list of conditions.... question

[tooleman694]

It would have an affect if it was a DTI problem.

They counted all me CCs against me, they had like a 25 min payment for each one. If one of my CC put me over my DTI ratio I would have had to close it. I think it is stupid that CCs have a min payment listed on the credit report if they have a zero balance.

[beanie7132]

I have a tough time figuring out DTI so here are my numbers:

income - 52000.00/yr = 4333.33/month

Debts - 356 car payment, 240 CC Min payments - (include zero balance cards and that increases to 365)

Purchase price - 161,900 (no downpayment)

Interest rate quoted was 4.5%

When I calculate my DTI, including the proposed mortgage payment of about 1100.00, I get like 33%. Is that too high?

[beanie7132]

now I am being told to be removed as AU on two accounts.... This will lower my score dramatically. 

Game over. 

[tooleman694]

ouch and they are probably gonna rapid rescore you. That sucks.

[beanie7132]

ya ill be going from 16% util to 44%. 

Do all lenders require the removal from auth accounts?

[meehan22]

time to find a new lender before doing anything!! 

[beanie7132]

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@tooleman694 wrote:

It will lower the score for sure, but if they repull you before closing they dont look at the score.

I would question this if you are not close to your DTI ratio.

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They said once its done to let them know so they can order a credit supplement for my file........ I am guessing thats the same as a rescore.....?

[DallasLoanGuy]

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@beanie7132 wrote:

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@DallasLoanGuy wrote:

not necessary..... push back.

THIS IS NOT IN THE GUIDELINES

i cant believe an u/w would ask this.

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So techinically, having these cards, even at zero, shouldnt really affect me.....?

So far I emailed the loan processor and got a response that they were told the one with a balance would be paid at closing and all 4 would be closed. I never said this to anyone. why would I want to voluntarily close accounts that I use.....? The one with a balance is only at like 250. and none of them have ever been higher than 300. 

I am so flustered.

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your original post said they had a zero balance since january.... they dont need to be closed.

the guidelines ARE that you cannot pay down revolving to qualify.....<= unless you close them.  but if they were at zero when you applied, then then there is no reason to close.

are you telling me that you need to pay off a $250 card to qualify now?  (you said paid at closing)

[tooleman694]

Yup that is a rescore. I think it is time to call Dallas loan guy and have him do your mortgage.

[beanie7132]

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your original post said they had a zero balance since january.... they dont need to be closed.

the guidelines ARE that you cannot pay down revolving to qualify.....<= unless you close them.  but if they were at zero when you applied, then then there is no reason to close.

are you telling me that you need to pay off a $250 card to qualify now?  (you said paid at closing)

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I guess thats what they are saying. I dont understand it since my DTI seems fine. My debts arent even a tenth of my monthly income. 

Thier words were: 1. close all 4 accounts and pay the one with a balance at closing. 2. be removed as AU on two citi accounts. 

Closing 4 accounts makes me lose about 2K available credit. Add in removal of AUs and Ive lost a total of 20K available credit. I can understand removal of AU accounts, but closing something with zero balances when I am not close to the DTI max...... am I missing something?

Do I need to try to find a new lender? I guess I could always see what the builders lender can do for me..........