Panic Mode!!!!!!!

[Anonymous]

That's why I'm so stressed is because DH doesn't have best of credit either... We just found out that he could get a VA Loan with the scores he has...

[Anonymous]

I did ALOT of credit repair before we got to this point...

This is going to be the worst 48hrs ever!

[Sunshine85]

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@Anonymous wrote:

Ok update!!!!!!!!!!

I just talked to the processor and she said she didn't even know anything about it... She said that everything was sent to the underwriter this morning and the alternative credit line was not added to it... She said we'll see if they even need it... She doen't seem to think they will and that they just ordered it for a precaution messure...

She said worst case is the underwriter is going to take 48 hrs (but, hopefully sooner) I'm flippen going nuts!!

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That's great news!

[Gray]

I can't imagine why anyone would give you a loan with that many late utility payments.  8 last year and 2 this year?  Really?  Honestly, there is a reason they call it "credit" which is generally defined as "The ability to obtain goods or services before payment, based on the trust that payment will be made in the future."

How have you demonstrated that you are trustworthy?

[Anonymous]

Wow Gary thanks for the positive re-enforcement

We have proven it by the fact we have nothing else late in the last 3yrs... We have proven by the fact that our rent and all other payments (which include 2 auto loans and 1 secured personal loan and a unsecured personal loan) is paid on time every month without fail... We have proven it by the fact that our DTI is at 5%.. As far as the gas bill, it was a matter of missing one month and didn't realize it.. But, still being paid every month, once it was realized it was paid in full and currently has a .77 credit.. and it is Alternative Credit

[llecs]

How many utility-type accounts are they looking at? I know they'll consider your loans if reporting, but that alone won't result in a modest FICO, even if you had a spotless history on your CR. The seem to be relying on utilities instead. I have no clue what lenders look at, but I have to assume that water and gas and/or electric was being looked at outside of rent. If you only have 2 or 3 utilities and one has a spotted history, then I can see why they'd take issue to it. I too am late on my utilities. I just hate paying bills. I'd rather put down a few hundred in advance and not worry about it until they start bugging me again. If mine ever reported, I'd be in trouble.

I don't recall your other posts, but if I was in the same situation, I would step away from the mortgage for a couple of month. I'd use that time to continue repair, and I'd also rebuild by adding a secured CC or two. I'd also pay off one or both of the personal loans. Adding revolving credit alone would really bump your FICO scores up and I don't think you'd need to provide utilities. Certainly consult with your lender and others if you are shopping around.

[Anonymous]

The scores are where they need to be for a VA Loan. They were just getting an alternative line of credit just in case... and when they were calling on the alternative this was discovered..

[Sunshine85]

Please let us know the outcome after underwriting- really hoping that all works out for you.