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Aimed to close april 30th... its july 7th..

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New Member

Aimed to close april 30th... its july 7th..

Hello all, get your popcorn ready and relax lol

Well where do I begin? Alright its February, we set out to purchase our home. Initial closing date was April 30th. Just me on the loan since my scores were better. Well we found out I could go with a USDA loan. We pulled my credit and they used the medium score of 655. Cool. Well with USDA they need EVERYTHING to be accounted for. Let's skip all the paperwork. The house needed to be turnkey and it wasn't ready so they did some repairs which was fine, in this time I also needed to mail in my 2016/2017 tax forms (which took 6 weeks) and have them uploaded on the IRS website. Fast forward to may and I get a letter from the IRS saying I didnt sign the return. Uhhh Stupid me forgot to sign 2017s return so we had to wait a WHOLE nother 6 weeks before they uploaded. We got all the paperwork done and now were in current day as in beginning of july. It had been so long for all the things that my initial credit pull/pre-approval expired june 26th. Few days ago my loan adviser asked to pull my credit since were close to closing To send to the underwriter. I'm thinking ok.

Credit karma has my transunion @ 676 Equifax @ 672

My discover transunion has me @ 656

My capital one credit wise has me @ 678

I'm thinking "i should be ok right I mean I know the scores aren't accurate but I hadn't done much to kill my self score wise lol" but ... nope

loan officer calls me and said I had an older account report and it dropped me to a 629!! She recommended I pay my discover credit card down from $666 to $350 which I have done and get a letter from my discover credit card stating the balance on it being $350, done that as well. With USDA my score has to be over 640 and if we can get this done closing shouldn't be but 10-20 days from now since all the paperwork is done and all the inspections as well. My heart says we can get it done but my mind is moving towards a no and so is my fiance's who wants this whole fiasco to be done. We caught the low score before it got sent to USDA and from what I understand if they reject it then you are done for but what do you guys think. can we get this done? Am I overreacting?
14 REPLIES 14
Valued Contributor

Re: Aimed to close april 30th... its july 7th..

Since you don't have much time at all, the only way I see to get a quick point bump is to optimize your utilization and reduce the number of accounts with balances(if applicable).  Some creditors will do an off cycle report upon request.

 

How many revolving accounts do you have?  What are their balances and credit limits?

 FICO 8
Message 2 of 15
New Member

Re: Aimed to close april 30th... its july 7th..

I have a lawnmower with farmers which is current and up to date. Will pay that off to keep my debt to income ratio under 43%
3 credit cards discover which is @ $350/$2700. 2 capital one cards which one is at $3.55/$700 other is $0/$700
Message 3 of 15
Valued Contributor

Re: Aimed to close april 30th... its july 7th..


@Cobaltrell wrote:
I have a lawnmower with farmers which is current and up to date. Will pay that off to keep my debt to income ratio under 43%
3 credit cards discover which is @ $350/$2700. 2 capital one cards which one is at $3.55/$700 other is $0/$700

Is the lawnmower considered a revolving account or an installment loan?  If it is revolving then perfect pay it off.  If it is an installment, report back before doing anything.

 

The $3.55 on your Capital card, I'm only concerned about your statement balance(this is what is reported to the bureaus).  I need to know what Capital One has reported on your reports.  This makes free services like Credit Karma very nice but do not follow their advice or their scores.

 

Capital One to my knowledge doesn't do off cycle reporting but Discover does.  If that $3.55 did get reported to the bureaus then that would be great.  I would then immediately pay off the Disco and call to request that they update your balance to the bureaus.

 FICO 8
Message 4 of 15
New Member

Re: Aimed to close april 30th... its july 7th..

Yes The lawnmower is a revolving payment which we are going to pay off to keep my debt to income ratio down anyways. Actually waiting on the go ahead from my loan officer to pay the balance off. Only reason we have held out was to have the funds to show we have cash for closing if need be. Weve had to extend a few times and each time it's been a fee added on And yes capital one JUST cut a statement for me for $3.55 this afternoon the other capital one statement was $0.00
Message 5 of 15
Senior Contributor

Re: Aimed to close april 30th... its july 7th..

If you can get all cards below 9% utiz it will help.   Don't worry about vantage scores only whatever the lender uses   Get a cct membership it will I believe show many types of scores.   

Message 6 of 15
Valued Contributor

Re: Aimed to close april 30th... its july 7th..


@Cobaltrell wrote:
Yes The lawnmower is a revolving payment which we are going to pay off to keep my debt to income ratio down anyways. Actually waiting on the go ahead from my loan officer to pay the balance off. Only reason we have held out was to have the funds to show we have cash for closing if need be. Weve had to extend a few times and each time it's been a fee added on And yes capital one JUST cut a statement for me for $3.55 this afternoon the other capital one statement was $0.00

Ok the statement balance is $3.55 which is obviously very small.  Even though you owe them $3.55 before your payment due date, some creditors may report that as a 0 balance since the amount is so small.  I'm not familiar with Capital One's policies regarding this so I ultimately need to know if $3.55 or 0 has shown up.  Check something free like Wallethub which does give daily updates on Transunion reports.  You may see the results in 3-5 days if I had to guess.

 

Ideally, you would want all of your revolving accounts at 0 and the Capital One reporting $3.55 the get the most points on such short notice.  However, if Capital One reported your balance as 0 instead of $3.55, then paying off your other accounts to 0 would result in about 15 point drop because that is the average penalty for having 0% utilization showing.  Hope this helps.

 FICO 8
Message 7 of 15
New Member

Re: Aimed to close april 30th... its july 7th..

Thank you for the information. Weve been at this for quite a while now I just hope theres a light at the end of the tunnel and we can get this done. I work 3rd shift and its killing me having to be up during the day and esign and fax papers every other day when needed.
Message 8 of 15
New Member

Re: Aimed to close april 30th... its july 7th..

Will do I'll give updates as they come in!
Message 9 of 15
Established Contributor

Re: Aimed to close april 30th... its july 7th..

What kind of USDA loan is this ? Direct or Guaranteed ?

BK7 Discharge 1/16
10/15 ~ EQ: 406; TU: 520
10/18 ~ EX: 666; TU: 646; EQ: 652
Message 10 of 15
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