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Everything posted by CoderBlix

  1. Just curious as to others experiences comparing FICO and FAKO scores. I pulled my spouses score from Equifax Complete and the scores were:EQ = 668TU = 669EX = 717 Then applied for credit and the lender said these are the scores they pulled from CredStar (FICO)EQ Beacon = 590TU = 574EX = 672 Unbelievably differnet...I know that the FAKOs are not good scores but you would think that the EQ score (668) and the EQ FICO (590) would be closer than this!!! Feel like they should refund the money I spent on their crappy EQ score....
  2. I am trying to get a preapproval on a refinance mortgage. Plan is to get preapproval and my builder will secure a construction loan. At the end of construction (7 months from when he starts so at least 8 months from now) I will need to get a refinance mortgage to assume the constuction loan. I understand what you are saying but am hopeful that if I can get a preapproval I can clean up my credit enough over the next 8 months to allow me to qualify...
  3. I have about 12K in student loans (8K on one 4K on another) one payment to KHESLC per month. I have been late with my payment a few times and every time I am late they place 2 lates on my credit report. Is this correct? Any way to get them to update my report to show only one late per missed payment?
  4. I was approved for a mortgage today, with a 30 day late from Sep 2011. I got a FHA 30 year @ 4%. My scores were 651,627,631 I would try talking to another lender see what they say. I have about 4 30s, 2 60s, and 2 90s over the last 24 months. This due to the fact that even though I have one payment the vendor (KHESLC) says I have two loans that are consolidated...therefore I get two lates on my report for every late payment to the vendor...which has equaled a credit meltdown for me... I asked them to remove half the lates to reflect the fact that I missed one payment to them and they basically laughed at me...hoping a UW will recognize that these are duplicates and that I have paid them off....any experience with this type of scenario anyone????
  5. Had a lender tell me today that having lates (student loans not in default- no others on my credit report) may affect or even disqualify me from a loan regardless of my credit score and income... I know that the lates very negatively affect my score (estimating 130 - 150 point - and that feels punitive enough to me) so I am not sure why the lates should cause that much of an impact beyond the score. Anyone have experience or knowledge of this? After paying down some debt my score should be near 660-680 at the end of March and it is very disquieting to think that those lates (yes...I know that they are my fault) could hurt my loan chances even though my income is good, have basically no debt, a nice downpaymnet, and have moved my score up to an acceptable range..... Oh...and he says paying the SLoans off completely so they show as paid and closed will not help at all.
  6. I see lots of discussion on achieving B*... Can someone explain what B* is and why you want to achieve it? Or maybe point me to a thread that explains it?
  7. Loan officer left me a voicemail today. Said that they have confirmed that I need a refinance. I need to talk to him to try an understand but wanted to see if anyone has built a home this way. The way it stands today is that I purchased the lot from my builder in 2009 (Loan officer seemed to think this important). Builder said he will get construction loan and build the house on my property. Once house is built Loan officer said I will need a refinance mortgage to pay for home...he didnt elaborate further on the voicemail. He did ask how long we had "title" to the property and the period that we have owned it seemed important. Can someone please help me understand how this works????
  8. I thought Identity Guard scores were FICO scores? Is this not the case?
  9. Ant advice on how accurate online score analyzers are? I have been playing around with the one on identity guards site and am just wondering if making the changes it suggests will really make as large of an impact at it says... Any advice?
  10. Those are easy to get off! Do I just need to dispute them online? Any idea how negativley something like these might affect my scores? With EX call to dispute as similar name/similar person, With EQ and TU dispute online choosing the similar name/person option Regarding how much your score will go up...there's only one way to find out Make sure you have fico scores before hand so you can compare after cleaning up your report. OK...I disputed these online yesterday with all three (EX, EQ, and TU). The TU is already showing as 2 of 3 actions completed (I disputed 3 with TU). Any idea if that is good or bad news? I disputed as similar name....
  11. I see this all over the internet on many sites...can somepne please provide a legally accuarate answer to this? Can a bank legally (goodwill) remove the lates from your credit report? I have been told yes and no...
  12. Thanks for the reply!!! I just spoke with a loan officer who told me that since I own the land what I will need is to do a refinance on the land to remove the building lein? Does that make sense? He couldnt answer my questions as he said that he will have a refinance person contact me... Just want to make sure that this is the preferred method for somehting like this... Does this mean that I will just take out a loan against the value of my lot for the price of the home construction?
