credit score PRO'S HELP PLEASE !!

[Anonymous]

anybody please...my father is selling me his $140,000 house for $80,000...its my first loan...i STUPIDLY applied to lots of lenders for the best rate, i found a lender , got a closing date, 2 weeks off, this morning the lender called me concerened about the having to many recent inquiries, 13 in 1 day....I DIDNT KNOW, I WAS ONLY LOOKING FOR A GOOD RATE. will i get this loan? in 1 years time from 5/23/02 to 5/22/03 i had only 1 credit pull,in a whole year !on 5/23/03 i had 13 pulls in 1 day from morgtage companys.my credit score was 619 before this happened. my lender told me NOT TO have anyone else pull my credit..she said i may lose this loan when they pull my credit at the closing table. and im not going to, but im scared at the closing date they will pull my credit again and I will be shot down the day before i move into my new house...somebody please reply

[shamrockgal]

Do they post inquiries immediately?

Anyone know?

Maybe you'll catch a break and they will update in 30 days?

[sisflomi]

I seen this same question on a different board today. Normally they will count a few inqs in the same time frame as one if for a mort or auto loan. You can try to call equifax and dispute the inqs on there. Some people here have had them off in a few days. There is a lot of info about getting inqs off on this board, look around and see what the best way for you to go is. It should not hurt you when trying to find a better rate.

[sisflomi]

Inqs are on your report asap.

[morrow]

To my knowledge, when you are applying for a mortgage or a car loan you have the right to shop around and search for the best rates, therefore any and all inq that you have pulled within a 14 day period should only be counted as 1. As long as they are for legit auto/home loans, not just a bunch of CC and crap!

Swede knows more about this!

[ADSOFT]

<blockquote>Originally posted by jvolpe28

.... but im scared at the closing date they will pull my credit again and I will be shot down the day before i move into my new house...somebody please reply

</blockquote>

They won't drop you, their way of trying to keep you stuck to one lender.

I pulled 11 inquires in 1 month for a loan, didn't affect my score. But you don't want to pull anymore I think 11,12,13 is the limit before it starts going down,

You might want to read the board there some people here who are good at removing inquires.

Start a thread, "inquiry, experts help, need to delete some inquirys" , they might be able to help.

Wish, I could help you but, inquiries are not my high priority at this time.

Good Luck, hope that helps!!!!

[Anonymous]

oh my god there is hope, you can imagine how sick i am, i started over rock bottom credit bankruptcy, late,delinq, etc...over the last 5 years i reached a score of 620, whick i was proud of, i cant believe a simple mistake coulld ruin me, my family needs this house and i may have screwed it up rate shopping....would a lender scare the @#$# out of me like this, knowing 1 wont sleep for 2 weeks....just so i wont shop around?

[Anonymous]

the house worth $140,000 selling $80,000

[ADSOFT]

<blockquote>Originally posted by jvolpe28

the house worth $140,000 selling $80,000

</blockquote>

You can also pay down some of your credit cards that should also help.

Ask you lender when they are going to pull the final credit report, should be 30 days from now, by then you will have some INQUIRIES out, pay down debt.

What ever you do, DO NOT, DO NOT, take on any more trade lines, just remover inquires, and pay down debt.

... Believe it or not don't even try to dispute any trade lines, There are some cases where your score has gone down after dropping some negitives. Sounds like they qualified.

You might even ask your mortgage broker/"loan agent", if it's even worth cleaning it up; You don't want "ROCK THE BOAT". You might be ok, if you just want the house, just hang tight, pay your bills on time.

Good luck,

Talk to your mortage lender before you F**K with your credit report,

... no more shopping aroud!!!!!!!!

[Edit by ADSOFT on Wednesday, May 28, 2003 @ 08:19 PM]

[sisflomi]

Here ya go, right from the mouth of Fair Issak

Fallacy: My score will drop if I apply for new credit.

Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score

[ADSOFT]

<blockquote>Originally posted by sisflomi

Here ya go, right from the mouth of Fair Issak

Fallacy: My score will drop if I apply for new credit.

Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score

</blockquote>

Sis,

I love you but,

I talked to several people who have refied and the MORTGAGE BROKER always says, don't apply for any new credit line????

... ????????

[Anonymous]

guys and girls THANKS i will sleep better, so I should pay my credit cards so there is a low balance? i dont have 30 days...i guess i COULD STALL TIME but im so nervous I would like to just get it over with, and if it dosnt work out i will have time to try again (with someone who already pulled my credit) if the lender told me that to scare me it worked. is 14 bad....? am i the only idiot who shot himself in the foot with his credit report?

