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Quiken Loans Are Liars!


Sobe420
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I am going to try to keep this short and maybe someone can offer me some advice on this.

I have been trying to get a mortgage and my credit scores are right at 600. I saw something about Quicken loans. So I contacted them. I told them what my credit scores are and that I had little assets and money down. They said, "with those scores we can go ahead and do an application with a low down payment." So, long story short they pulled my credit and said that I needed 5-10K in assets and there was nothing they can do. This was after the agent kept pressuring me to go ahead and let them run the credit. So, I wrote to thier customer service and asked them to remove the inquiry off my credit since they pressured me into running my credit knowing my situation and then comming back with the 5-10K answer. Here is the email I got back from them:

I am sorry you felt pressured to provide us information during your chat session. It is not our intention to put pressure on you. In reviewing the chat session, the questions seem to be typical of a first phone call or chat session between our clients and mortgage bankers. Based on the chat you attached to your message, I am unable to see a reason why our mortgage banker shouldn’t have checked your credit. It is not abnormal for clients with assets to contact us for 100% financing. Unfortunately, we will not be able to remove our inquiry from your credit report.

So if it is unsual for clients with assets to contact them why they asking me for 5-10K in assets first of all. Second of all the guy kept asking over and over again to allow them to pull the credit because they could do something. From the begining I said the most I could do for a down payment was $2,000.00 and knowing what my scores were...shouldn't the person said well we can try but more than likely it wont work? So, is there anything I can do? Should I esculate to someone higher in the customer relations or threaten to file complaints?

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I know that you are disappointed, but I think it sounds like they did handle themselves professionally. I don't know much about the mortgage industry, other than what I read on the boards, but I know in any type of financing arrangement they can discuss options until the sky turns green but without seeing your CR for themselves they won't know exactly what they can do.

I do know that a friend of mine just recently bought a home with 100% financing, and they have good to great credit, and the lender required that they have $12,000 in the bank at closing time.

At least now you have an idea of what it is going to take for you to get a loan. You've got a goal to works towards.

Good luck!

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I understand that whole they can promise the world until they see my credit. The problem is that they knew my situation before they even ran the credit report. The person kept pressuring me to let them run the credit. I am upset because just like Recovering Attorney said, "they only want to deal with people with prestine credit."

If they would have said your credit is low and you are going to have to have this much money etc...then I would have said let me work on my credit and getting the money do not pull and add another inquiry to my file. But they said oh no problem we can do it etc..."

In response to Recovering Attorney, should I email the customer service relations and let them know that I will be filling complaints with the BBB and AG or just go ahead and do it?

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I understand that whole they can promise the world until they see my credit. The problem is that they knew my situation before they even ran the credit report. The person kept pressuring me to let them run the credit. I am upset because just like Recovering Attorney said, "they only want to deal with people with prestine credit."

If they would have said your credit is low and you are going to have to have this much money etc...then I would have said let me work on my credit and getting the money do not pull and add another inquiry to my file. But they said oh no problem we can do it etc..."

In response to Recovering Attorney, should I email the customer service relations and let them know that I will be filling complaints with the BBB and AG or just go ahead and do it?

I would let it go. While you may feel betrayed, is it really worth the time and effort to put in the complaints? You have to remember they are sales people trying to find something to sell to you. I agree they should not have wasted your time and theirs, but think about the amount of time you will have to waste to move forward with the complaints.

I would suggest continuing to work toward your goal, and not to do business with them at all, and of course let you friends know about the service or disservice you received.

Good Luck

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I disagree. Personally, that crap pi$$es me off as I've had some people try to hard sell me that way. I would go ahead and file the complaints. It won't take much of your time, will probably make you feel better and may, possibly do some good. It's unlikely that they will remove the inquiry, but hey, ya never know. It will take 10-15 minutes max to fill out an online complaint with the BBB.

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I guess what really makes me angry was the banking agent, knew my situation from the beginning. I said I have credit scores below 600 above 550. I have no money or very little money down. The banking agent said lets jump straight to the application with those credit scores...runs my credit and says I need 5-10k in assets before they even consider me...then why in the hell did he not say that at the beginning! Then I would say nevermind and the person must have asked me 15 times for my credit card for the process fee for the application(which thank god they do not charge it if you are not approved).

I

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Keep in mind, I realize you explained your situation to them prior to them running your credit and they assured you they could possible do something, but chances are it wasn't just your credit score/report but rather a compilation of things including purchase price or loan amount requested, LTV, DTI and a number of other factors that come into play with an approval decision.

Like Mo said, live and learn. Yeah it sucks, but I wouldnt lose sleep over it and remember, not all of us loan officers are out to sucker people or simply work with people with pristine credit. ;) Keep your head up.

