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Found 127 results

  1. So my mortgage was with Ditech and they folded, and now Shellpoint owes it. This one was in 350k range. It about 10 years old. I also have a 2nd mortgage in the 60k range. So it just reported closed. The following occurred. My TU FICO 8 fell from 722-708. FICO 9 fell off a cliff 764-709. FICO 8 bankcard 771-718. FICO 4 took a nosedive. EX dropped 2 points. I have a baddie that will drop in FEb/March so I think that had something to do with not a great loss. Just goes to show that having a conventional mortgage which we all know helps, can also really hurt when paid off. Utilization is 9%. I have 1 account showing as 75% but that will drop to 50-60% shortly.
  2. Hi everyone! Just joined the community after hearing great things on an number of personal finance forums. I'm trying to rebuild my credit so that I can get a good mortgage hopefully by the end of 2020. Specifically, I'd like to increase my score from 568 to above 700 -- I know that's ambitious. Some positives. Several weeks ago, I paid off the remaining balance on my CC debt. I'm now in the middle of consolidating my student loan debt, which racks up to about $42K. I'll begin making monthly payments as soon as that process is complete. The not so good. The student loan debt mentioned above. I also have four collection / chargeoff accounts at Cap 1 (x2), Discover, Wells Fargo and Discover. I don't know where to start. I've recently tried applying online for a number of secured credit cards with Cap 1, Discover and Citi but have been denied due to my past issues. Are there any banks that will accept me? What are my other options? Any advice is welcome and I'm ready to do whatever it takes to reach or move closer towards my goal. For what it's worth, salary is between $100K and $120K and paying about $1.3K in rent every month.
  3. I had a rental property that was part of a business dealing that went bad. The property was on the brink of foreclosure when we were finally able to settle and sell. Bank (and taxes, HOA, etc) all were paid in full. This was not a short sale, or settlement of debt. Realistically, when would I start to see my credit score increase? This house was the only negative on my credit report (unfortunately a large one) and was nearly 2-years behind when everything was resolved. Score dropped about 150 points when the payments were falling behind. Other debt is minimal. Just primary residence ($200k and 5 years of on-time payments) and a school loan ($6k remaining). Credit cards are used for daily transactions, but are always paid in full. No other late payments, collections, or anything of the sort for 15 years plus. Bank is showing the mortgage account as closed, but it doesn't appear that it was marked as "Paid in Full." Related question, I see that typically late payments fall off of the credit report 7 years after "first notice." Does that mean at the 7 year mark, that all vanishes, or is it a rolling 7-year (as the last late payment filing was 2 years after the first, so it would be 2 years from now?). Thank you.
  4. I live in Illinois. We have a defaulted 2nd mortgage that is over ten years old. The statute of limitations in Illinois for written contracts is 10 years. The 2nd was taken out in 2005 stopped making payments in 2007 and filed for BK in 2009. Besides their lien still being attached to my home, I can't see any situation where they can foreclose this late in the game without me making a payment starting the statute of limitations all over again. Thoughts??
  5. Hey guys I'm currently looking to get a mortgage loan. In order to do this, I need to do some tinkering. My Credit Score on FICO 8 is in the 770s - 780s. However, FICO 9 shows at 699 from Experian. The reason is that CitiBank has not yet reported it's new balance to the Bureaus. The utilization on CitiBank shows 110%. It's been at least 60 days, and still nothing (even though I closed the balanced to close to 0% on each statement). They're being quite the inconvenience currently with their delays. Any suggestions? What can I do? This FICO score is really hurting me. I need to expedite this, and make CitiBank report last month's closing balance. As it's holding me back from loans I need.
  6. I will try and make this as short as possible. I live in Illinois, bought my home in Jan 2005, and took out a HELOC in April of 2005 with E-Trade. Defaulted on HELOC in late 2008 with E-Trade Filed BK 7 in December 2009 and Discharge in March 2010 the E-Trade loan was never reaffirmed during BK. The loan was sold to Specialized Loan Servicing (SLS) in January 2014 without me knowing or getting notification from either party. Neither showed up on my credit report. I new the BK protected me from being sued for any balance left if I sold my home at a loss were the junior lien holder (E-Trade / SLS) was not paid in full but the lien was still attached to the property and they could foreclose. Recently applied for a HARP loan and that is when SLS showed up on the title search, they refused to subordinate and sent a payoff letter for the 41k principal and had an additional 12k in interest that they charged not E-Trade which we hadn't made a payment to since late 2008 the interest was from January 2014 when they purchased the account from my math. Is this 12k interest legal without at least letting me know somehow they even owned it? I got my first letter from them a few weeks after the harp loan was dead in the water. I hired an attorney but since they have only sent one letter giving me like 4 options to cure the situation it isn't a pressing matter for my attorney who I have only been dealing with for about a week. They are still in the process of collecting my documents and trying to get a modification hopefully on just the principle. I just want to know if I am on the hook for the extra 12k which is growing by $7.89 daily.
