VA Approval Help

[Eager2Learn]

First,  thanks to everyone here for making me much smarter in the world of credit management.

My dilemma is that myFICO tells me a 766  but VA says I cannot get approval because I am below 600.  How many different FICO's are there, and is there a way to view them all (auto, mortgage, cc, etc).  It seems that this site hands down gives you the most accurate score, but I am confused on why I cannot get approved.  More info in case it helps.

1 CC- 0 balance

1 Personal Loan 2K balance

no Auto loans in last 10 yrs

no mortgage ever

Never late on anything...ever

85K gross

Thanks,

James 

[Anonymous]

James,

I'm by far NOT one of the experts BUT I can tell you if they are going to give you a more accurate response, they'll need to know how many credit cards you have, what is your credit utilization (including that loan.....a $2K balance on what?.....$2,500 or $30,000..it makes a difference!)

If you only have one credit card, that will be one of your problems.  You need more variety, credit card, auto, mortgage and TIME to raise those scores.  You mentioned ONE cc, did you close any recently?  Closing accounts hurts your history which is a good chunk of your score.  How long have you had this cc?  Do you use it every month?  If so, did you just pay it off to zero before applying?  They see that.

Also, although $85K is a nice salary, the higher the mortgage loan, the less impact that $85K makes!  You should be good for at least a $400K home loan, if you have more credit cards reporting over time.

Last but not least, 766 is a great score, so let's see what the experts have to say about VA's take on your credit.  What are your other two scores?  766 may be the highest and 600 may be your middle (not likely, but possible)  If they're going with the middle score, you've got WORK TO DO!!

I'm gonna venture a guess that either the loan amount may be too high for their tastes and your credit and/or that you don't have enough credit lines reporting!

Good luck,

Tony

Message Edited by BxTony on 02-01-2009 11:33 PM

[Eager2Learn]

Thanks for the response.  I went a period of almost 6 years with no CC or loans, and did not realize the damage I had done to myself.  Right now TU=783, EX=766, and EQ=747.  I got a CC in December basically just to establish payment history (use every week and pay it off every month 1000 limit), and a loan in November (2500 limit) for same purpose. It just boggles my mind that previous auto loan, student loans, old (closed) CC's are all on my report with nothing but good payment hisory and still can't qualify for a $300K mortgage through VA.  

Message Edited by Eager2Learn on 02-02-2009 12:32 AM

[Anonymous]

First, where exactly did you get your scores from? Did you purchase them for this website? If so, when did you purchase them?

Have you pulled all three credit reports directly from the CRBs? If you've not done so in the last 12 months, you can pull them from annualcreditreport.com. Something may have changed since your last pull.

[Eager2Learn]

I got all 3 from Creditreport.com  and ScoreWatch thing from here and these are the scores they gave me on 31 Jan 09.

[Anonymous]

Creditreport.com is not giving you your real FICO scores. Those are FAKOs, and have absolutely no corelation to your FICOs. The scorewatch score is real, and is only your score from Equifax. You will have to buy your scores for EXP & TU from myfico if you want to know what they are.

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@Eager2Learn wrote:
I got all 3 from Creditreport.com  and ScoreWatch thing from here and these are the scores they gave me on 31 Jan 09.

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[Eager2Learn]

Ok, I just bought the other two from myFICO.

TU 790

EQ 766

EXP 776

I am still perplexed on why I cannot seem to get financed.

Thanks for your help,

James 

[llecs]

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Eager2Learn wrote:

Ok, I just bought the other two from myFICO.

TU 790

EQ 766

EXP 776

I am still perplexed on why I cannot seem to get financed.

Thanks for your help,

James 

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Great scores! What were the reasons for the denial? Doesn't appear to be credit related. I'd go back to the VA lender and ask them. I'm no expert w/ mortgages, but could it be the mortgage amount in relation to your income?

[Eager2Learn]

No clue.  Tried to prequalify for $300K with $85K gross salary. Active duty military for 14 years.  All I can come up with is that I paid cash for everything from 2002-2008 and just recently went back into the credit world with a Cc and a personal loan.  There is a lot more to credit than I could possibly imagine. 

[llecs]

I'd go back to the lender and ask what the reasons were. They are supposed to tell you. The only other thing I can think of is the possibility that the lender is frowning on the newer accounts, maybe.