list of conditions.... question

[DallasLoanGuy]

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@beanie7132 wrote:

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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..........

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do you have a thin credit profile?

maybe they think the AU accounts are skewing the scores.

our credit policy is that if you ( not verbatim) have a 750 credit score but have 1 acct + 4 AU accounts.... you dont have a 750 score. unless those AU accounts belong to the spouse.

sounds like these guys are nuts

[spikedup]

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@beanie7132 wrote:

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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. 

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It's not your current DTI that matters. It's the DTI after the mortgage is included, as well as other payments related to it.

Whatt's your DTI after the mortgage and taxes?

[beanie7132]

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do you have a thin credit profile?

maybe they think the AU accounts are skewing the scores.

our credit policy is that if you ( not verbatim) have a 750 credit score but have 1 acct + 4 AU accounts.... you dont have a 750 score. unless those AU accounts belong to the spouse.

sounds like these guys are nuts

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I dont think its thin, but I dont know what qualifies as thin. Im 31 years old, so no I dont have a 40 year history. I have history back 10 years when I bought my first car. AAOA is 3 years according to myfico. my lender pulled scores were 672, 657 and 590 on January 28th. 

I have about 20 total accounts. 

Removing the AU accounts will lower my scores, i am sure. The accounts are dated back to about 1999, have 10K limits and zero balances. There are two of them and one is in dispute and has been since before i was added as AU. its still a usable account, just marked in dispute. Being taken off these will cause a drop do to now higher utilization and shorter AAOA. They are not a spouses accounts. 

spikedup: my DTI with mortgage payment comes to 38%..... not sure if thats a good thing or a bad thing. This includes my current accounts and not closing any cards. 

[J_G]

I have heard of them doing that before but it was because the people had 10 or 15 credit cards. They can consider that risky. BUT, if that is not the case for you they are most likely trying to lower your score so they can give you a higher interest rate and APR so when they sell your loan they make more $.

[beanie7132]

My scores already on the lower end anyways at 657. And its a USDA loan.

Should i find a new lender? How does someone start over with a new lender and if i try a different lender will they have the same conditions?

Closings not till end of may bc its a new build.

[DallasLoanGuy]

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@beanie7132 wrote:

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do you have a thin credit profile?

maybe they think the AU accounts are skewing the scores.

our credit policy is that if you ( not verbatim) have a 750 credit score but have 1 acct + 4 AU accounts.... you dont have a 750 score. unless those AU accounts belong to the spouse.

sounds like these guys are nuts

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I dont think its thin, but I dont know what qualifies as thin. Im 31 years old, so no I dont have a 40 year history. I have history back 10 years when I bought my first car. AAOA is 3 years according to myfico. my lender pulled scores were 672, 657 and 590 on January 28th. 

I have about 20 total accounts. 

Removing the AU accounts will lower my scores, i am sure. The accounts are dated back to about 1999, have 10K limits and zero balances. There are two of them and one is in dispute and has been since before i was added as AU. its still a usable account, just marked in dispute. Being taken off these will cause a drop do to now higher utilization and shorter AAOA. They are not a spouses accounts. 

spikedup: my DTI with mortgage payment comes to 38%..... not sure if thats a good thing or a bad thing. This includes my current accounts and not closing any cards. 

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call a real loan officer

[FSFdoppleganger]

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@DallasLoanGuy wrote:

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@beanie7132 wrote:

---

do you have a thin credit profile?

maybe they think the AU accounts are skewing the scores.

our credit policy is that if you ( not verbatim) have a 750 credit score but have 1 acct + 4 AU accounts.... you dont have a 750 score. unless those AU accounts belong to the spouse.

sounds like these guys are nuts

---

I dont think its thin, but I dont know what qualifies as thin. Im 31 years old, so no I dont have a 40 year history. I have history back 10 years when I bought my first car. AAOA is 3 years according to myfico. my lender pulled scores were 672, 657 and 590 on January 28th. 

I have about 20 total accounts. 

Removing the AU accounts will lower my scores, i am sure. The accounts are dated back to about 1999, have 10K limits and zero balances. There are two of them and one is in dispute and has been since before i was added as AU. its still a usable account, just marked in dispute. Being taken off these will cause a drop do to now higher utilization and shorter AAOA. They are not a spouses accounts. 

spikedup: my DTI with mortgage payment comes to 38%..... not sure if thats a good thing or a bad thing. This includes my current accounts and not closing any cards. 

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call a real loan officer

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+1