Reopening closed CC accounts

[Anonymous]

Lender had me closed all CCs as a condition to close on a loan. After I closed the accounts, I am told my DTI ratio is too high to qualify. What legal right do I have to hold lender responsible for the damages. This after LO had my documents for the last three months.

Can I reopen the closed C

[Kozmo]

Idk but he should be fired.

What kind of moron thinks this is ok or necessary?

Dare I ask what bank?

Call the creditors to see but they will likely hard pull you

[llecs]

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@Anonymous wrote:

Lender had me closed all CCs as a condition to close on a loan. After I closed the accounts, I am told my DTI ratio is too high to qualify. What legal right do I have to hold lender responsible for the damages. This after LO had my documents for the last three months.

Can I reopen the closed C

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Welcome! Sorry that happened.

On the last question, you can always call and ask. I had one CC get closed once with BofA and they reopened it after a few days. Never hurts to ask. There's nothing to lose.

Damages? I dunno. You have to prove that they guaranteed approval with the condition that the CCs be closed, but that would be difficult due to the reason of DTI.

[Anonymous]

Name is Cross Country. I will definately call each one tomorow to restore my near perfect credit card history of 11 yrs.The only condition by LO was to close all four acounts (Glad i insisted on keeping one for emergency).  The claim the new property tax due end of March has increased the DTI ratio (eventhough they have dragged my aplication since January). FYI:  Property was vacant and now it'll be taxed as improved).

[Anonymous]

Did you close CC's with balance on them?

I do know of situations where paying and closing CC's was needed to obtain financing, but never heard of any LO or Broker recommending and then still denying for high DTI.

Its obvious someone dropped the ball here, unless was just bad communication, or miscommunication. Either way I do not believe there is much you can do.

Try contacting your CC's and see if they will reopen cards for you as mentioned. I do not think they have to comply, but it cant hurt to try.