hdporter

So, just getting around to saying that we received a "conditional" mortgage approval from DCU last week on Nov 27. We had final approval on the 29th after submitting a couple of pages of back up support for 2 recent deposits, and a copy of Bev's first paystub from her employer. That makes 2 weeks from application to approval (13th to 27th)-- prior approvals have take just shy of 4 weeks. Not only that, but this was the most streamlined experience I've encountered. Among other things, just one request for statements. (Ok, so we have 2 weeks to go before disbursement/close ... a lot can happen in that time, but right now it all looks like a coast!) Again, one thing that smoothed the process is that we first applied for a limit increase on the HELOC for our current home (from which we sourced about 50% of our down payment). Now that took 3 weeks for approval, but there was a 10-day hangup due to an incompetent appraisal firm. The day for the appraisal came and no one showed. When I called, I was told the appraiser no longer worked there! Fortunately, the newly assigned appraiser called, said she would be nearby that afternoon, and we set an appointment. When DCU went looking for the appraisal a couple of days later, they were told it couldn't be found! Well, fortunately it showed after 2 more days ... and, we got the valuation we were looking for (10% above the lower value we had targeted). Everything's gone smoothly with our purchase, which will close Dec 18. So far, this has been one of the most painless home purchases we've encountered. Fingers crossed that the balance of our move goes as smooth (household good, plus fit-up and sale of our current home).

Well, yeah, I led off with a bit of light "tongue-in-cheek" humor ... and occasionally I fall astray of the mark I've targeted. I wasn't looking to cause offense, and regret any that resulted. Re your post: Truth is, I get what you're asking here. But, it runs quite astray of standard English usage. The generally strong intelligence demonstrated in your posts on the whole suggests that English may not be your first language and a bit of a lapse is showing here. If that's the case, trust that I don't think less of you (for that matter, I admire anyone who's ever tackled a second language with reasonable comprehension ... an achievement that I've failed at, despite a couple of rough attempts). I have a good friend who lives in PA Dutch country -- he's first generation here from Germany. He's a fine conversationalist, but stumbles a bit when it comes to written communication. Fortunately, his very gracious wife lends a hand when needed. I like the "Potter" thing ... and am both intentionally and unintentionally called that sufficiently frequently that I pretty much answer to that, as well as my actual last name "Porter". (The fact that my first name is Harry keeps things interesting )

I've read through MP80's response a handful of times; I'm of the impression that the reply was run through a "translate to English" program. I'll be interested in seeing what others advise here. In MP80's shoes, I might simply try a cold application and see what the result is. If declined, it's a good basis on reaching out to Amex and asking, having paid the outstanding debt, is there any means by which to re-establish a new account?

Personally, I wouldn't play whack-a-mole with this one, considering that you have other paid CO's on your credit report. (I fully respect anyone else's different take here.) I'd call them, tell them that only an outstanding balance of $238.03 remains and that if they'll submit a request for "payment in full" in that amount, you'll promptly remit it, after receipt of which you expect the collection tradeline to reflect a fully paid status. Don't dance on the phone with them; respond to anything they say by asking if they'll accept the amount as payment in full. If they don't want to answer directly, tell them they're welcome to call back when they're ready accept the payment on those terms. In any case, insist on a written statement documenting that the payment will fully settle the balance due in advance of making payment. Of course, you'll take your best shot (after the fact) at getting the tradeline deleted.

I fully grasp your frustration. Litigants are simply held to a higher standard than creditors. One might say that the "system" presumes that debtors are aware of their debt and, ultimately, are the ones responsible for seeing that it's satisfied. Whatever the case, unless otherwise provided for, the onus is absolutely on the debtor to ensure that their debts are satisfactorily handled, irrespective of lapses on the creditor side. (Obviously, the "unless otherwise provided for" aspect is largely detailed in the Fair Credit Billing and Fair Credit Reporting Acts.)

Just want to note that rehabilitation is a remedy for federal student loans that have been declared in "default" (typically defined as having fallen behind on payments by 6 to 9 months). It's unlikely that it would be wise to intentionally default on a student loan in order to take advantage of rehabilitation remedies.

