relatively young that might be a factor as well as how long you've worked at your present employer. Although FICO does'nt base your score on these factors, the lender does. I've seen mortage people post on this board that they've seen people with 800+ scores get denied. My recommendation to you is try to increase your credit lines. Until a few years ago, I really didn't care much for credit. I started by becoming a joint on my father's cc. Once lenders/ccc see that you have high lines of credit, they open their arms and give you one as well.

Re: DEPRESSED!!!!!!!!!!

Anonymous — Wed, 11 Jul 2007 02:05:55 GMT

I am a mortgage banker that can fund loans in all 50 states. If your income qualifies you and it can be documented, and you also have verifiable assets then your scores are not sub-prime. 620+ should be able to get great rates assuming you have correct income and asset documentation.

The only exception to this would be if you are trying to obtain 100% financing, in that case, yes minimum fico scores have been raised to 680+ with most major banks.

Feel free to pm me if I can help you out and good luck with your house hunt!

Re: DEPRESSED!!!!!!!!!!

girlie — Wed, 11 Jul 2007 02:28:03 GMT

thanks so much for all your support. i am not young and my credit history is 16 years average age of accounts 12 years. i had many credit cards that i fell behind on when i was over extended and the creditors closed those accounts. i still have small balances on these three accounts but they are closed and i think that is what is killing me. i only have one open account. i recently received an am ex card but it is reporting yet. as far as the loan, i am self employed and have to do stated income and that is also what is killing me.

i just met with my financial planner and i thought going to see her would only make me feel worse, but somehow it made me feel better to be working on a plan for my future. eventually, i'm going to get it right

Re: DEPRESSED!!!!!!!!!!

Anonymous — Wed, 11 Jul 2007 03:22:15 GMT

Hey girlie,

Its okay to be upset and even feel down sometimes, just don't stay down. Look at this whole credit thing as a boxing match, we are fighting against the champ and everytime we get in a good right hook, here he comes back with a one-two punch, an uppercut and a sucker punch.. We have to be ready for those times, ready to get back up and get back in/on our game, fists set to fight. Through your post, you have shown us that you are a person of integrity, character and tenacity. Though your heart is hurting over this and you feel like what is the point, you have already come so far. Keep reaching for the stars (700 and up FICOs) and you will get there one day soon. Be blessed.