[sisflomi]

<blockquote>Originally posted by ADSOFT

<blockquote>Originally posted by sisflomi

Here ya go, right from the mouth of Fair Issak

Fallacy: My score will drop if I apply for new credit.

Fact: If it does, it probably won't drop much. If you apply for several credit cards within a short period of time, multiple requests for your credit report information (called "inquiries") will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score

</blockquote>

Sis,

I love you but,

I talked to several people who have refied and the MORTGAGE BROKER always says, don't apply for any new credit line????

... ????????

</blockquote>

See Ad, your not really applying for new credit, your looking for the best rates that you can get for one thing, your mortgage. The things I pasted came right off fair issak web site. If you were to go and apply for a credit card or auto loan during the process of a mortgage, yes that would not be a good idea. Everyone wants the best deal in todays world, and from what is says, fair issak is allowing us the lux of doing just that without it hurting our scores.

[ADSOFT]

<blockquote>Originally posted by jvolpe28

am i the only idiot who shot himself in the foot with his credit report?

</blockquote>

Nope your not, nobody ruined his Credit Report worse than I did so close to a loan, took on a new credit card, got it and my score dropped big time.(you don't want to hear the whole story..)

Don't want to scare you, but just cruise it on in, ask your lender what are your chances with what you got, tell him hey I could probably clean it up but I don't want to touch it If I'm in!!!!!!!

Good luck.

[sisflomi]

<blockquote>Originally posted by jvolpe28

guys and girls THANKS i will sleep better, so I should pay my credit cards so there is a low balance? i dont have 30 days...i guess i COULD STALL TIME but im so nervous I would like to just get it over with, and if it dosnt work out i will have time to try again (with someone who already pulled my credit) if the lender told me that to scare me it worked. is 14 bad....? am i the only idiot who shot himself in the foot with his credit report?

</blockquote>

You might be able to get them payments in before your creditors do the June tapes to the CRA's. Mine are reporting the new payments and balance from around the 8 of the month through the 15. The score seems to go up within a few days. You might want to go ahead and pay down some of your balances before the end of may and see if that helps. Don't worry, you should be okay either way. My niece just did a loan for 106000.00, shes 18 and had a score of 616, and they have 13 inqs on her exp, 8 on eq and 9 i think it was on TU. She still got her house, and she had gotten fired and re-hired during this whole process and they knew about it, and still she got the loan.

[sisflomi]

Did you get any better offers with the other inqs?????

[sisflomi]

One more tip from fair issak:

Do your rate shopping for a given loan within a focused period of time.

FICO® scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

If the inqs were all on the same day, then the score will not be affected at all by it.

[Xanathos]

OK I have to ask.. I don't see why anyone is giving you a hard time on a house you say appraises for 140k that's being sold to you for 80k.. you've got 60 grand in equity in the thing before you even get handed the keys!

Have your father look into selling you the house on a land contract.. you can do one of those for a while until your rating gets to a point where lenders like you again

[sisflomi]

Good Call!!!!!!!!!!!!!!!!!!!

[sisflomi]

You quoted my post silly

[Xanathos]

<blockquote>Originally posted by ADSOFT

<blockquote>Originally posted by sisflomi

<blockquote>Originally posted by jvolpe28

guys and girls THANKS i will sleep better, so I should pay my credit cards so there is a low balance? i dont have 30 days...i guess i COULD STALL TIME but im so nervous I would like to just get it over with, and if it dosnt work out i will have time to try again (with someone who already pulled my credit) if the lender told me that to scare me it worked. is 14 bad....? am i the only idiot who shot himself in the foot with his credit report?

</blockquote>

You might be able to get them payments in before your creditors do the June tapes to the CRA's. Mine are reporting the new payments and balance from around the 8 of the month through the 15. The score seems to go up within a few days. You might want to go ahead and pay down some of your balances before the end of may and see if that helps. Don't worry, you should be okay either way. My niece just did a loan for 106000.00, shes 18 and had a score of 616, and they have 13 inqs on her exp, 8 on eq and 9 i think it was on TU. She still got her house, and she had gotten fired and re-hired during this whole process and they knew about it, and still she got the loan.

</blockquote>

*****************************************************

I did not write this !!!!!!!!!!!!

... don't know what is up?

</blockquote>

So click on edit and then click delete post

[Anonymous]

my other offers are for *% 9% etc....chapter 13 discharged 6 months ago...i think 7.1% is good...i hope you guys are right...i really need this house now..my dad is moving and i cant expect him to wait around on me...my fingers are crossed, after this thread im a little more optimistic.

[Anonymous]

if i get this loan im never pulling credit again !!!!

[Edit by jvolpe28 on Wednesday, May 28, 2003 @ 09:03 PM]