topic Re: Chance/Guide me please! in Mortgage Loans

Chance/Guide me please!

Anonymous — Mon, 08 May 2017 03:06:43 GMT

Howdy folks.

Been lurking around the MyFico forums for a long time. That changed about 2 months ago when I found that I received a huge bump on my credit report putting me into the 660 range. Since then I became almost "obsessed" with working on my credit like it was a long lost hobby. ;-) Like many fooled rookies though, it was my FAKO scores, not my FICO. Once I learned more about the true difference between the two, I purchased a subscription to MyFico so I could monitor my true scores and realized my dreams to purchase a home up in the local So Cal mountains was still very much out of reach. :-(

The good news is I'm very close. I have recieved a great promotion at work to increase my buying power and I am using the VA loan which means I need to be at 620 (though some lenders I've talked to stated 600 or even 580 was acceptable. Further good news is I have been able to obtain a membership with NFCU and now have a $16,000 CL card which I plan to use strictly for gas keeping the UTI below 1%. I have two other cards which I will have at 0% by the end of this month. I've also applied and been approved for a NFCU NavCheck line of credit at $4,000 which I intend to let just sit.

My past is what is still haunting me from late payment to paid collections and I am just looking for any advice. If there is one place on the web you want to go for credit repair advice, I know it's right here!

I am willing to pay the piper here because of my past mistakes. All my credit report really needs I think is time. However, the sooner I can get into a home and stop throwing money down the drain into renting, the better I say. Further, I have found a home that is perfect. So if I would qualify in the very near future, I would be beyond ecstatic.

Honestly. It can only get better from here! :-D Thank you in advance. My credit info is below with more than my fair share of baddies:

EQUIFAX Report (4/17/17)
-FICO 8 = 609

-FICO 5 = 571 (Mortgage)

TRANSUNION (4/17/17)
-FICO 8 = 646
-FICO 4 = 637 (Mortgage)

EXPERIAN (4/17/17)
-FICO 8 = 623
-FICO 2 = 590 (Mortgage)

-Negative Revolving/Open-ended
--USAA Credit Card
---Date Opened: May 2013
---Status Date:   August 2015
---Condition :      Closed
---Last Activity:   January 2015
---Balance:         $0
---Status:            Pays account as agreed
---Worst Deliq:    120+ days past due
---High Balance: $455
---Credit Limit:    $400

--Verizon (Only appears on Equifax)
---Date Opened: June 2010
---Status Date:    March 2013
---Condition:       Closed
---Last Activity:   September 2010
---Balance:          $168 (Dispute sent for paid balance)
---Status:            Charge-Off
---Worst Deliq:    None Reported
---High Balance: None Reported
---Remarks:        Charged Off Account. Account Closed by Credit Grantor.
***Dispute sent to Equifax***

--Bank of America Credit Card
---Date Opened: March 2007
---Status Date:    February 2011
---Condition:        Closed
---Last Activity:    Equifax July 2010/Transunion Feb 2011/ Experian Not Available
---Balance:          $310 Equifax/$0 Transunion/ - (a dash line) Experian
---Status:             Equifax -Charge-Off/Transunion - 120 days past/Experian - Acct legally paid in full for less than full balance
---Worst Deliq:    120+ days past due (all reporting agencies)

-Ford Motor Credit
---Date Opened: January 2014
---Status Date:    September 2016
---Last Activity:    August 2016
---Balance:          $0
---Status:             Paid as Agreed all acounts
---Worst Deliq:    Equifax - 30 days/Transunion - None Reported/ Experian 30 days
---High Balance: $13,725

--Fed Loan Servicing
---Date Opened: September 2010
---Status Date:   March 2017
---Last Activity:   March 2017
---Balance:         $3,665
---Status:            Pays account as agreed/Current Account
---Worst Deliq:   $120+ days past due
---High Balance:$3,500