  7. My PRIVATE loan from 15+ years ago defaulted over 2 years ago, result of unemployment and huge minimum payments I couldnt keep up with increases of. $50,000 UNpaid PRIVATE student loan. Defaulted 2 years ago. Have not paid since; dont plan to. Settlment offers are half, which I obviously dont have- and at my low income level, never will. I have NO interest in setting up payment plans that would last for decades. Now I got a new job this summer, $40,000 a year. Previous annual income: <$20,000... finally have a $40,000 income here which is liveable. Have roommates, no car, no mobile phone, no iphone, no entertainment expenses other than netflix, dont go out to lunch, etc. Live as meagerly as possible. Current Bedroom Rent and Utilities (already have roommates, pricey city, already at one of the cheapest places): $1300 a month ALREADY RENTING ONE OF THE CHEAPEST ROOMS (BEDROOMS) FOR RENT IN MY CITY- I ALREADY HAVE ROOMMATES, AM VERY EFFICIENT WITH UTILIITIES, & LIVE CHEAP FOR HERE. Mortgage on a $40,000-50,000 dumpy studio condo I found in the suburbs: <$500 mortage and utilizes (super tiny studio, 300 square feet, utilities run <$150 on average for them total, add ~100 for commuting further) Savings: $3000 Credit card debt: $2000 Other loans and defaults: $0 Like I said, I dont plan to ever enter into voluntary payment plans for that UNpaid PRIVATE student loan. I simply could never pay off $50,000 plus interest as it keeps increasing with interest. I can never, realistically, settle NOT even if they offer me more than half off. Rent is pricey. Private UNpaid student loan of $50,000 defaulted TWO YEARS AGO. Realistically, Ill never be able to pay that off, and dont intend to try, as the numbers simply are impossible. I dont make enough income to settle or put a dent into $50,000 of a defaulted private student loan + APR. Can I ever quality for a mortage? A tiny condo with mortage in the surburbs would cut my living expenses by MORE THAN HALF. Like I said, I already have roommates & live in the cheapest safe room I could find. Suburban rooms for rent are maybe $100 cheaper, but then you add commuting costs. Tiny dumpy condo is safe enough, and very small at under 300 square feet mortage would cut my living expenses in half. CURRENT FICO SCORES: 610-650... if I pay off credit cards, I should at least hit 620-640 across the board by when I could realistically afford a condo (probably this winter).
  8. Lender's attorney sent an FDCPA validation notice and filed for foreclosure suit (judicial foreclosure state) before the end of the validation period. Since the attorney held themselves out as subject to the FDCPA , is this a violation?
  9. or are they just considered cosmetic /maintenance on a 1952 home 1. most new windows approx 10K 5 to 10 years ago 2 new boiler/hotwater heater system plus conversion from oil to gas 9K 9 years ago 3. complete perimeter house drain system 12K 9 years ago 4. new roof 12K 4 years ago
  10. Hello everyone, my wife and I are looking to finalize some last minute strategy before we pull her credit to try to obtain a mortgage and get the highest possible score boost. In order to grow her score the past several years I added her to some of my oldest and/or highest limit cards as an AU, but I do have a few balances albeit with very friendly balance transfer rates. In the meantime we've been solely attacking the cards that are in her name only. Here's what her report showed on her most recent pull (696 EQ middle score, TU was 702, EXP was 685): Amex BCE 242 / 3000 8.1% *PIF, this will report as 0 balance on 7/17/18 Amex Everday 0 / 1000 0% Wells Fargo Visa 49 / 8500 0.6% *PIF, this will report as 0 balance on 7/16/18 Capital One Platinum 0 / 3500 0% Chase Slate 0 / 6500 0% Chase Freedom 0 / 500 0% Discover 0 / 2200 0% Victoria Secret 0 / 6000 0% Dress Barn 0 / 1570 0% Citi Simplicity 1558 / 3300 47.2% *currently 0% interest, will report next on 7/21/18 FNBO 9350 / 30000 31.2% (AU) Amex BCP 3000 / 33000 9.1% (AU) BofA 6129 / 13200 46.4% (AU) citi diamond 0 / 14700 0% (AU) kohls 0 / 1500 0% (AU) Our main question: would the 2 dollar trick work if we use it on the citi simplicity card and only pay 1556, assuming we pull again after 7/21 and let BCE and WF Visa report as zero by that time? Or will this not work because other balances are being carried elsewhere, even though they are on the AU accounts which are only my financial responsibility? please note I am not applying for the mortgage, it will only be in her name. Pretty sure we'll crack 700 middle score either way, but we're really hoping to hit 720+ for various extra advantages in the mortgage application process. Any input or experience in a similar situation would be greatly appreciated. Thank you all for your help over the years, we have come a long way and are very close to landing the home of our dreams. We could not have done it without you.
