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Everything posted by mmoore78

  1. Sorry you are having this problem! First, find out if the credit union is federally or state chartered. There are definitely guidelines (and policy procedures) for them if they are. If they are not, (Some are member owned), they still have to have policy, procedure, and loan guidelines in place. They are lying to you and think you won't follow up. Be persistent and call the supervisor back. Leave a message that if you do not receive a return call that day by someone who can validate the denial on your loan, you will start reporting them to the BBB, the banking commission, and other agenc
  2. Sounds like a combined file or ID theft. I would check all of the creditors listed to make sure those are really hers. Also, look and see what jobs are reporting on the report and what dates are posted with each address, job, etc. The dates will tell you when that address was used to inquire about employment or new credit.
  3. You should be fine with your scores in the mid 600's to get a good rate. Your BK doesn't matter as long as it has been 2 years from discharge date AND you never included a house in with the BK7 that was foreclosed on. Then you would need to wait 3 years. Sounds like you are good to go. As long as the other accounts are old and you have established new credit that you have been making your payments on time, you should be okay.
  4. You should be fine with those scores. Most of the negative items are old anyway. With a child support showing up on your credit report (usually it is "back child support" if it shows up on your credit and also why they might report it as a 120 day late), you will need to count the current payment in your debt to income if your children are still old enough to receive it.
  5. Did you pay the original creditor of the student loan before or after they transferred the debt to the guarantor? After the guarantor has the student loan assigned to them, they are the one to collect the debt. The original creditor of the student loan has insurance (included in part of the loan proceeds not given to you, that was part of the loan from the guarantor in case of default). The guarantor pays the original creditor. Once the creditor has been paid, they will mark "paid" on your credit report and also mark that it was transferred. They will also mark the number of days past due
  6. I would keep trying with a stronger letter stating they are supposed to investigate this matter and need to clear it up or you will be taking legal action.
  7. I would send a letter to all 3 credit bureaus asking them to remove this from your reports with a copy of this letter you received from Midland. They should remove and Midland shouldn't report anymore so you WIN!
  8. If you authorize a broker or mortgage shop to pull your credit, they have to "shop" your loan with an investor that they are set up with. This WILL hurt your credit. ASK questions before you give out your social security number. Ask if the credit they pull is good for ALL investors they are signed up with or if each individual investor has to pull your credit also. Call a different broker/mortgage company if they say that they have to pull your credit first or if they stall on this question. They should be able to reply that your credit pull with them works for all their investors and no fu
  9. They can't garnish unless they file a judgment. So, do what the person above said and check filings in AL for a judgment. He should have received something from Capital One saying that they now own the account and that if he did not set up payment plans, they would file a judgment against him. I am meeting with my attorney whom I use to clear up my clients CR's for mortgages. I will ask him the question about the garnishment for a 1099. I think it would be pretty difficult to garnish any wages on a 1099 since he is considered "self-employed" and could make a work contract with different peo
  10. Ahhh.. Very good information. I will be researching this more. Thanks.
  11. Good info. I have seen Dell approve people 12 mos out of BK7. I am not sure about a BK13...
  12. Number for CS is: 1-877-294-7880. Writing to them about inquiries: Wal-Mart, PO BOX 981064, El Paso, TX, 79998-1064.
  13. You only have to be out of foreclosure for 3 years to obtain a mortgage. What kind of program you can qualify for will depend on your situation at that time. However, you may be able to obtain an exception to the foreclosure on FHA if you have evidence to prove extenuating circumstances that were not your fault that led to the foreclosure. These would be: death of the primary wage earner (spouse), laid off from job and not able to obtain work for a very good reason, permanently disability of working spouse, etc. Has to be a VERY good reason. Need evidence and letter of explanation. Otherw
  14. You are right for VA, state housing programs, and streamlined FHA loans. I was referring to guidelines for higher risk FHA loans (ones that have to be manually underwritten) that will need the 2 year deferrment letter. This is due to higher risk of default. If your credit is good, you have at least 2 months reserves, and the required 3% down payment, you only need the 1 year. A deferrment letter from the student loan creditor or a credit supplement on your credit report will work. Whichever one you want to wait on.
  15. I have noticed more spam also. Wonder who is selling this info to these people?
  16. This says it all.... Good post!
  17. I would check with all the banks in your area on their different checking/savings programs. Sometimes, the bigger banks want a minimum balance or they will charge a monthly fee. The smaller ones don't seem to have that requirement. Also, look into other things they offer like, on-line bill pay, free checks, interest paying checking accounts, etc. Can't beat friendly, personable service either!
  18. I have been disputing something like this for one of my clients trying to buy a home. Here is what I have learned so far.... If the collection agency was "assigned" the debt from the original creditor and did send a letter to you notifying you of the assignment, they have the right to collect their "charges". These charges will have interest on them from the time they received a notice from the original creditor that they were paid. However, please validate this debt with the collection agency by getting all the records you can on this account. What I am dealing with is a student loan colle
  19. If you pay this now, it will drop your score because you will be hit "hard" again on your credit because of new date on collection as "paid". The further time from the initial date of collection, the less impact it has on your credit score. This is why collection companies try to "refresh" that date by putting it on your credit report again and again erroneously. When a collection account first appears on your credit report, your score is hit "hard". When you make the payment, your score is hit "hard" again. If you do a debt validation - and the creditor can not validate this debt, they have
  20. The bankruptcy attorney is correct but should have given you more info on the subject. If you do not need to do a bankruptcy and are just doing it to get out of your home, this will hurt your credit more than just having a foreclosure on your credit. A bankruptcy will stay on your credit for 10 years and the foreclosure will still show up on your credit report too! You will not be able to apply for a mortgage until 3 years after the foreclosure. So, even with the home included in a bankruptcy, it is still a foreclosure which will have you waiting 3 years anyway. Plus you will have the bankru
  21. A lot of mortgage people do not know these programs and actually can submit them wrong into underwriting because of that lack of knowledge. This will hurt you in getting this type of mortgage - (length of time to close, rate, credit score, etc). For example, completing all the information on the initial application and then going No Doc will hurt because the mortgage person will submit this info along with the new No Doc application. Once the information is seen by the underwriter on the initial application, it will be "denied" because they have seen the real numbers and info from the initia
  22. Try to get refinanced with FHA. Low 30 yr fixed rates and also can go up to 95% loan to value cash out or no cash out. They are not score driven. Just can't have any late payments or NEW collections(a lot of these can be back-dated since they are put on your report multiple times from when the original creditor had it) and even judgments that you have made payment plans with and paid on time for 1 year can just be included in your debt to income and not have to be paid off. I think NACA is another way for someone to make money on people. I would talk to several mortgage people who KNOW the
  23. I understand how angry this can make you. The person who took your information should have asked other questions besides just "pulling" your credit. There are some loan programs available - FHA for one, that do not require the borrower to have assets and it is also not score driven. If the sales person asked you the right questions regarding your credit background - not just your score, they should have been able to run a scenario for you based on that information. However, it is hard to quote a rate and program if you do not know the "whole picture". There are certain underwriting guideline