--Fed Loan Servicing
---Date Opened: September 2010
---Status Date:   March 2017
---Last Activity:   March 2017
---Balance:         $2,056
---Status:            Pays account as agreed/Current Account
---Worst Deliq:   $120+ days past due
---High Balance:$1,500

--Fed Loan Servicing
---Date Opened: September 2009
---Status Date:   March 2017
---Last Activity:   March 2017
---Balance:         $3,714
---Status:            Pays account as agreed/Current Account
---Worst Deliq:   $120+ days past due
---High Balance:$3,500

--Ford Motor Credit
---Date Opened: April 2009
---Status Date:    September 2012
---Condition:       Equifax - Not Updated/Transunion - Closed/Experian - Closed
---Last Activity:   Equifax - July 2012/ Transunion - September 2012/ Experian - Closed
---Balance:          $0
---Status:            60 days pat due all reporting agencies
---Worst Deliq:    60 days
---High Balance: $9,345

Re: Chance/Guide me please!

medicgrrl — Mon, 08 May 2017 03:27:02 GMT

Verizon looks like it will be deleted due to age. When were the latest/CO for BofA? That looks old too. When were the latest on the student loans? Are those the most recent derogatory accounts? Are all of your revolving accounts reporting?

Re: Chance/Guide me please!

medicgrrl — Mon, 08 May 2017 03:30:17 GMT

Sorry... auto-correct. When were the lates on those accounts? What's currently being reported on your credit report in regards to your good accounts balance/CL

Re: Chance/Guide me please!

Anonymous — Mon, 08 May 2017 04:05:31 GMT

Thanks for the quick reply!

My school loans are the most recent lates. Last reported late July 2016.

I have a lot of good stuff on my report too though.
Goodies:
Credit One Credit Card
-Opened October 2016
-Current/Never Late
-$400 Limit
-0% utilization

Capital One Credit Card
-Opened February 2016
-Current/Never late
-$1500 Limit
-0% Utilization

Navy Federal GoRewards Premier Visa
-Opened April 2017
-Current/Never Late
-$16,000 Limit
-1% Utilization

Navy Federal NavCheck Line of Credit
-Opened may 2017
-Current/Never Late
-$4,000 Limit
-0% Utilization

Military Star Card (Store Credit)
-Opened July 2006
-Current/Never Late
-Dont Remember Limt
-0% Utilization (CLOSED)

Chase Card
-Opened may 2006
-Paid as Agreed
-$400 Limit
-0% Utilization (CLOSED)

GM Financial
-Opened Januaury 2017
-Current/Never late
-$12,216 Loan
-Closed/Paid in Full/Refinanced

Navy Federal Auto Loan (Refinance)
-Opened April 2017
-Current/Never late
-$12,216
-Paying as agreed (not until June 2017)

Duevera Billing Service
-Opened November 2015
-Current/Never Late
-$0 Balance
-Paid as Agreed

Pioneer Military Lending
-Opened September 2007
-Current/Never Late
-$0 Balance
-Paid as agreed

Utah Higher Education
-September 2009
-Current/never late
-$0 Balance
-Paid as agreed

So yep. Some good stuff in there.

Re: Chance/Guide me please!

Anonymous — Mon, 08 May 2017 04:04:04 GMT

Verizon should certainly being falling off soon. That's really dragging my EQ down as the lowest of all three scores I think. But I disputed it to see if I could get it offer faster anyways.

Re: Chance/Guide me please!

medicgrrl — Mon, 08 May 2017 12:27:33 GMT

Bank of America could be holding back your EQ score also because it's showing a balance. I would hate for a dispute to make it appear more recent than it is. Have you pulled your free annual report? Those will show the dates negative accounts are scheduled to be removed. BofA looks like it's probably ready to be deleted too. I would definitely pull your free annual reports next.

Re: Chance/Guide me please!

Anonymous — Mon, 08 May 2017 13:04:56 GMT

Indeed. Interesting enough, when I logged into the Equifax Dispute Section, it now shows 0 balance on the Equifax report itself, but on myFico it shows a balance. I can only assume between 4/17/17 when I got my 3 Bureau report from MyFico and now when Equifax pulled the data it was updated.