  11. https://money.cnn.com/2018/08/04/news/companies/wells-fargo-mortgage-modification/index.html Wells Fargo said the computer error affected "certain accounts" that were undergoing the foreclosure process between April 2010 and October 2015, when the issue was corrected. About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, the customers were ultimately foreclosed upon. The embattled bank revealed the issue in a regulatory filing this week and said it has set aside $8 million to compensate customers affected by the glitch.
  12. I received letters from the IRS today notifying me that my taxes from 2005 and 2006 were sent to private collections. I thought I paid those two years but I learned about the IRS claiming they were overdue 9 years later. The amounts were way higher than I could have possible owed and only a year away from expiring so I just ignored them. I have great credit (830ish) and will be buying a home in a year so I'm freaking out over this. Could these hit my credit reports even though they are 10+ years old? Will I get constantly harassed on the phone now? Can I negotiate a settlement? Thanks all
  13. Hi, long time reader/lurker and I've used the great advice here to improve my score from the high 500's to EQ 719, TU 740, EX 744 (those are my FICO 8 scores). My mortgage scores are EQ 668, TU 692 and EX 679. I am in the process of making the purchase of a home in Los Angeles that requires a jumbo loan. I am putting down 20% but can't do more without selling something first and a contingent offer is a no go for sellers. My debt to income ratios and the rest of my financials are solid. Ideally I need a middle score of 700, but I can get the loan with a middle score of 680. I did pay down a few credit card balances that had gotten over the 40% mark and now show credit limits of 113K on my report with 6.8K to 9K being used (depending on which agency), but in actuality I am using 2K in total but a few things haven't updated. Unfortunately I can't wait as next Friday I need to waive lending contingency or lose the house to another bidder. For aa number of reasons this house is truly a one of a kind as it offers things that are needed for a family member who requires handicap assistance, etc. I say that as if I were reading this I would be thinking, don't be stupid, just wait a month or two and find another house. It's not that simple, but I don't want to make this post a book... I did get very giddy with having good credit and have opened waaaayyy too many cards to get points, miles, etc. I have realized the error of my ways as I now have 29 inquiries in the last 24 months and my credit length has gone from 20+ years to 10 years (short, according to "them"). Anyhow, feel free to shame me for not listening to the wise advise here better than I did - this has surely cost me a lot as the 10% of my score I've given up for being an salamander would have taken me well over the necessary score. Ugh - no one can save me from myself, right? Still, although I'm a slow learner I do learn. Last late payment on EQ and EX was 47 months ago, on TU it was 56 months ago. No collections, no public records. I have two other active mortgages that have never been late (rentals) and 6 other mortgages that are closed with no lates (I've been transferred a lot for work). On my fico mortgage score analysis it shows that the factors bringing my scores down are: You've recently been looking for credit. You have too many credit accounts with balances. You've made heavy use of your available revolving credit. You have a short credit history. In your case, the age of your oldest account and/or the average age of your accounts is relatively low. About two years ago someone here referred me to a great guy in Lake Forest, CA who helped me by getting a rescore and thus loan approval, but I've lost his information. If anyone has any advice on how to improve mortgage scoring fast I'll be incredibly grateful. My mortgage score have typically run 93% to 95% of my Fico 8 scores (last 5 year average), but there have been spots within time where they've exceeded my Fico 8 scores. Right now I am running: EQ - 92.9% mortgage score to Fico 8, TU 93.5% mortgage score to Fico 8, and 91.3% mortgage score to Fico 8. I would so appreciate any advice that you have on how to improve the mortgage scores really fast. My broker has said he can rapid rescore two tradelines, but that's it. Thoughts? Thank you all so much!
  14. We have a current VA loan for our home (not paid off and 8 years old). However, we want to sell and move to a bigger and better house. We thought we read something that said you cannot get more than one VA loan ever...is this true? We would love to use VA again since we didn't have to save up for a HUGE down payment. Thanks in advance!
  15. Hello, I have a home that was being rented out by a 3rd party company after a divorce that has been in foreclosure for more that 2 years. The home was supposed to be a lease to own for the tenants but the company went under and just abandoned all the properties. The foreclosure process then began in late 2010. Since then the mortgage has been sold to several lenders over the course of this time and appears on my credit report multiple times. It also is still pending now. I'm not sure what to do or if there is anything that I can do to speed this process along so that I can begin to repair my credit and move on with life. Also it show on my credit report multiple times (once with each previous lender that it was sold to) What can I do to get that removed or is that accurate? Any suggestions are greatly appreciated!! Thanks!
