cancel
Showing results for 
Search instead for 
Did you mean: 

Possible to get a HELOC while mortgage reports closed?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Visitor

Possible to get a HELOC while mortgage reports closed?

Hello, I am wondering if it's possible to be approved for a HELOC or Equity Loan  while my mortgage is in the process of a transfer, thus not reporting for 60 days.

 

A little back story:

 

My mortgage was through Chase, I applied for a HELOC with them of for 50k (12k for house stuff, 25k for cc debt, and some extra) not knowing about mortgage scores, they clocked me at 677 while I thought I was 700+ and I needed 680, so I was denied in underwriting. I also had a missed payment on a gas station CC they didn't like.

 

I disputed the late payment with TU and won, and dumped cash into my CC's to bring them to 49% util. Everything was looking good, and all of the sudden my mortgage gets transferred. Credit karma (joke) showed a drop of 22 pts, which was everything I worked to gain and then some. 

To my surprise, my TU 04 which I believe Chase pulled, shows 737 here. Maybe the mortgage being closed raises my score? There's no previous timeline for me to see what it previously was, so I can't tell if it was 677 before this. My Equifax is still low because they are still reviewing my dispute. But regardless, the question stands. Will I even be looked at without a mortgage reporting? 

Message 1 of 2
1 REPLY 1
Highlighted
Moderator Emeritus

Re: Possible to get a HELOC while mortgage reports closed?


@Statik wrote:

Hello, I am wondering if it's possible to be approved for a HELOC or Equity Loan  while my mortgage is in the process of a transfer, thus not reporting for 60 days.

 

A little back story:

 

My mortgage was through Chase, I applied for a HELOC with them of for 50k (12k for house stuff, 25k for cc debt, and some extra) not knowing about mortgage scores, they clocked me at 677 while I thought I was 700+ and I needed 680, so I was denied in underwriting. I also had a missed payment on a gas station CC they didn't like.

 

I disputed the late payment with TU and won, and dumped cash into my CC's to bring them to 49% util. Everything was looking good, and all of the sudden my mortgage gets transferred. Credit karma (joke) showed a drop of 22 pts, which was everything I worked to gain and then some. 

To my surprise, my TU 04 which I believe Chase pulled, shows 737 here. Maybe the mortgage being closed raises my score? There's no previous timeline for me to see what it previously was, so I can't tell if it was 677 before this. My Equifax is still low because they are still reviewing my dispute. But regardless, the question stands. Will I even be looked at without a mortgage reporting? 


Shouldn't be a significant problem but you're going to have to provide documentation on the old mortgage and something on the new one though it should be a pretty simple explanation.  Certainly once you get even a single statement generated for the new lender it should be easy, but any lender could verify the debt directly so should be workable even now.

 




        
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.