Only thing is, I cannot for the life of me remember if I disputed this or not. I do however remember disputing the the Verizon account which only shows on Equifax. Equifax trying to keep a good man down, haha.

So that should be good I hope.

I am going to pull my annual credit report as well. Thanks for the advice.

Re: Chance/Guide me please!

Anonymous — Mon, 08 May 2017 14:05:56 GMT

If the Verizon account was for a home service (internet/FiosTv), dispute it and dispute it again. Call Verizon and dispute it again. They sold out to Frontier and they will delete, because they don't have access to any of their old California accounts to verify any information.

If it's Wireless, then I have no advice. 😩

Re: Chance/Guide me please!

Anonymous — Mon, 08 May 2017 14:08:46 GMT

It's definitely an internet account and that's awesome advice!

I double checked by Equifax free annual report current as of today and it appears it isn't there. Yet my FICO shows it for some reason. Need to call and conform this I think.

Re: Chance/Guide me please!

medicgrrl — Mon, 08 May 2017 14:35:33 GMT

There's a delay in what's updated and what MyFico alerts you too. Also, MyFico doesn't alert to everything. There are certain triggers to get an alert. If you go to their products page you can see what will trigger an alert.

Re: Chance/Guide me please!

Anonymous — Tue, 09 May 2017 03:44:36 GMT

So I found a local Morgage Broker who stated he could get me pre-approved and seemed pretty confident that I was qualified. Through a Morgage Broker/Tax Service company (I can't tell you which one it is per Forum rules, right?).

He ran the pre-qualification and said I could be approved for the house I was looking at and offered to be my buyer's agent as well. I agreed and he started a conditional offer to the Sellers Agent. Very knowledgeable on the subject and I am glad I have a buyers agent in my corner as well as a broker who can guide me through this process.

Very excited if this pans out the way I am hoping! Hope it's not too good to be true. Lots of 5 star Yelp reviews with people in similar situations like I am that seemed to work out, so I'll keep you posted.

Re: Chance/Guide me please!

kc0039 — Tue, 09 May 2017 21:38:24 GMT

@Anonymous wrote:
So I found a local Morgage Broker who stated he could get me pre-approved and seemed pretty confident that I was qualified. Through a Morgage Broker/Tax Service company (I can't tell you which one it is per Forum rules, right?).

He ran the pre-qualification and said I could be approved for the house I was looking at and offered to be my buyer's agent as well. I agreed and he started a conditional offer to the Sellers Agent. Very knowledgeable on the subject and I am glad I have a buyers agent in my corner as well as a broker who can guide me through this process.

Very excited if this pans out the way I am hoping! Hope it's not too good to be true. Lots of 5 star Yelp reviews with people in similar situations like I am that seemed to work out, so I'll keep you posted.

Isn't this a conflict of interest?

Re: Chance/Guide me please!

Anonymous — Wed, 10 May 2017 05:36:41 GMT

I'm hoping this post will turn into a home buying experience from beginning to end with a pre-approval so close. Ups or downs, the success of failure, I'll be posting my story right here.

In regards to previous poster's question, When I step back, I suppose it could be looked at this way. A mortgage broker cannot be a Buyer's Agent? He's not the loan officer or the Underwriter I thought? It's not anything "illegal" is it?

This brings up an interesting story that happened today though. So I shot a quick email to Seller's Real Estate Agent who showed me the house to expect an offer in two or three days, sort of as a "thank you for showing me the house, you can expect an offer in the coming days for the effort". What I got back was a less than pleased reply.

The agent emailed me back saying "I thought you would make the offer through me since I showed you the home".

I was initially thoroughly confused. Did my buyers agent make skip the seller's agent and make an offer to the homeowner!? That's not right.

So I sorta broke protocol and called the Buyer's Agent to ask what was going on. Turns out, the Real Estate Agent was upset with me because he assumed I would use him as the buyer's agent, even though he's the seller's agent. Sort of the middle man.