  16. Hi guys, Well, I've been trying to buy a house, I was shooting for a conventional loan but just found out that since I had a short sale I don't qualify for a conventional per new rules (funny, earlier in the year I was able to do conventional, who's making these rules? lol), lender said FHA will work. Is there any loophole that allows me to do conventional? If not I still want to see what you guys think about the numbers under my situation. This is my situation: - short sale in november 2011 - 680 credit score (thanks for advice was able to take out some disputes) - 130K price These are the numbers my mortgage person is offering under FHA: - APR: 5.472% - Finance charge 122,382 - Amount Financed: 123,982 - Total of Payments: 246,364 - Interest Rate: 3.875% - Principal and Interest: $600 - Estimated Taxes and Insurance: 534 Not happy about the upfront 1.75 MIP Fee, but next november I will qualify for a conventional so I might look to refinance if the rates look appealing. Any advice will be greatly appreciated. I could wait and get another house maybe next november but with this house I could have roommates that will basically pay for all my expenses and the street has the space with just the right layout to accommodate all the cars, sweet! Thanks and Happy New Year!
  17. First off, wasn't sure if this or regular credit forum was the right spot. Feel free to tow if necessary. Also, I get a little over analytical and long winded at times so I apologize in advance. TL;DR version: His 630ish, Hers 700ish. No baddies/negs just really high utilization. Can we get scores up in 6-9 months at earliest? Or 12-18 months? This is my first thread. I've been reading a bunch all weekend, stumbled upon CB after googling something and it's been a pretty good resource. A little about me, 27, married just finished grad school and started my first "real" job in August. Had credit cards since I was a sophomore in college, did a pretty good job keeping balances low. Got married 5 years ago at end of undergrad and balances have kinda crept up since then. Past year, things got a little out of control, some spending and I had a gambling problem (blackjack, under control and thankfully before it got seriously out of hand, 20k is nothing to laugh off but it could have gotten much much worse based on some other stories I've read). We had previously purchased a house in 2010 near Memphis when I was starting grad school and wife was teaching. I ended up finding a job back north closer to her family so we moved in late July to MD. House didn't sell until late November (crappy realtor, poor pricing/market, yadda, yadda, yadda) and we ended up having to borrow money from my parents to take to closing to get out of it but thankfully avoided short sale and never got behind on mortgage. Ending up with about $22k in capitol gains loss if my math is right (impressive on a <100k house right?). Currently renting but want to buy at earliest end of summer when current lease is up (went from $700 mortgage to $1200 rent, STICKER SHOCK) So in the past year my utilization went from 30-40% to >90% and wifes went from 10-20% to >90%. We applied for a mortgage in May/June when we were optimistic our house would sell and we'd have some equity to reinvest in a starter home. Clean reports at that point, no lates, everything in good status. June 13, 2014: My scores: 696 EQ; 700 TU; 682 EX Her scores: 768 EQ; 769 TU; 761 EX I'd started to do Lending Club in August to consolidate things but unfortunately couldn't income verify b/c even though I had letter stating my salary, I work for school system and first pay wasn't until 9/15. Currently my Credit Karma says 630 as does free score with my Discover and I also did a soft with Lending Club again that showed the same score (Denied Recent overlimit of a bankcard trade <--- Discover being essentially maxed out interest fee would put me over, it's been paid down to where that won't occur Increase in non-mortgage debt in last 6 months Insufficient income for the loan product requested Excessive utilization on credit cards over last 12 months Wife currently showing 695 on credit karma and 701 on her free FICO included with Barclays Barnes&Noble MC. My current credit: AMEX (charge I think) Balance $4770 Limit $4900 (previous 8k-ish but got chopped when I wasn't paying balance down fast enough) Discover Balance $14200 Limit $14600 (two increases since june) Lowes (SyncB) Balance $0 Limit $1000 (haven't used in a few years but still shows open on TU CR I just pulled) Goodyear (CBNA) Balance $1200 Limit $2000 Paypal Smart (SyncB) Balance $300 Limit $400 AU Cards Barclay MC (Barnes & Noble) Balance $3400 Limit $3500 AAA BofA VIsa Balance $1400 Limit $1500 (never received card and thought it was just wife's but it's showing on my TU CR also) Installment Orion FCU 12k balance on auto loan at 1.99% Student Loans $120k federal, $25k private (working in school system, majority of balance will be forgiven with PSLF, know I need to pay the private, already on IBR) Have a few closed positives - Old Navy, 2 jewelry stores, and an installment from when we put 12k into foundation Personal 10k to parents & in laws which helped with some moving/living expenses and getting out of mortgage - 0% and told to make this low priority Wife: Barclay MC (Barnes & Noble) Balance $3400 Limit $3500 AAA BofA VIsa Balance $1400 Limit $1500 Kohls (CapOne) Balance $300 Limit $400 Limited (Comenity) Balance $0 Limit $1000 Installment Toyota Financial $2200 left on her car at 7ish% $19k federal student loans - also will get some loan forgiveness as she's a teacher So from what I've gathered, the reason for plummeting scores is due to rapidly increased utilization and the key to getting utilization down would be decreasing balances/increasing limits and new TL. Her's doesn't need huge bump, mine needs significant. Doing basic snowball for most part except tackling her Toyota financial first as that has best mix of big payment/low balance (frees up the most monthly working capitol) with monthly payment of about $270. Should be paid off at end of January. Grossing $115k joint, monthly take home of about $6k net (each have mandatory pension contributions of 7-8% & taxes in MD are high). I picked up a second job waiting tables at everyone's favorite chain Italian restaurant a few nights a week and though it's only been a few weeks, seem to be bringing home $200+ cash per week. She'll also have some limited after school tutoring additional income of about 150-200/week Feb-May. I believe we can get access to NFCU (wife's sister's husband is in Air Force) as we're possibly interested in their 100% mortgage. On 200k house with taxes/insurance would be right in the neighborhood of what we're already paying in rent. Also looks like NASA CU has a 100% morgage for DC/MD/VA/PA area we could also use. NFCU sounds like it might be a good opportunity to get something with a high CL which would really help utilization. Also, I've gotten a 0% BT CC offer the from the CU where my car loan is through and wife has gotten 0% BT offer from discover so considering attempting to open those and transfer some of my discover balance to those. Am I correct in understanding that the AMEX, as a charge not revolver doesn't actually affect utilization? (which would then mean tackling my Discover in the snowball before the AMEX to improve utilization?) Current plan of attack will be knocking out kohls, my paypal, goodyear, wifes visa & MC (both of which I'm AU on which) will also help my utilization correct? Does this seem reasonable approach for getting scores back up and getting approved for mortgage in 7-9 months? If not then the possibly following spring? Won't qualify for USDA due to combined income and since we are a household don't think we can apply individually or would that be an option? Was under impression they look at total household? Did FHA on previous mortgage but with changes to PMI would like to avoid that if possible. Also amazing how big a difference there can be in property taxes in unincorporated versus incorporated homes. Seeing homes with similar value have a 1000-1500 difference in property taxes being in town vs out in country (which makes a big difference in total monthly payment). Am I being reasonable with the 9-24 month goal or should I really focus on finding a new place to rent when lease is up (need bigger yard for dogs 20x15 fenced in duplex yard isn't cutting it) and plan on buying 3-5 years out? Have definitely seen homes in area we like majority in the 180-220k range. Occasionally as low as 160k. Using 28/43 F/B DTI ratios Total min payments (excl wife's car which is being paid off in next month) 1784 Approx gross monthly- 9500 43% Back = 4085 - 1784 = leaves 2301 for housing We're wanting something 1500 or less so we should be well under DTI ratios Front end we'd need to be under 2600. Don't want to get anywhere near that. As an aside, for my wife straight out of grad school with 41k teaching salary, she got approved up to 144k. Thankfully we stayed under a 100. TIA for your feedback.
