@BCINS wrote:
I called Alliant CU asked minimun CS they would approve on HELOC. I was told they look at credit worthiness more so than a credit score. I messed up, I was on the approvals thread and got excited thinking I could get a walmart card so I applied & was denied due to BK. I have a credit rebuilder loan w/Alliant & even though loan is secured I still pay the monthly payment to my savings. I hope this looks good when I go to them for HELOC. Plus it's making me save an additional thousand by doing this.
I received pre-qual email from Fingerhut so I applied & was approved for Fresh Start program w/$230CL. Again I was in the approval thread & read about Gettington. I figured since they're WebBank like Fingerhut & I was just approved I was in. Nope, denied again. So now I'm at 5 inquiries. So I called to recon & all they would say is my letter was on the way and at this time I'm not approved. I should apply again at a later date. Again letter states due to recent BK. So I will garden until 03/16 then I'll ask Cap1 or increase if they don't do it automatically. Then in June I will apply for HELOC w/CU
I have a local CU First Financial, but I refuse to put anymore $ in my account or give them new business cause the did an unauthorized credit check on me. The bank manager said he would have it removed but it's still on my TU report. I have a few coins in savings & checking just keeping it open just in case I guess.
I guess it's time for me to start typing up letters to try and clean up my CR
Remember too, mortgage lenders (HELOC is a mortgage) don't use FICO 8 to determine your credit worthiness - they use your FICO mortgage scores which are:
The FICO scores used for mortgages
These are sometimes listed on the tri-merge mortgage report as follows:
- Equifax/FICO classic V5 FACTA
- Experian/Fair Isaac (Ver. 2)
- Transunion/FICO Classic (04)
Note: they have been commonly referred to on the myFICO forums and elsewhere as:
Read this thread for more information: http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-the...
Scores are important, but not the only thing. You will need to look at your DTI and mortgage lenders will generally underwrite using Fannie, Freddie or FHA/VA guidelines which means you need to be at least 2 years out from your discharge (for FHA) or 4 years for conventional. Read this thread: http://ficoforums.myfico.com/t5/Mortgage-Loans/BIG-changes-to-Fannie-Mae-s-policy-regarding-mortgage...
The exception to the above might be a portfolio loan where the lender does not sell off the loan.
You are in good shape because you own your condo F&C; however, you may find that you qualify for a cash out mortgage rather than a HELOC. Look for a small regional lender once you get your reports cleaned up to see if they have a portfolio program. Find out the guidelines regarding Bk before you apply otherwise you will just be collecting inqs - which won't help.