Now, I don't claim to be the smartest bag of rocks by any stretch on mortgage and real estate matters, but I know very well that having the sellers agent also representing me as the buyers agent is a 2 against 1, very bad idea. I told him so...very tactfully. He tried to "bribe" me with free tickets and claimed that he knew the area much better than my current Buyer's Agent, that I was naive on how this process worked and that he had a lot of interested people in the house I was choosing and could put me at the top of the list. He even said "I'm the one you'll be seeing around town, not your Buyer's Agent" as though my neighborhood. reputation was at stake or we would have a stare off while we pumped gas at the local gas station. Feeling bullied. And I DO NOT PUT UP WITH BULLIES.

I declined. And was pretty annoyed. And simply put, I didn't believe him.

The area I'm looking to move is leaning as a buyers market in my personal opinion. Prices keep getting reduced, lots of homes for sale and lots of open houses. I first had my doubts with the man when he told me that it wasn't. But I let it slide as basic negotiating. The house I am looking at has been on the market for over 117 days now. Other homes have been on sale for much, much longer.

Now my main concern is that we are going to have problems with the Seller's Agent if he is genuinely angry at me. Obviously he simply wants double commission as both the buyer and sellers agent. Am I going about this the right way or am I truly naive here and way out in left field? If he does end up making this process difficult, do I have any recourse?

Thank you.

Re: Chance/Guide me please!

Anonymous — Wed, 10 May 2017 13:13:42 GMT

While this particular agent sounds like a jerk (to put in mildly) and I wouldnt want to work with him either, it is fairly common to use the seller's agent as the buyer. A good agent can work with both clients impartially. In your situation, I dont blame you for wanting a different agent though.

Re: Chance/Guide me please!

Anonymous — Fri, 12 May 2017 02:14:42 GMT

Indeed. Did not know that. But yes, in this case, I have my doubts he could be impartial. But also, my morgage broker has been fantastic so far and if I can cut down on making this complicated by getting a two in one, i'm all for it.

The other good news folks. I've been notified by my broker this afternoon that I am pre-approved for my loan! I started this process on 5/10/2017. And just shy over a month, i've been approved. I knew this was going to be an uphill battle and I still have a ways to go to get to the end of course.

This is major hurdle for me. I've kept a checklist of mortgage companies that denied me initally and the reasons why. Because one thing I hate about any sort of credit applications is the "secrecy" and question marks for us consumers behind it all. The different types of scores, the different types of different types of scores. The different reasons for approvals or denials based on different cirumstances, etc. Here is the list of companies I went through and why I was denied.
-Veterans United: Denied. Needed 620 middle score. Offered and accepted Lighthouse (Credit Repair) program.
-CALVET (California Veterans Affairs): Sent documents credit check fee. Haven't heard back in over month...
-New American Funding: Needed 580 middle score (at the time). Was getting the run around. Moved on.
-Quicken Rocket Morgage: Needed above 620 credit score.
-Bank of England: Needed 600 credit score (was at 594 at time). Offered tips to improve AND Rapid Rescore.
-Carrington: Said I could certainly be approved, but needed to wait 2 1/2 months for school loan lates to be year old.
--Current Company (will PM details if you live in SoCa)l: Pre-Approved through Morgage Broker!

I certainly expect my interest rate to be higher. But I plan to refinance through Navy Federal once I get my finances into the 720+ range.

So the next step is to send the offer, which will be done tommow. I've asked for closing costs to be paid and $5,000 off the price. The price was lowered by $10,000 about two weeks ago. The home has been on sale for about 120 days now and taking a peek (sorry to be creepy) at the owners FB page, I can see that he wants to move as soon as feasible. It's also stated right on the listing page for the home. "Owner will consider any reasonable offer".

Wish me luck!

Re: Chance/Guide me please!

Anonymous — Mon, 22 May 2017 16:32:04 GMT

any update on how this worked out??