Wellsfargo Pending.....WHY???? 😌🤷🏾‍♂️ 🤔

[Jnbmom]

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@addicted_to_credit wrote:
Big no no for a mortgage usually, like 9.9 times out of 10 a bad idea to app within a year of trying for a mortgage. I’ve been through this twice different banks/brokers and they all say the same thing....no new credit period, don’t forget to make at least a minimum payment and no big purchases...

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+1

As mentioned early in thread.....................

[jazzyvar84]

I understand about the no apps for a year, but I have spoken with several loan managers at Navy Federal, and they explained to me that applications have no bearing on their decisions, even if one was done the month before applying for a mortgage loan with them. I also asked for it in writing and it should be to me within the next 7-10 days. 

[cem13]

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@jazzyvar84 wrote:

I understand about the no apps for a year, but I have spoken with several loan managers at Navy Federal, and they explained to me that applications have no bearing on their decisions, even if one was done the month before applying for a mortgage loan with them. I also asked for it in writing and it should be to me within the next 7-10 days. 

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This does not seem logical to me.  I applied for several mortgages in the past and all had a "no app policy".  During my most recent re-fi; they told me no apps and no big purchases 6 months before.  If I did have any applications, they suggested I wait the 6 months before applying.  Then during closing,  I had to sign a paper saying that I would not have any big purchases for the following year (not sure what the consequences if I did).

I applied for teh re-fi and they SP'd me EVERY SINGLE DAY until closing, 45 days later.  I had a few CC that were reported differently on the CRA and I could not close until all 3 CRAs have the EXACT same information (which I had no control over).

I had a tax lien paid off years ago that I had to write a Senior Project, get it signed by a Professor, notorized and signed in blood, with the approval of the POTUS.  That was a pain in the @ss; all for a simple re-fi with a new company. 

Get this, once I hit the 30 day post closing, they sold the mortgage back to Wells Fargo, my original mortgage holder.  That was a mess because the first mortgage account did not close until the end of the month of the payoff.  So it was showing that I owed payments on both mortgages in my on-line account.  They were going to report "30 days late" on the first mortgage eventhough the balance was ZERO.   That was a mess to correct.  CSR were clueless as to what had happened. 

Mortgages are tough since the 2009 disaster.  In the 1980s, a mortgage could close within a week; the wait time was for appraisal.  Sometimes they would just take the Tax Assessment value if you had enough down payment/equity in the property.

[Anonymous]

I wish I had a dollar for every time someone wrote or said, "I want to buy a house next year." 

It's a thing to say, which I interpret to mean "I'm serious about my credit THIS TIME." (Unlike the OTHER TIMES when I tried to be serious about it). Very much like a New Year's resolution. Okay, cool. Good luck with THIS YEAR being different. I wish you nothing but the best with your New Year's diet & as a show of support I won't be offering you any sweets. 

But when later you ask me for a 2nd helping of mashed potatoes, or put a slice of cherry pie on your tray at the cafeteria, I 100% for sure will not say, "What about your diet -- I thought you were trying to lose weight?" Life is hard so I won't hold it against you.

Tl;dr: app away, buddy. No judgement here. GL with WF. 

[jazzyvar84]

Uuuuuum, I'm not exactlly sure what it is that you are frustrated about, but I come on this forum to learn more about the credit world. I have dedicated myself for almost the past three years to bettering myself financially by joining sites such as this and educating myself about the credit game. I have gone from the low three hundreds to all my scores being over 700. When I say I am going to get a mortgage next year, that is exactly what I mean. I didn't even know people randomly made comments about getting mortgages. If my lack of knowledge infuriates you so, please feel free to just not respond to me. I do appreciate all the knowledge I have gained from this site, but your remarks are both confusing, and unwarranted. 

[FinStar]

Just popping in with a friendly reminder to keep all posts in a Friendly, Supportive and Respectful manner.

[FinStar]

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@jazzyvar84 wrote:
Yes. I was approved for a Lowe’s card, Navy Federal, and BB&T. BB&T didn’t even do a hard pull.

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Have you reached out to WF to determine the status of your application? 

[jazzyvar84]

Sadly, I’ve opened too many cards over the weekend, so it was denied, AND they pulled all three bureaus! 🤦🏾‍♂️

[FinStar]

Sorry to hear, but it sounds like it's time to apply the brakes for the time being.

You've had a good run and a decent set of approvals as mentioned further upthread, so let those seeds grow.

[Jnbmom]

As @FinStar mentioned it is best to garden now. Wells Fargo doesn’t know about your newest accounts as you just got those and they haven’t hit your reports yet, all the recent apps might have spooked them and they are not fond of collections either.

In my experience once I get a denial or 2 I usually lay low for awhile .