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Everything posted by oompaloompa

  1. I dont see where once I stated that I conducted business that way. I said: " but realistically, when is that going to happen, that two lenders would quote you the same rate, loan amount and terms? And even if it were close, anything you get up front is an estimate only. So the lender can be "creative" in how they calculate the APR, making it appear artificially low. FHA loans always have higher apr, compared to any other sort of financing, due to the mortgage insurance. As far as we are supposed to disclose it anyway." I was explaining the uselessness of apr as an analysis tool, as it relates to the business practices of some ive seen. Truth in Lending Act relates to Reg Z and initial disclosure. I fail to see its application to the situation the original poster is in. Furthermore I would appreciate it if you would not make unsubstantiated accusations.
  2. My personal theory on the effect of "*B" is that the continued pulls through a credit monitoring system simply push actual inquiries(whether hard or soft) off the part of the credit report that is released to lenders or to us as consumers. Your point, as far as Transunion needing to keep those for legal purposes i think is entirely accurate. However, i think you may be misinterpreting the letter of the law. The law states the credit bureaus must keep track of inquiries for X number of years and so forth, but, does not state to whom this record must be disclosed and in what capacity. Without that, I doubt they could be held to specific performance and full disclosure. I am certain, furthermore that each credit bureaus, if threatened with some sort of related legal issue, could pull records involving each and every single item ever disputed and "deleted" from our credit reports, trade line, account whatever. Now to answer your point about "helping". yes, from a lending standpoint (i am a loan officer, and have been doing loans for quite some years) inquires do not make much difference. However, they do make SOME difference. The point value for each inquiry i believe to be fallacious. I think the fico adjustment (if any) comes in brackets like: 1-10, (0pts) 11-20 (5pts) 21-31 (10pts) or something to that effect, since inquires under 10 for me have not proved to be worth removing. Personally, I have 5 inquiries on TU, 0 on EQ and 19 on EX. Due to the reasons you've stated, its not worth my time to pursue removing inquiries on equifax at this time. The others were very simple, however, and the lack of prior inquires made a substantial difference when I got my car loan. Ive had hard inquiries, from credit cards i did not receive, slowly be bumped in sequential order from my Transunion report. Much later, I ran a mortgage credit report on myself at work, and the inquires were still not present. Bear in mind this is the same report used to approve, price, fund and sell a home loan, in most cases another is never pulled. I have reran it here at work, but there are so many variables, I cannot comment on whether there was a direct improvement to my scores only by inquiry removal. Just note, I have had to deny a mortgage or two due to excessive inquires on the clients credit report. (another lender took the loan in both instances, but they did have to write a detailed explanation concerning the amount of inquiries.) Yes, credit monitoring is most likely not worth the cost if THE ONLY REASON is you have an important financial purchase that will pull TU in exactly 60 days. But most have a need to get a rough idea of the progress they are making, such as I, and TrueCredit or similar proved a cheap solution to kill two birds with one stone. I am about to cancel, as my WAMU card provide a true bankcard fico free to me every month. Most are delusional and/or overly optimistic about inquiries. Some, understand their weight and have an actual purpose to serve. Some, (as ive seen on here) do stuff like the equifax email trick for each and every inquiry as they occur... Just wanted your blood pressure to hear that someone at least understood part of what you were trying to get across.
  3. Most of California (as in about every major or minor city) is considered a "declining market" by Fannie Mae and Freddie Mac. What this means is all of the programs mentioned above, no longer allow 100% financing. So, unless you have a downpayment eqaul to 5% or more of the home, you may need to skip straight to FHA (which is the only program that will still allow 100% in a declining market).
  4. Jq26 has posted a pretty complete explanation. APR is a tricky and dense subject even to most mortgage professionals. In simpler terms, I could say that (an) "APR is the cost of the loan over one year's time, expressed as an interest rate" unfortunately, it only has real meaning as a comparison tool. If you were choosing between identical loans with the same interest rate, in the same amount, with the same terms, you could tell which one had higher (up front) costs by comparing the APR's. but realistically, when is that going to happen, that two lenders would quote you the same rate, loan amount and terms? And even if it were close, anything you get up front is an estimate only. So the lender can be "creative" in how they calculate the APR, making it appear artificially low. FHA loans always have higher apr, compared to any other sort of financing, due to the mortgage insurance. As far as we are supposed to disclose it anyway. not to fear. Ignore APR and instead concentrate on the dollar amount of costs, points and fees the lender is asking to close your loan. The other answer explained this well. And a side note, those "offers" you received from Lending Tree are automatic. You'll need to get an offer of credit and a real Good Faith Estimate from each bank before you have anything to "bank" on. (I know becuase I work the other side of lending tree as a loan officer) Good luck with your search.