  18. Hello all, I've been lurking and searching to see if anyone has asked about this particular situation before and came up short. I have a vague idea of where we stand and what we should do but would like a little more specific guidance, if you guys don't mind. Here's the rundown: - My fiancé and I are getting married sometime next year (currently trying to lock down a venue & date). - We've both agreed that buying a house trumps having a fancy wedding. - We'd like to buy sooner than later. My credit Scores: EQ 660 - TU 624 - EX 612 Negative factors: EQ is reporting one collection account. TU is reporting 2 collection accounts. EX is reporting 2 accounts that had late payments (60 days or more) + 2 collection accounts. Extended Credit: I only have 2 credit cards that were opened about 6 months ago totaling $2,800 CL (I keep my util between 5-15% for both, trying to get that lower.) My credit was really, really bad about 4 years ago and I was scared to even try applying for credit cards for a while until I realized that wasn't helping my credit either. Payment history: The only payment history I have reporting from the past year or so are the 2 CCs mentioned above. All payments have been made on time. Before that I had several 60+, 90+, 120+ late payments. Income: $55,000 - I started my current job with a new company in June 2014- same position, same pay. Was with the previous company for 3.5 years. I'm possibly up for a promotion in the next 2 months with a $10k raise. 401k for Down Payment: $18,000 My fiancé's credit Scores: EQ 608 (working on having him pull the other 2 scores) Negative factors: EQ is reporting 1 30-day late payment earlier this year + 90% util across 3 credit cards + school loan charge off Extended credit: $18,000 (as mentioned above util is 90%) Payment history: Only one late payment earlier this year. Income: $42,500 - Started new job in September 2014- same position, same pay. Was with previous company over 12 years. 401k for Down Payment: $28,000 FYI, we're trying to pay down his credit cards so that it will lower his util % but we don't think we'll be able to lower it enough to make a significant difference. Would that money be better applied to our savings for a larger down payment? We're completely unsure of how to approach our homebuying experience. Our questions are: Are we completely undesirable borrowers at the moment? If not: Should we apply for a loan together (for added income + down payment)? Are either of us more attractive on our own? If so, who? If we are (undesirable): Should we apply anyway to get a more concrete look at exactly what needs fixing? Together or individually? Is there anything obvious that we should be working on in the meantime? If we purchased alone (just him or just myself) and then got married, would the other person qualify as a first-time homebuyer for our second home? We've been comfortably paying about $1900/month in rent and would ideally like to secure a loan with a monthly payment in that range. By my calculations that means we can afford a house in the $350-400k range. Depending on the rate which we expect to be higher because of our credit. Again, we might be completely off in our calculations. Thank you in advance for any guidance and please let me know if there's anything you need to know that I didn't supply before you can offer any advice. Merry Christmas, DT
  19. Hi, I'm a newbie but I did a little cleanup of my credit 2 years ago using the online disputes, now forward 2 years at the end of last month saw a house that I loved so decided to try to buy it, checked my credit score on my equifax online account and it's at 604 so I'm afraid I might not qualify for a conventional loan, one of the big problems is that I had a high credit card debt ratio with my 5 credit cards (also some settlements and a short sale), about 95% utilization, so immediately called my credit card companies and found out what day they report my new balance to the credit bureaus, so paid off as much as I could and for 2 of my credit cards I was able to increase my credit limit so I lowered my credit utilization to around 20%. now according to a person from Capital One once they report to the credit bureaus it takes them 3-5 business days to update their information, so for example Capital One reported yesterday, so at the earliest I plan on having my mortgage broker pull my credit 12/18 (5 days after), seems to good to be true that when they pull my report it will show my new lower balance, is this possible? or am I delusional and it takes much longer (1-2 months to see results)? I also got desperate and contacted Lexington Law and they're supposed to send some dispute letters. Thanks!
  20. I just got an alert that negative information was reporting. It is this company, Statebridge, who purchased our mortgage from Bank of America recently. We filed Ch7 BK in 2009 and included the mortgage. This is how it is reporting: Date Opened: 11/2006 Date of Status: 11/2014 Reported Since: 11/2014 Last Reported Date: 11/2014 Account History: Filed Chapter 7 Bankruptcy on Nov 30, 2014 It also shows a zero balance and zero payment. I am afraid my current creditors, especially Barclay, will see this and close my accounts! I did not file BK last month; it was 5 years ago! And, I have worked really hard to rebuild since then. The other things I see wrong is that they are re-aging it and they are reporting a default/charge-off after it was included in bankruptcy. So far it is only showing on Experian. I will dispute it. I was also thinking of sending a certified letter to these jokers. Maybe I can sue them. Does anyone have any advice, suggestions, or dealt with these morons? Thanks in advance! I am not sure if this should be in the BK forum?