While revisiting this thread, you could have been considerate and updated your March post with the outcome! 😄

Hats off to hege for bringing this thread back around to the original focus: OP inquired how these lates might impact his mortgage prospects. Shifter likely called it fairly accurately, in suggesting a 60 pt score hit. Given the age of the delinquencies, if there is no other adverse information reporting, odds are good that mortgage scores will still come in at 680+, qualifying for prime rates (though not the best available). It wouldn't hurt, at this stage, to find out exactly where you stand. I did this recently, when wife interviewed for a job in Boston and I wanted to size up implications in advance of (what I then perceived as) a "remote" chance of an offer (she started work 3 weeks ago!). I chose to call Quicken Loans/Rocket Mortgage, pulling up an online link. You don't need to have purchase plans in place; say you intend to purchase in 6+ months. Application was simple and I was contacted by a mortgage consultant who shared my credit scores and the rates for which I qualified. We left it that I would get back in touch when I had firm purchase plans. That was all there was to it. Well, follow up robocalling quickly ensured. Simply told them I wasn't interested at this time and asked them to take me off their calling list. Took about 3 insistent statements to that effect, but the calls stopped cold. It was a very useful exercise. FWIW, I was just "conditionally" approved for a mortgage through DCU. (I'll relate that positive story in another thread.) Chose not to apply with Quicken/Rocket because their operation had far too much a "boiler room" feel to it, notwithstanding the exceptional pre-qualify encounter I experienced. As far as the BA delinquencies, my personal recommendation continues to give a shot at the goodwill request. Then, put it behind you ... it's aging off not too long down the road.

Clearly my thoughts on disputing the debt are aligned with centex. I grasp the strategy of entering a dispute with the CRA's, hoping that something will fall through the cracks and that the creditor will fail to validate. However, the process is sufficiently automated that I expect it rarely succeeds with a reasonably well established debt such as a mortgage with a mainstream banker (such as BA). (I'm open to correction of this impression.) To me, at best it smacks as a Hail Mary pass. As centex suggests, it risks the complication of a fraud alert (not particularly desirable, in anticipation of a mortgage application). In any case, don't follow such a dispute with a "goodwill" request. I react with a "facepalm" each and every time someone posts of making such a request after having launched a round of unsuccessful disputes ... I mean, just how disingenuous can one act?

The only problem with this logic is that it asks BofA to take an action against their own interest ... remove entries from the credit report that otherwise might ensure that they price a mortgage to reflect risk and, thus, yield an appropriate profit. My point is that, more than anything, a successful goodwill letter needs to establish a remote likelihood of such delinquencies being repeated. Accepting responsibility for the past behavior is a start; it takes more. In any case, an attempt to seek a goodwill adjustment is warranted. Just go into the effort with realistic expectations re the outcome ... BA is one of the most resistant banks to "goodwill" requests. (They actually have put up a webpage that suggests as much: https://www.bankofamerica.com/help/goodwill-adjustments/ ) nverlast1 shouldn't be discouraged from the effort ... just understand that the letter must be persuasive as to why the delinquencies aren't likely to be repeated on a new loan.

This simply reflects my bent on things, but I'd advise a little caution: In your shoes, I don't know that I'd be looking to even slightly nudge BofA's boat. That caution grows out my approx 10 year old experience with BA underwriters when, coming out of the credit debacle of 2008, a CLI request resulted in BA pulling out the rug under from me ... to the tune of about 60% of my credit card limits with them (3 accounts). So, yeah, things were a little different back then -- BA was acting like a nervous ninny. I applied for a CLI on one of my cards, received a message to call for consideration, called and was transferred to an underwriter who updated my financial info and put me on hold. When she came back on the line, it was with the news that she was cutting all 3 of the credit lines. Mind you, I had a clean credit report (last adverse reporting in 2001) with moderate utilization and 720+ FICO's. (And, for what it's worth, my BA lines are now at their strongest.) In your case, your 2 BA personal credit card lines are the largest individual lines you have with anyone (based on your Siggy). You have 4 BA biz cards in addition to this. You already have adequate lines on these two BA lines to act as "prybars" with other issuers. I'm just saying that I don't see that you have much at all to gain from the CL consolidation, aside from bragging rights. And, it happens that credit card issuers are showing renewed signs of concern over credit card loss exposure in light of the higher risk economy. As I've suggested, were I you, I wouldn't be looking to stretch out my neck with BA right now (especially given your strong concentration of credit products with them). FWIW.

Just as a sidenote, when using the Macy's Amex to charge at Macy's, you get 3% in rewards. With the store card, you get bupkis. Seems to me any active Macy's shopper would prefer the Amex version.

Damn! Someone please tell me where these credit cards are on which you earn rewards on revolving balances ... PLEASE!!

Agree with the above. Mortgage qualification is a sieve. The bottom 1/5 (<620, Equifax) are almost entirely weeded out, the next 1/5 (620-690) are significantly so. The residual population, some of whom go on to become homeowners, can be expected to have a higher credit score than the population at large. "QED"

I'd write a "well-written letter", addressed to the OC, copies to the collector and the CRA's involved, to remind them that the reporting of parking ticket debt. or any other debt that did not arise from a contract or agreement by the consumer to pay, runs counter to the National Consumer Assistance Plan initiative implemented by the three consumer reporting agencies in 2015. Further, I asset that the obligation has been paid (including a cancelled check, or other evidence).