  5. With that time seasoning, you may have a chance either with FHA or a Mycommunity type product. With FHA in particular, almost any delinquency in the past can be counter-balanced by compensating factors. In the last 12 months, have you kept a perfect payment history across all your accounts? if so, an underwriter may sign off on you. There have been some changes to the loan and credit markets to where banks *should* loosen up a bit for loans made in the next few months. If you qualify for FHA, you may be able to get 100% financing. Ask your loan officer about the FHA Access Program (FHA financing on it's own requires a downpayment. The Access program completes the deal). What you most certainly won't get is stated income financing. You'll need to document your income and have a lot of it in proportion with your debt.
  6. For those unwilling or unable to find sellers that will comply with this program, ask your lender about the ACCESS program. It works only with FHA financing that I know of. It's a second mortgage for 6% of the price of the home. Funds can be used to satisfy your 3% downpayment requirement and also pay up to 3% of your closing costs. It's not a silent or deferred second, it is on a 20 year term, but at a very below market interest rate, 6-6.5%. For the gearheads this is 103% CLTV financing that yes is OK with FHA. you just need to find a lender that does it. To this I will add most legitimate, non-seller-contribution financing and gifts come from city or county sources. They require approval and ALL have income caps, usually +/- 80% of the HUD median income found here: https://www.efanniemae.com/sf/refmaterials/hudmedinc/ If you make more than the number that comes up in the search, unfortunately you aren't going to have access to much assistance at all.
  7. I unfortunately do not have the luxury of waiting for the upcoming FASFA window and subsequent process of getting a Stafford or other type gov'mnt loan. Last time I got financial aid it took 2 weeks for my school to process the check alone. I'm really in a bind, in fact I've had to hit the cards to get by the last month or two and I need about 10K, the rest of my expense I'll look to federal aid of course. Believe me I have done my research and this chosen route is unfortunately necessary at the moment, unless you have a suggestion on how to get a federal loan funded by the end of this month for someone who's not filed taxes last year.
  8. So, I just applied for a bank of america student loan. I thought I had a decent shot at it, seeing as how I have several bank accounts with them as well as a credit card, all in spotless standing. Well, they preapproved me online, and approved my application. They then went so far as to call me informing me that day was my last to cancel the loan, the check was being printed and it was going in the mail. The next day I get a DENIAL letter in the mail! What's this, I've been denied due to a lack of credit history! I call one of the 8 numbers they have, guy says, "oh, must have been a duplicate application, no worries." so i call the underwriter and they say oh no, you really are NOT getting the money SIKE! So then this manager from the other spot calls and says he's looking into it, and finally it turns out they need 24 months of credit history, and I have 12. I'm thinking that should have been: A. Front page disclosure for those sans-cosigner. B. caught in the initial pre-approval credit check C. caught BEFORE a call is made to the borrower informing him the money is on its way and D. a phone call explaining the F-up should have definitely been made. So, long rant aside, I need a lender that can offer someone with a spotless, 12 month deep credit history, high 600 scores; a unsecured personal but preferably student loan. I don't have a cosigner, don't mind high rates, I have had heard something about "lenders of last resort" etc. Anyway, I'm open to all ideas.
  9. credit one bank i've done business with, but we parted on good terms. with cavalry portfolio, i too had a zombie Sprint debt with them; they categorically refused to do a PFD. they did agree to settle for 60% of the balance, and after loosing my money for two weeks then finding it again:roll: they deleted the first time i disputed. Like, they updated it to "settled/satisfied collection' I waited 2 months, sent in letters that were very simple said only "i believe this account information is inaccurate please investigate" and POUF, gone in just 10 days no less. other one I have no idea even who they are. good luck.
  10. Personal preference for me would be to call what you just described here a sale, not an assignment. I understand where you are going with the legal thing I just feel that the meaning of "assignment" is lost if it is applied to a sold debt.
  11. You gave a very detailed explanation of the legal process of an OC assigning a debt, but still have not shown how a debt to be sold AND assigned at the same time. A sale assumes that the debt and "bundle of rights" has been exchanged for compensation to a third party. An assignment implies the temporary (or permanent as you pointed out) transfer of this debt and bundle of rights to a subsidiary or affiliate of the OC. It can only be one or the other right? if a sale of the debt has occurred, how then can the OC retain the right to assign it, and vice versa?
  12. the OC cannot both sell and assign a debt. it can only be one or the other. If the OC has sold your debt to a 3rd party, they have released themselves from both financial interest and responsibility, and have claimed a tax writeoff and declared the money owed as lost, never to be recovered. The third party now owns the debt and all rights and privileges associated. If the OC has assigned the debt, they still keep possession of it. They give the rights to collect on it to a collection company that they have contracted for this purpose. The OC retains the rights to write off and sell the debt in this case.
