Overdraft fees/ Overdraft Protection

[shalane85]

Has anyone been denied a loan because of overdraft fees or overdraft protection applied showing on your bank statements?

[Anonymous]

I was...by Cornerstone Mortgage...but that was one one factor...bu the major one...but Shane...and DallsLoanGuy said...you could ask them to do a VOD...Verification of Deposit...to get around overdraft charges...see...LOs like them...do whatever they can...to get their clients approved...others will send you to underwriting...with a crappy file...

[shalane85]

 I told my loan officer that I had a couple of overdraft fees from April and he told me to write an explanation. I hope I'm not shooting my self in the foot by doing that. I just know its frowned upon.

[DallasLoanGuy]

we can get around those.

there is also a difference between someone ho uses the overdraft like a credit card and someone who doesnt have the money to cover it.

i have overdrafted when i had money in savings simply for convenience. (my bank doesnt charge me a fee for it though, so i could sell that to a lender.)

[Anonymous]

so for a loan.....they can actually see if you have been overdrawn?
how long does that stay on your report?
i have overdraft protection....which i have to sometimes use

[Macchamps75]

I would like to learn more about the over draft. Where does it show on your credit report? My bank account is not on my report from what i can see. I guess if you went to the bank that has your bank account and asked for a loan they would know that. But do others?

[Anonymous]

I think this thread is about submitting bank statements with a mortgage application- 

Checking accounts don't report to the CRA's unless they are in collections.

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Macchamps75 wrote:

I would like to learn more about the over draft. Where does it show on your credit report? My bank account is not on my report from what i can see. I guess if you went to the bank that has your bank account and asked for a loan they would know that. But do others?

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