  21. My head hurts. Any feedback is appreciated. TL;DR: House shopping. Credit union claims they have pulled my credit report(s) and received rather bad scores. I can find no evidence of either the pull or a reason for the bad scores. Background: My lease is up at the end of January and the goal is to have bought and move into a house by then (it is sooooo much cheaper to buy in my area vs. renting.) I figured I had adequate credit--not great, but no significant bad guys like collections or anything. My credit cards have always had low limits but I never really cared. I never carry a balance and I have a year and a half of student loan payments made on time ($21kish principle.) A credit union recently denied me preapproval with the following blurb: "I reviewed the information on the application and as part of a prequalification , I pulled the credit report. Unfortunately, your credit scores do not meet our minimum requirement of 620. Your scores were Beacon 469, Fair Isaac 571 and Fico 656. We take the middle score for the minimum. At this time you file will be forwarded to our denial department. You will receive a copy of your scores in the mail. You may want to request a copy of your credit report from Equifax." I understood that to mean they used FICO plus two other credit scores with only my Equifax report as input, but another poster here (shifter) has said that Beacon and Fair Isaac are code for Experian and Equifax, so I dunno. I'm curious about this, but at this point it is secondary. Ex and Eq put me through hell re: verifying my identity, but I finally got both paper reports (Ex as my free annual, Eq on the basis of denial of credit.) My annual Transunion report is ~8 months old, so I am disregarding it (but it doesn't have anything worth mentioning.) * Experian lists no inquiries whatsoever. * Equifax lists only inquiries from "Equifax", :"ND-Equifax", and "AR-Equifax". Equifax and AR-Equifax both have pulls on 11/6, whereas I received the above email on 11/5. Conceivably, there could be some kind of international date line weirdness going on here? That seems to be a bit of a stretch, though. There's no other inquiry anywhere near the timeframe in question. * I've just now signed up for USAA CCMP. No inquiries listed whatsoever on all three reports. * Note that I opted out years ago. * Experian's FAKO gives me 709 for all three reports, which they say is a bit over 43rd percentile. For whatever that's worth. * The only derogatory thing I can see are two late CC payments, not consecutive, about two years ago. As stated previously, I've been paying my student loan on time for the past year and a half (before that, it was in deferral) and the reports show this. * The credit union claims to have sent me a letter confirming those scores. I may have tossed it aside (though not in the trash) without opening it, or it may never have come... I can't recall. I plan on tearing the place apart looking for it when I get home. * Re: identity mixups, I have a fairly unusual name. There is not a single other individual alive with my first, middle and last name--I think I would bet my life on it. I would not quite bet my life, but at least my life's savings, that no one else with my first and last name exists. * Up until a couple months ago, my credit reports had been frozen for several years. * Immediately after I unlocked my reports (before the mortgage application), Comcast did a credit check on me and there was some kind of problem that required I go down to the office. The person in online chat said their system uses Equifax but I couldn't get them to be more specific about the nature of the issue. The person at the office frowned a bit, fiddled around for 2 or 3 minutes, and then said "oh!" and did something on his computer and the issue was fixed. I was out the door before I could think to ask what the problem was. ***There is no Equifax inquiry matching this date.*** * I just got approved for Home Depot's sorry-we-really-suck-at-computers credit report freebie thing, but right now I don't see the point in seeing the same story laid out for a third (or rather, the 7th, 8th & 9th) time. * Equifax made no comment on my claiming denial of credit. I sent them a sharply worded letter because of the runaround they were giving me re: identity verification and they interpreted it as an address dispute and sent me a dispute resolution based on that. (Which is weird because I wasn't trying to remove an address--I was essentially trying to add one.) So I could have received a report for that reason, though I am also due a free annual report from them. I just wrote a polite but somewhat sharply worded email to the credit union, but I thought I would ask 'round here before I send it. It's easy to assume a cockup on their end but... this is just too weird. There were apparently/supposedly two people personally overseeing my credit check (I got exasperated earlier about an unrelated red tape issue and complained hard-yet-politely enough that they suddenly started treating me with kid gloves in a way that only potential mortgage customers are treated. And millionaires, one assumes.) How could this have possibly happened? And what about the Comcast thing? I feel like I am missing something and I am too strung out, overworked and sleep deprived (10 month old... still colicky) to figure out what it is.
  22. I'm in the final throes of Escrow (Cross your fingers) and wanted to report on some weird Inquiry info they're pulling/reporting. This doesn't look like it"ll have any negative impact on my loan. I'm just reporting for information only and out of curiosity. Before the packet was submitted to the UW for conditional approval, I was asked to write a letter of explanation for the single inquiry on EX. The enquiry was over a year old for a CC I currently have. But the joint tri-merge the bank pulled showed the Inquiry with a different date. On their report it was dated just a few months back. This is not the case for any of the various sources I pull, including my real report. Last week, before submitting my final packet with Conditions to UW in order to get "clear to close" the processor said 2 more inquiries had popped up for which he needed letters of explanation. One was for a 8 month old CC that I have but the Inquiry date they have is September 2014. The Inquiry was B* from TU last spring. The other was from my only "shopping card trick" card from a year ago. As such, there was never an inquiry that I know of. It also shows an inquiry date of sometime in September 2014 (but different from the one above.) Working theories: They're also pulling from additional sources. Shopping cart cards get a hard inquiry on some other place Tri-merges are inaccurate, even for banks The bank has only disclosed that they use the big 3 CRAs I saw the initial report in October with the initial incorrect inquiry date. At first I thought the bank must have made a typo... Thoughts?