  13. I have somehow managed to get myself completely confused (I guess it is the stress of selling a home, picking builder plans, getting a new mortgage). I have purchased a lot to build a home on. For the sake of simplicity lets say it is valued at 100K. My builder says he will secure the construction loan...and build the house. We will need to get the mortgage to puchase when construction is complete. My question is if the home we want to build will cost 500K (home cost only...does not include the lot) how large of a loan will I need to finance? My confusion is around how using the lot as a down payment (100K value) affects the amount I need to finance. So, if the house is 500K and I use the lot as 20% downpayment do I need a loan for 500K or do I need a loan for 400K (because the value of the lot is the same as cash?)???? Sorry if this is a silly question...
  14. I have two student loans with the student loan people and have been late a few times...maybe 6 in the past two years. I currently owe a total of about 12K on them combined and have the ability two pay them off in total. My question is...before I pay them off is there any way to get them to remove the negative (lates) on my credit report? Anyone have any experience in dealing with them? Any help will be greatly appreiated.
  15. Those are easy to get off! Do I just need to dispute them online? Any idea how negativley something like these might affect my scores?
  16. After reading this thread I am wondering if it would help my score to dispute some collection activity on my report. Would someone mind taking a look at the below screen-shot and letting me know if this is the type of thing that can be succesfully disputed? I am not even sure how negative these items are as I am not sure what their status is (what the heck does automated account mean?)...any help or advice would be greatly appreciated (I have removed the account numbers)...
  17. Can someone explain to me the difference in the credit score I receive from online sources vs the score the mortgage company sees? If it is a differnently processed score how can I see the score the mortgage lenders see? I apologize in advance if this is answered someplace else on the forum...I didnt see it in any of the newbie sections...
  18. I dont understand what you mean by "underwritters condition for pay histories for all liens" I live in Kentucky which is not a shared debt state (I believe) so shouldnt my credit and eligibility be measured only on what I am legally responsible for?
  19. Welcome to the forum The only advice I can give is to start being responsible? You have enough money - think about it from a lenders point of view - these folks make a ton of money and dont pay their bills? Why should making enough money be enough? Not getting down on you - you already know this - You are out of luck for obtaining any type of conventional financing especially for a construction loan - Until you get the scores up and show for a length of time 12-24 months that you can manage your liabilities - I dont even think you can get a private money loan since there is no collatoral just a blueprint and a lot - They typically will want 35% down on an exsisting home - however thats not to say if you are really that ready to do this that you shouldnt try - if you find a private money lender (Hard Money ie: Loan Shark) plan on 10%+ interest and paying 4-6 points upfront for the use of their money - usually they are interest only loans for short terms - Good Luck Thanks for the response!!! Is your feeling that we wont qualify soley based on our credit scores? Or is it the late payments on the home equity line? The reason I ask is that I believe I can raise my score to 650-670 pretty quickly by paying off some debt. The person I spoke with was more concerned with the late payments on the home equity line (said that two lates over a two year period automatically dqs you from new mortgages now - even though this is not our primary mortgage). Our mortgage and home equity line are soley on my wifes credit. If the issue is with the late payment I am wondering if I could apply solo for the mortgage without her? Problem could be that she has a much higher income than me (she has averaged 300K over the last two years while I am averaging 150K). If I apply without her on the loan I guess they will not be able to consider her income... As far as a construction loan our builder said that we do not need one...he said he will secure a construction loan once we show him a pre-approval letter and finalize the design. He said that he needs a pre-approval to start the bid process (with subcontractors..I guess) and develop an estimate. Once the home is built (~6 months) we secure our final mortgage and close. I am hoping that we can secure a pre-approval letter and correct our credit issues during the construction phase. Do you know if the lender would re-eval our credit at that time? If so we might be able to secure a better rate..? Thanks again for your advice....this is a very stressful situation. My wife and I both work extremely long hours (60+ per week) and have two year old twin daughters at home (thus the need for the new home).
  20. My wife and I are trying to secure a mortgage loan for a home we plan to build. Both of our scores are in the low 600s and we have been late a few times this past year on our home equity line (we have no late payments on our primary mortgage). We have very good income levels (~450K combined), ~200K in 401K accounts, have around 50K in equity in our current home, and own the lot we want to build on (worth 88K). We would like to build a home valued at around 450K - 500K and use the lot (88K) as our downpayment. I talked to a small local bank today (bank which holds our home equity line) and they told me that we have no chance at a mortgage right now as we have the late payments from 2011 on the home equity loan. Is this accurate for all lenders? I feel that we have good income levels and long term positions (6 years at current job for me and 15 for my wife) and thought we should be able to find obtain a loan. Are there any lenders we should consider? Are we out of the luck due to the late home equity payments? Any advice will be greatly appreciated...
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