topic Re: Need 13 points, Lender Skeptical in Mortgage Loans

Need 13 points, Lender Skeptical

Anonymous — Fri, 22 Mar 2013 19:44:14 GMT

I paid off a couple of cards for RR and got added as an AU. My EQ is also missing one of my credit cards my other reports have.

My lender put in the paid off balance in his calculator and says he saw no change. I thought he had already taken care of all this last week but I guess not. Then he just tells me rr can't fix the missing accts issue even with documentation. If he would have explained more, I could have tried to pay more cards off with my last pay check. I'm so frustrated.

I need some ideas of how to get the additional 13 points. Any advice?

Baddies: CO's loan fro 2011, c/o fp settled from 2007 and a couple lates on an old card from 2011

Utilization: 63%, would be below 50% if RR was able to add the accts and update 0 balances.

Re: Need 13 points, Lender Skeptical

tooleman694 — Fri, 22 Mar 2013 19:43:27 GMT

What are your scores right now, and the balances on your cards when the report was run. Also what are your new balances.

What kind of bad stuff is on your report

Re: Need 13 points, Lender Skeptical

Anonymous — Fri, 22 Mar 2013 19:47:04 GMT

I edited my prior post to add my baddies.

My middle score is currently 627.

Re: Need 13 points, Lender Skeptical

tooleman694 — Fri, 22 Mar 2013 19:55:51 GMT

On the 627 report, what was the util when it was pulled

Re: Need 13 points, Lender Skeptical

Anonymous — Fri, 22 Mar 2013 20:05:33 GMT

eq was 67% when pulled

Re: Need 13 points, Lender Skeptical

tooleman694 — Fri, 22 Mar 2013 20:12:46 GMT

And you paid it down under 10 percent right? that will give you 13 points.

Re: Need 13 points, Lender Skeptical

Anonymous — Fri, 22 Mar 2013 20:27:02 GMT

no I paid it under 50%, I eliminated balances on all my cards except 3, but would have to get a consolidation loan if I wanted to pay them down to 10% but new credit may hurt me. I started in the high 80s almost two months ago. I only have my income so paying everything off was not an option for me in that timeframe. I did get a lot of negative information removed in that timeframe.

My eq is also missing one of my paid off credit lines and I've been trying to get this resolved with cap one exec but nothing has been fixed yet.

Re: Need 13 points, Lender Skeptical

tooleman694 — Fri, 22 Mar 2013 20:31:36 GMT

yea that is what is hurting you the most, that util is holding you back.

From looking at your sig, looks like your about 5k in CC debt?

Re: Need 13 points, Lender Skeptical

Anonymous — Fri, 22 Mar 2013 20:38:10 GMT

yeah thats right. I know I've seen some get a consolidation loan but was afraid of applying for any new credit.

Re: Need 13 points, Lender Skeptical

tooleman694 — Fri, 22 Mar 2013 20:42:33 GMT

I think your only other option is to hang out and wait for the bad stuff to hurt less

Re: Need 13 points, Lender Skeptical

Anonymous — Fri, 22 Mar 2013 20:46:45 GMT

I'll ask my lo about a loan, there is no time to hang out. If I don't try everything I can to get financing, I violate the contract.

Re: Need 13 points, Lender Skeptical

Lel — Fri, 22 Mar 2013 20:55:06 GMT

IMO, I don't think the underwriter is going to like seeing a new loan on your reports. And the effect of having a new inquiry, new account, and lower average age of accounts might offset any improvement in FICO score from the lower utilization.

Re: Need 13 points, Lender Skeptical

Anonymous — Fri, 22 Mar 2013 20:59:43 GMT

I'll make sure not to make a move until I ask.

I might have to ask about delaying my closing, but I have to get it figured out.

I don't even know what my accurate Ex is because he pulled my report 1 day before 11 90-day lates were removed from my report.

Re: Need 13 points, Lender Skeptical

Kozmo — Fri, 22 Mar 2013 21:20:41 GMT

If you had 11 90- day lates removed from your CR a day before then you should have those 13 points I would think