  13. Bear in mind I have only a total of 11 months credit history. Well, I already applied, and got denied for a citibank personal loan(that I was supposedly preapproved for), and a wells fargo student loan. I decided to try Bank of America as the last stop. Surprisingly enough, it said I was conditionally approved on the website after I applied. Well I sent in the application last tuesday, and yesterday i called in. They said that everything was done, and they were setting up to disburse funds next week!!!!!!!! The lady said quote on quote "i have never seen a faster approval in my time here". I replied that I know what underwriters look for, I'm a loan officer. But anyway, my scores were the ones at the bottom of my siggy when I applied, I was approved for $10,000, and the name of the loan was the Education Maximizer Student Loan from BOFA. Also, i currently bank and have credit with them, sure that helped. In closing, thank all of you that have contributed to my efforts. I have removed all my derogatorys, have prime credit cards with sweet terms and stupid big limits and am now a member of the 700 club. All in 11 months, all with your help.
  14. I recently cut up my credit one bank card. Not satisfied with collecting over $150 in fees for startup, and a $20 dollar debit card fee, along with a 20% interest rate, they would not drop the annual fee nor raise my limit. I had a card that was 30 times the limit. But my case differs from yours; I have a BOFA student plastic with acceptable terms as my first account. Seeing as it's linked for overdraft protection, I don't forsee ever closing it. When I closed my credit one, it had no effect on my scores whatsoever. Seeing as your orchard bank is the first account, I would apply for credit first and then close it. I have a HSBC platinum mastercard with 2% cash back on any retail purchase. Sweetest deal I've seen save AMEX and Chase. But, the asshats gave me a $300 limit. The other poster's theory about creditors matching credit limits doesn't pan out here, I had a $6000 credit line card reporting at the time. I'm trying a fairly aggressive strategy, I run the card up to max twice a month and then (like the next day) immediately knock it down to zero balance. I'm thinking this will ease their fears about me being able to pay it.
  15. Here's the thing, when an appraisal is done, you are not actually the client. The mortgage company that ordered the appraisal is the client; their name appears on the appraisal report. So that appraisal will be useless to the next loan officer you go to. Make a note of the contact info of the appraiser, most times if your new loan officer calls them up, they will re-type the appraisal into their name for a small fee, like $50. Now your new company can use the same appraisal, it just has to be in their name. Appraisers technically aren't supposed to flip re-typed reports like this but most will do it as a professional courtesy. i've had to "strong arm" a couple into doing it but I've only had one person in my career turn me down on $50 for 5 minutes work. edit: Didn't read the guy above me's post thoroughly. What I said indeed assumes that the appraiser isn't on anyone's $hit list and that the appraisal is up to date(in my experience, within 90 days). If something major has changed in the area like a big value drop or a recent natural disaster the lender may insist on a new report. Or they might send their own people out too. Good luck indeed.
  16. Actually a few less, minus the snail mail to get them there. I got my reports back today and my final collection is GONE! It was the first try on a paid collection (cavalry portfolio services). i'm still stunned by this, it has resulted in me going from a 0 score to 700 plus on on bureau...in just 10 short months. Thanks to everyone who has answered one of my stupid questions.
  17. I disputed a paid collection (my last and only) by mail last week. I went to check truecredit because I am moving and need a report and the collection is gone on all 3 bureaus! Has anyone had this happen in such a short time? Is it possible this is legitimate? Could it be a truecredit glitch? What are the odds that it will re-appear... By deleted I mean the thing is GONE. No evidence of any kind that it was even there. And, this happened one week after I put the letters in, so for sure it was not a 30 day no response thing. If it is really, really gone, then i'm curious on anyone's theory of why it happened so fast. (possibly laziness at the bureaus? but for all three simultaneously?) I dunno, I just want to frickin shout for joy, but dont want to get my hopes up.
  18. Hey you were the one that went to bat for me on the borrow more, pay back amortization argument. Qualification for the new home will be no different than any other. As long as the new home is larger, in a better location, preferable school district, etc (in some way superior to your old primary residence), it can become your new primary residence. People have been doing this for years. I would advise you get any financing you need done on the old property before it becomes investment status. Fair market rent will be determined either by an appraiser or by the lender's field review division. Your loan officer will check into it or use your figure to put on the loan application, it gets double checked later. For qualification and DTI, it's the same as always, 75% of this rent is used as income (to account for slow and nopay and vacancies). It really bottom line depends on the price of the home you are buying and the fine technical details of your individual situations. There is only so much anyone can do for you over the internet, at some point you will just have to talk to a banker or broker, get your credit ran once and let them do their automated approvals. What you say does seem feasible though, depending on a few things. They will of course take all your mortgages and liabilities into the DTI, including the new home. If this makes your DTI too high to get an approval, you'll have to go stated income, meaning a mandatory down payment.
