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Would you wait

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Frequent Contributor

Re: Would you wait

I would make sure you get everything correct concerning your personal documents, i had to sign papaerwork granting them permissions to verfy it all also with the social securtiy admin and IRS so this is a crucial week for meSmiley Indifferent im sure i wil be ok but its just the thought of how much in detail they go to verfiy everything under the sun on you. Dont leave them any room for assumption on things regarding your personal info, it makes it easier on you and them,

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 11 of 17
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Frequent Contributor

Re: Would you wait

I am in chex systems and havea bank act but they wouldnt let me join the credit union...go figure? Mine is going to come off on 12/15/16 and then I can join a local CU in my area after everything else settles and closes

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
Message 12 of 17
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Established Contributor

Re: Would you wait

There are certain banks that don't deal with Chex systems (US Bank being one of them), don't let the score dissuade you as my mid score is 680 but spouses is 660 and they had to use the 660 but VA loans like FHA are not score driven.  60 days from today the rate was 3.5% but couldn't lock because it would cost me to do so so I waited for the 30 day lock which already went up to 3.625 3 days before election day and I hear the rates are still climbing.  Don't worry about the score, it's fine.

" EX 698 EQ 701 TU 707 MMS 705"
Message 13 of 17
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Established Contributor

Re: Would you wait

All documents should match current name and current address and paystubs should match the other documents as well. By law you have 30 days to change your address after a move. Apparently they don't do much but why not just do the right thing. You will want to open the checking account with the correct address anyhow which needs to match your ID. Any basic cleanup you can do now will save you in the long run. Why write letters of explanation and hope the UW accept them on things that are easily fixed.

I believe I also gave you a link to second chance banks before. You can also google the term and it will give you a list of banks that will give you another chance.

You should not apply until you have your ducks in a row. Tax identity issue needs cleared up as well unless it has already been fixed as that is another form you will have to sign and they will need to get your transcripts directly from the IRS. Mismatched addresses will raise a flag.

Get those documents squeaky clean so you can work on any other issues instead of these ones.
Message 14 of 17
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Valued Contributor

Re: Would you wait

Chex system report date was 11/15/11 so if they hold true to 5 yr reporting should be clear. I've done all I can in the tax ID theft and will have to have a lender that allows faxed transcripts. I have been in contact with one lender that said this just happened to a client and they faxed the transcripts to her and she sent to LO and placed a note in the file and it was not an issue, so fingers crossed. Will def get DL corrected this month . Other than that I will be as good as I can be once that 90 falls off in Feb. I do plan on having all documents in order and plan to open new bank account dec 1. My question really is would you wait for that 90 day to fall off?
Message 15 of 17
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Established Contributor

Re: Would you wait

Well the thing is you will need 2 months of bank statements and since you. Can't start until December that pushes you near February anyways so it wouldn't really add any harm to let the 90 day fall off if you think that will help your scores. Otherwise it is so old it doesn't factor into much and as others have said FHA and VA isn't score sensitive for rates.
Message 16 of 17
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Valued Contributor

Re: Would you wait

That was my thought process Firemedii, I have a current bank account with Go Bank, and I've been happy with it, but can't wire transfer!
Message 17 of 17
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