  23. After many years of paying rent we have decided we want a home of our own. Would 18 months be too early to start the mortgage process? Here is our story...bear with me it's long, Back in December of 2012 we closed our accounts at a traditional bank and moved our accounts to a credit union (bank was giving us no love even when we never overdraft in the 5 years with them). September of 2013 requested a CC from credit union and received it. Been keeping uti under 10% paying off each paycheck. November we received a car loan with credit union for a 7.99% interest for $33,000, paying on time, never late. Husband is an authorized user on brother's AMEX to help build credit. In other words we didn't have good credit. Husband's "baddies" will fall off in 2015. My baddies were all medical from hospitalization in 2012. Used WhyChat's method and they are all gone! In September I went on a CC spree and obtain a Capital One CC, Wal-Mart and Care Credit (joint with husband) for me and for husband a Valero, Care Credit and Target. Will keep balances down to at the most 1% and pay off each month. My credit scores are as follows: EQ 637, EX 615, TU 611 (Very excited about my scores, this time last year they were all in the low 500s!) Husbands scores are as follows: EQ 600, EX 559, TU 614 (He has 5 baddies, scheduled to fall off by 2015) We are planning on using our Credit Union since we are building a relationship with them, with the car loan and cc. I was also planning on April of 2015 obtaining one more CC, not a store card, to help our portfolio. Should I or should I not??? I need advice on what we need to do to bring our scores up by May of 2016 to obtain a mortgage at a good rate. I hear that 620 is the rate some loan companies will approve. I want at least a low 700 or very high 600 before we start looking. Would love a 720 to 750 on all! My husband's score will go up once the "baddies" are gone. I am worried about how recent our credit will be and if that would be an issue on obtaining a mortgage. Need to also mention, both of us have two jobs and nickel and diming everything to save at least 20% to put down on a place. I've been at my current full time employment for over 9 years, husband just switched jobs in October, 2013 so he has been there a year. Would we be able to obtain a mortgage loan in 18 months???
  24. Hello, My husband and I have been patiently waiting to buy a home for years. We had a lot of obsticles that kept us from being where we needed to be that we have now overcome. We have been in a lease purchase for the past couple of years for a home that we will be purchasing for $250K and we have accured about 10K for the downpayment though we may be able to come up with a few grand more if needed to close. Here are our current issues: I am self employed & my spouse is on SS Disability. His income is non-taxable. Majority of my income is through a contractor position that I have held with the same employer for over 6 years now. After our accountant completed our income taxes this past year, I was concerned it might not appear that we make enough income to qualify. I currently bring in 60K per year for this contract posiiton plus another 5-10K in additional contract work. I have roughly 5-7K in expenses however, the way my home office is setup it is a large portion of our home and after they completed the home office exemption and household related expenses, my taxable income appeared to only be about 20K. Since the majority of the reasons my income looks so low is due to our home expenses which would be similar if we were to purchase the house, how would they look at my income for qualifying for a mortgage? Would they look at it before the home office exemption was used or after? Also, I have heard that SSD income is sometimes counted as more due to being non-taxable. Is that true? My spouses income from SSD is roughly $30K. I also wondered if being self-employed ended up causing too much problems if my employer ended up hiring me a a fulltime employee instead of a contractor if that would change the situation. We had discussed doing that as well anyways. I appreciate all of your input. I have been dreaming of being a homeowner for so long and we finally found our dream home that couldn't be more perfect for our children.
  25. Hello everyone long time lurker first time poster. Okay a little background. I applied for a mortgage loan on July 1st, I didn't think I would be approved and some loose inhibitions and frustration with current rental residence convinced me to give it a shot. Surprisingly I was pre-approved and looked at some houses before I got my hopes up I asked to go further along in the credit process before I became serious because I still didn't believe I was approved. The mortgage lender asked me to bring in W-2, pay-stubs BK discharge papers, etc, I was approved for around 150k, she said everything looked fine and I could proceed. Our realtor found a house we were interested in and put in a bid and received a counter that was acceptable so we went ahead and accepted it, looking up the house online it now says active continent or contract accepted depending what site I look at. It is a short sale home. I was discharged from a chapter 13 BK filed July 2009 and discharged October 2013, My credit scores are EX 674 TU 695 EQ 702. My current debt is about 800 dollars of 10000 credit available to me. I have been at my current job as a alcohol distributor for a year this month and gross about 45k a year. Prior to this job I took a year off from work to care for my newborn daughter. The job I had before I quit to stay home with my baby girl was in the same industry but at a different company for less pay. I have a car payment of 390 a month that I bought 6 months ago. All the credit cards I have are also somewhat new since I didn't apply till after my BK was discharged. I pay 800 in rent, but its someone I'm related too and he prefers cash so I don't have a paper trail for rent, not able to use it for documentation although my banker didn't ask for that info. The USDA eligibly map in the area that the home I big on is due to change OCT 1 and the it appears the house will no longer be in a eligible area. My questions for the experts is how does this look? Am I getting my hopes up for nothing? I still can't believe this is happening, I feel like the rug will be pulled out from under me, also will I have to close my oct 1 since the eligible map is changing? Thank you

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