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Profile picture for wannamovesoon

Finding a loan- should it be so difficult?

I have been dealing with a mortgage broker for 3 months now. My credit scores are 644, 637, and 630. I have been at the same job for 19 years. For some reason, the broker I have been dealing with states my score is showing up as 601. I have waited because I was told that the lending system is 2 months behind in updating, and have since gone out of contract on the property I had an accepted offer on. During the 3 months, at one point I actually was told I had an fha mortgage and actually signed the paperwork. The next day I was told that the loan was not accepted because I needed to provide 8 months of rent receipt payments. Not sure what's up. I have no outstanding debt- all balances are 0 and i have 2 paid off suv's. Why can't I get a loan?
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June 02 2010 - US
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Answers (9)

Profile picture for SoCal_Engr
You need to find out what the issue is on the credit report. I went through this last year, and it turned out that one of the bureaus had mistakenly merged someone else's credit history with my wife's, with disastrous results. I was able to contact the credit bureau and get the issues resolved within 48 hours.

However, the credit union I was working with couldn't get my loan app back in process so that the updated credit info could be used. I made a few phone calls, found another lender, and moved on. There's no reason that you should have to be penalized for someone else's inability to move the process forward at a reasonable pace.
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June 02 2010
You say your scores are 644, 637 and 630.  But then you said a score showed up as 601.  Don't understand this.


Why are your scores so low?  There must be some prior negative history showing somewhere.  A mid score below 620 is problematic for most lenders.

Find out what's on the report and do credit repair.

By the way, having zero outstanding debt does not necessarily entail a good score.  A lot of factors go into the credit score.
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June 02 2010

Hello Wanna Move,

Do not feel bad that the broker is out the credit and appraisal fee.  He should have pulled credit and preapproved you before he ordered an appraisal.  In most situations the 3 credit reports cost around $17 - $40 and that is part of what we do.   

Banks pull a different type of credit report and that is why your scores are different than the credit scores that you see.  I know that seems odd but it is true.  Even though they are all the same credit bureaus that you are working with, as a bank we pull different scores.  

The broker should have done a rapid rescore process on you since you had paid off recent debts in order to try to improve the score.  By waiting several months and pulling again, he most likely lowered your credit score again. 

I am sorry to hear of your dilemma.  Best of luck.  

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June 02 2010
Experian is 1 bureau so they do not have info from the other bureau's.  I am guessing that the scores you think you have are not accurate.  Get a copy of the credit report the lender is using...anything else will not help you understand what the issues are.
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June 02 2010
Ask for copies of the credit report that the lender is working off of
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June 02 2010
Profile picture for wannamovesoon
I have pulled them from experian 3 bureau as well as the fico site and the scores I listed are what i got from both. My DTI is 0. How can i find the actual score lenders see? I would raise my score if i could, but with 0 balance on the 2 open lines of credit i have, i don't know what else i can do. I also feel bad because the broker already laid out the money for credit checks and appraisal.
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June 02 2010
agreed ...and pin down exactly what your  credit scores are
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June 02 2010
Profile picture for wetdawgs
It is not unusual for the credit scores pulled by financial people to be different from those you can pull by yourself (a fact that has been addressed by recently legislation by the feds, but not yet into law).  

Doesn't sound like you have a loan officer who is on top of things.  
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June 02 2010

Sounds like you need to find a better loan officer..

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June 02 2010
 
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