Why Is Everyone Turning Me Down?

[Anonymous]

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@mauve wrote:

I'd go to the rebuilding board for more advice on DVs and PFDs and all that.

And you got some really good advice about utilization - you want your REPORTED balance on your Capital One card to be $49 or less, so make sure you pay it down to that or lower BEFORE YOUR DUE DATE. 

If you're applying for mortgages, you must have some money saved for a down payment - consider putting in an offer with a seller assist and using your down payment money for appliances IF YOU NEED THEM.  Do you have a house without appliances in mind? 

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Thanks....

I'm not sure about the reported date....does anyone know what date C1 reports to the agencies?  That could be it because yes, never have had any lates....

Also, does anyone have an idea what those two missings would do to my CR for TU if I dispute them? 

Along w/ the collections being taken off, I would think that would bump me up pretty good.....

I think my only other issue is inquiries as Ive received 2 cards in less than 2 years bc Ive been trying to boost my CR and also from the denials by Best Buy and waiting for Home Depot to make a decision on my app.....Anyone got any info on recon for HD if I am denied....as Ive seen quite a few ppl w/ lower CR's than myself get approved....

But yeah, thanks for the advice!

[Jazzzy]

If you are going through the mortgage process, I would advise you to go to the Mortgage board and get advice about dealing with your collection accounts. Sometimes paying them can actually hurt your score during the mortgage process. I wouldn't do anything on them before checking with your loan officer.

Also, I'd advise you to quit applying for anything. You may ding your score each time you do. Wait until your mortgage is closed to apply for anything else.

Has your mortgage loan officer given you any advice/opinions on what you're doing?

[Anonymous]

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@LynetteM wrote:

If you are going through the mortgage process, I would advise you to go to the Mortgage board and get advice about dealing with your collection accounts. Sometimes paying them can actually hurt your score during the mortgage process. I wouldn't do anything on them before checking with your loan officer.

Also, I'd advise you to quit applying for anything. You may ding your score each time you do. Wait until your mortgage is closed to apply for anything else.

Has your mortgage loan officer given you any advice/opinions on what you're doing?

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She said given that theyve already done their HARD pull on the reports between me and my gf, its not a huge deal if I wanted to look around for receiving a line of credit for the appliances and home furnishings I need....she just basically said as being an advisor for the home loan, to try and not get in over my head if I am approved for something substantial.

[steffiejoe]

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@Anonymous wrote:

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@LynetteM wrote:

If you are going through the mortgage process, I would advise you to go to the Mortgage board and get advice about dealing with your collection accounts. Sometimes paying them can actually hurt your score during the mortgage process. I wouldn't do anything on them before checking with your loan officer.

Also, I'd advise you to quit applying for anything. You may ding your score each time you do. Wait until your mortgage is closed to apply for anything else.

Has your mortgage loan officer given you any advice/opinions on what you're doing?

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She said given that theyve already done their HARD pull on the reports between me and my gf, its not a huge deal if I wanted to look around for receiving a line of credit for the appliances and home furnishings I need....she just basically said as being an advisor for the home loan, to try and not get in over my head if I am approved for something substantial.

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   I would not be applying for any new credit until I have closed on my house  and have the keys in my hands first. I heard to many stories where a last minute credit pull was made prior to the home loan being funded. I just wouldnt take that chance.

My advise , please get into your new home first.

[Jazzzy]

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braves22 wrote:

She said given that theyve already done their HARD pull on the reports between me and my gf, its not a huge deal if I wanted to look around for receiving a line of credit for the appliances and home furnishings I need....she just basically said as being an advisor for the home loan, to try and not get in over my head if I am approved for something substantial.

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Again, I'd run this past the Mortgage board experts. I know that some mortgage lenders pull credit reports again right before closing.

Personally, I wouldn't take a chance on upsetting anything....and I'm a pretty big risk-taker...but getting approved for a mortgage today is tough enough. I wouldn't add any unnecessary wrinkles during the process.

Edited to ask: How close were you on your DTI numbers? Adding a credit card will add a payment. Make sure you have lots of wiggle room.

[MS00000000]

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@steffiejoe wrote:

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@Anonymous wrote:

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@LynetteM wrote:

If you are going through the mortgage process, I would advise you to go to the Mortgage board and get advice about dealing with your collection accounts. Sometimes paying them can actually hurt your score during the mortgage process. I wouldn't do anything on them before checking with your loan officer.

Also, I'd advise you to quit applying for anything. You may ding your score each time you do. Wait until your mortgage is closed to apply for anything else.

Has your mortgage loan officer given you any advice/opinions on what you're doing?

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She said given that theyve already done their HARD pull on the reports between me and my gf, its not a huge deal if I wanted to look around for receiving a line of credit for the appliances and home furnishings I need....she just basically said as being an advisor for the home loan, to try and not get in over my head if I am approved for something substantial.

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   I would not be applying for any new credit until I have closed on my house  and have the keys in my hands first. I heard to many stories where a last minute credit pull was made prior to the home loan being funded. I just wouldnt take that chance.

My advise , please get into your new home first.

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+1 Definitely wait until you have closed on the house to apply for new credit. I have heard stories of people who have had their mortgage loan fall through because of new debt/credit lines before closing. I wouldn't take the chance either. It will take some time before your mortgage begins to show on your reports so you can apply the day after you close for new credit and it would be pretty much the same as doing it now except for not having the risk of the mortgage loan falling through.

[mauve]

The mortgage board is not where you go to look for advice about taking care of the collections - do that at the rebuilding board.  Mortgage board will tell you about how bad an idea it is to seek new credit less than a year before trying to buy a home.

[Anonymous]

Well, it should help that my scores all went up about 20 pts a piece today right?

Apparently all I needed to do there was pay out my current CC's before the statement date hit....and come to find out, its the 15th of the month w/ C1.

[Jazzzy]

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@mauve wrote:

The mortgage board is not where you go to look for advice about taking care of the collections - do that at the rebuilding board.  Mortgage board will tell you about how bad an idea it is to seek new credit less than a year before trying to buy a home.

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Mauve, the mortgage board often deals with collections issues...whether to pay now....not touch them....or pay them at closing. That's why I recommended he check with his mortgage loan officer about how he/she would recommend handling the collections. Also, once a person apps for a mortgage, the CAs often come swooping down. They can see the mortgage inquiries and figure it's a good time to pounce. That's why a lot of mortgage applicants opt out with the credit reporting agencies.

[GregB]

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@Anonymous wrote:

.......

Also, does anyone have an idea what those two missings would do to my CR for TU if I dispute them? 

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You can't dispute info that is missing. Not all lenders report to all three CRAs. You can ask a lender to report and they would tell you if they do. If the account is closed, you are not a customer and they have no motivation to help you.