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Credit Freeze - questions and insight requested

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Anonymous
Not applicable

Credit Freeze - questions and insight requested

Background: I had to file for Cht 7 BK last year (over 1million in medical bills). I have my public record frozen with NL due to safety reasons (permnant RO on someone and yes I know they are not the ones who report to TU and Experian on BK). I am finally back on my feet, with a significant savings built up and my credit score is 140 pts higher on my Equifax, 100 on the other 2.  I want to apply for a mortgage. I know I am supposed to wait two years of seasoning before I can apply for a convential loan. However, I have the opportunity to buy the home of my dreams right now. I am not even a year into my BK being discharged (Nov will be a year). 

 

I have $4600 in credit cards (I don't need anything higher TBH as I only use it for my dog's meds and vet visit), got a new car in Dec (1 month out of BK) and have it half paid off already. I just paid off $56,000 in student loans (just waiting on them to report it to the CRAs) I will have my car paid off by July of next year. 

 

I have thought about freezing my TU and Experian. My Equifax is about 80 pts higher and very little inquiries, no closed accounts or charge offs and no BK showing. 

 

Questions:

  1. If I freeze just those two, will it force the lenders to only use Equifax?
  2. If no, are there any lenders who will use only Equifax? If so, what are thier typical qualifications they are looking for?
  3. Does anyone know how to get LCI to stop reporting public record based on the same reason of safety issues?

I did search the forum first before I asked. I didn't find anything that fit my specific needs. 

 

Thank you in advance for any assistance. 

Message 1 of 5
4 REPLIES 4
dragontears
Senior Contributor

Re: Credit Freeze - questions and insight requested


@Anonymous wrote:

Background: I had to file for Cht 7 BK last year (over 1million in medical bills). I have my public record frozen with NL due to safety reasons (permnant RO on someone and yes I know they are not the ones who report to TU and Experian on BK). I am finally back on my feet, with a significant savings built up and my credit score is 140 pts higher on my Equifax, 100 on the other 2.  I want to apply for a mortgage. I know I am supposed to wait two years of seasoning before I can apply for a convential loan. However, I have the opportunity to buy the home of my dreams right now. I am not even a year into my BK being discharged (Nov will be a year). 

 

I have $4600 in credit cards (I don't need anything higher TBH as I only use it for my dog's meds and vet visit), got a new car in Dec (1 month out of BK) and have it half paid off already. I just paid off $56,000 in student loans (just waiting on them to report it to the CRAs) I will have my car paid off by July of next year. 

 

I have thought about freezing my TU and Experian. My Equifax is about 80 pts higher and very little inquiries, no closed accounts or charge offs and no BK showing. 

 

Questions:

  1. If I freeze just those two, will it force the lenders to only use Equifax?
  2. If no, are there any lenders who will use only Equifax? If so, what are thier typical qualifications they are looking for?
  3. Does anyone know how to get LCI to stop reporting public record based on the same reason of safety issues?

I did search the forum first before I asked. I didn't find anything that fit my specific needs. 

 

Thank you in advance for any assistance. 


You will NOT be able to get a mortgage without letting them pull all 3. Mortgage rates are based on the middle mortgage score. 

You will be asked on the application if you have filed bankruptcy, lying about it is mortgage fraud, they WILL FIND IT and deny your application 

There is no way around this. 

And FYI you have the seasoning time frame wrong, it is 2 years for FHA and 4 years for conventional without extenuating circumstances 

Message 2 of 5
OmarGB9
Community Leader
Super Contributor

Re: Credit Freeze - questions and insight requested

1. No

2. No

3. Not sure.

 

As mentioned above, mortgage lenders require access to all 3 scores. Also, discussing freezing certain reports in order to force a lender to pull others is not allowed here on MyFICO.


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Message 3 of 5
Anonymous
Not applicable

Re: Credit Freeze - questions and insight requested

thank you. 

Message 4 of 5
Anonymous
Not applicable

Re: Credit Freeze - questions and insight requested

thank you for your insight. 

 

It is interesting that you mentioned about it not being allowed. I found (after posting and digging deeper) several posts on credit freezing. 

 

Have a blessed remainder of the day. 

 

 

Message 5 of 5
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