  19. I posted this in the banking section and there have been all of 3 posts in 2 days. -original post- just put out a "hail mary" for a new credit card. I was going for cash back cards and hit up HBSC, Chase and Citi. The HSBC one was preapproved and I eventually ended up getting it. Chase is still thinking about it, but Citi denied me out of hand (due to my one paid collection grr.) I got a pre-approved offer today for a 5K personal loan from Citi Financial. It's dated before I got denied for the card. I need a loan in the line-up, and I would just pay back 4K onto the loan. I'm wondering the Citi rule for denials; IE been denied, can't apply again for X months, and if so, does it transfer between credit cards/loans. Seems to me the different products lines are pretty separated from each other, given what I've read about the company's structure.
  20. I hate to break it to you bro, but there is no way you will qaulify for the 20% portion of an 80/20 with scores like that, nor would you want to. The \subprime catastrophe has left 100% financing investors unwilling to loan to anyone except those with 720+ fico. Even if you can find such an investor, the rate on the 20% will be near federal maximum of 12.75%. The 28/36 rule is for the most part esoteric now. It came from FHA loans of yesteryear (i hear former homeowner in your voice ???) Conforming, or fannie/freddie guidelines, allow as a guideline 50% back end ratio. As someone else pointed out, with an AUS(Automated Approval System, the loan officer runs your credit and loan application through this program), the result will approve or deny, with a numerical representation of risk. SO, if you are approved, your DTI ratio is for the most part irrelevant. I have seen very high (60-70%) ratios sneak through this way. The loan programs that allow high ratios like this will have several things in common. 1. They will be loans for less than 417K. 2. They will have rates in the 6.5-7% range, and they will have mortgage insurance, no 80/20 3. They will deal with credit no lower than 575, and you must have some solid payment history. Also, I dont know what rate you are using to calculate the mortgage payment, that you are using to calculate your DTI. You could be very high or very low and all our guesses would be off. 2 more places to look for a loan: A. FHA. Goverment loans are back in style, I've got 50% ratios funded. Plus, the rates on a 30 year fixed are about 6.25%, regardless of credit. That's right, no minimum credit score. Also, there is mortgage insurance, but it is very cheap, and the seller could even pay it. Many other benefits. B. ACORN home loan program. Take everything I just said about FHA, knock that rate down .75%, allow 40 year and interest only loans and take away the PMI, and you've got acorn. It's a government subsidized program, a community redevelopment thing at way below market interest rates. It's prettymuch the sweetest loan on earth if you can get it, but is only offered retail (that means no brokers and no wholesale; nobody else) by Banl of America and Citibank. Happy loan hunting.
  21. My came pre-approved in the mail, I had like a 550 score on equifax, the others were no scores. i was approved on line. It was only a $200 credit line, so I don't know exactly how much it helped me. Be forewarned there are about $125 of immediate fees charged to the card and a monthly fee + a fee for paying with a debit card. On top of that, the rate is like 20%. As bad as any other subprime credit card I guess. Oh, and after 6 months of never late payments, maxed out and paid off each and every month, they still would not raise my limit or drop the annual fee for more than six months. By this time my scores were all mid-high 600's and I had other cards with much better terms so I cut up the card. I just canceled the card a week or two ago. Look at my signature, I got it 6-7 months ago so I'm reasonably sure it sped up the process, but what else it did I have no idea.
  22. There has been no effect on my scores, according to experian, via TrueCredit.
  23. I just put out a "hail mary" for a new credit card. I was going for cash back cards and hit up HBSC, Chase and Citi. The HSBC one was preapproved and I eventually ended up getting it. Chase is still thinking about it, but Citi denied me out of hand (due to my one paid collection grr.) I got a pre-approved offer today for a 5K personal loan from Citi Financial. It's dated before I got denied for the card. I need a loan in the line-up, and I would just pay back 4K onto the loan. I'm wondering the Citi rule for denials; IE been denied, can't apply again for X months, and if so, does it transfer between credit cards/loans. Seems to me the different products lines are pretty separated from each other, given what I've read about the company's structure.
  24. Good advice on #3. We just drove up there and walked in, and I am proud to report that with minimal time and hassle, the garnishment has been removed. Plus, the Franchise Tax Board (ugh) will actually refund the money that was previously garnished. Now I don't have to worry about the person I split rent with having 25% of their income hijacked.
  25. Thank you for the encouragement. I responded to an HSBC offer of 14% fixed and 2% cashback (for ever) as well as 2 other cards. I did this simultaneously with closing the Credit One Bank card. HSBC's website just spit out that i'm approved for the $300 limit version, not pleased, will wait to see what Chase and Citi come back with, and keep the winner. I need a cash back card in my lineup, the others are no fee, 0%, decent limits but show me no love. I only have the one collection to take care of, and when it deletes I'm fairly certain I'll be 700 scores at lease on two bureaus before the year is out.
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