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..then why in the hell did he not say that at the beginning!
They are sales folks. If you hang up w/out an app, they have 0% chance of making a buck. If they run an app., there is at at least a small chance that they'll find some program for you. Besides, when some people say they have no 'assets', they may mean cash sitting in a bank, houses, or cars. But they may have $50 or $100k squirreled away in an IRA or a 401k that can be borrowed against to purchase a property. Also, even with 100% financing, you may have to come up with $10k or so for transactional costs (real estate transfer tax, upfront MI, points, title fees, lender fees, required inspections, etc.). Otherwise, you may need 105% or 110% financing which is really pushing it.

That sucks that they mislead you, but now you are the wiser. Good luck!

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If you feel you should write BBB then do it. When it comes to anything major I check BBB and if they have too many complaints I will not use that company.

When looking to get basement waterproofed I went to BBB and if there were 3 or more complaints I passed the company up.

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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 guidelines that have to be followed on each program and may not fit with something showing up on a credit report. This is why a loan officer asks to pull your credit.

DO NOT run into a situation where you have a broker/mortgage shop "shop" your loan where they are pulling your credit with EACH investor. This is where your scores drop because of too many inquiries.

Try to find a person who knows the programs and listens to what you are telling them up-front. Do not lie to them. Once they have permission to pull your credit, you may not qualify for the program anymore because of the incorrect information you told them.

A good loan officer will LISTEN to everything you tell them AND find a good fit for you on that information - after asking more detailed questions. They would not have to pull your credit until they got all the details and knew if they had any programs to offer you based on what you told them.

I would go ahead and file a complaint with the BBB. This won't get the inquiry off your report, but it will affect other people's decision to use the company.

Call and compare companies, (interview them) - just like you would a Realtor who would list your home. You want the best person representing you in your transaction.

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I understand all that. Here is another thing I did. I had a credit report which was a week old. I went to a broker...they took questions and looked at that report. They said we will have no problem and probably going to go FHA with you. So we talked we got rough numbers on what our payments would be. I liked what they had to say. Again I stress they had a copy of my credit report, which was a week old....They knew we had little assets and a small down payment...They said we can get it.....They call two days later after pulling me credit(three times with one agency)....they said we cannot get you financed you are a "layered risk" did they not know this when we sat down and talked and saw my report which was only a week old??

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Just what is your situation, that makes you a "layered risk?"

Let's start from the beginning and we should be able to give you the advice to get to where you can get qualified.

Monthly Income?

Monthly debt obligations? include child support, if applicable.

How is your credit? previous baddies, outstanding unpaid collections, or other deragatory items?

Do you have any previous bankruptcies or foreclosures? Are you delinquent on any government obligations?

What has your credit been like for the past two years, regagrding late payments, etc.?

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Ok, here we go.

Monthly income.. 3032 gross a month. Which broken down is 15.85 an hour for 40 hours...Then time and a half anything over 40. I am guarnateed 4 hours of OT but I average about 8 hours a week.

Debt Obligations- Car Payment(289.90) Two credit cards at 15 a month one at 20 a month. Dell loan 33 a month. Student Loan 54 a month..this is all current stuff and minimum payments.

My credit is not good..I have a few baddies,which I am going through the whole credit repair process...down to 10 Neg for EXP 9 for both EQ and TU.

No foreclosures bankruptcies or judgements.

Not deliquent on any government loans.

My credit past two years have been not too great recently it has been better I have not missed a payment and have payed all my new current stuff on time since Feb...so 8months.

Small 401K account when I say small I mean its only a month old. Small savings and checking.I have little assets the most I could come up with a downpayment would be $2,000.00

So there is the low down on me I have FAKO scores not FICO. But the last time they checked my FICOS they were bellow 600 above 550.

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You are in the ballpark for a housing payment of around $800 - $850 per month, but I would personally be more conservative and look for something a little less, if possible. It also looks like you are on the right path as far as established credit, although you may want to eliminate some of those payments as soon as possible.

What are the baddies on your credit report? We can look at those and try to find a solution to them. Either here, or elsewhere on the board.

You would need to have letters of explanation for the late payments, but they are simple if you had a temporary setback, or fairly simple if you have a good imagination, and no good reason why..

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The baddies on my reports....are collections for medical bills, cell phones, a utility bill(which better be comming off soon)... two credit cards and two/three bank related issues.

I have a loan that is completly paid off but thanks to the lying scum CA it shows as a paid collections.

I can explain my bad credit issues but no one has let me. I went through a divorce my ex wife wiped out my bank account left me with no money...then I lost my job and could not afford to pay stuff off. Finally I am back on my feet with a good paying job and no one wants to take that into consideration.

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The baddies on my reports....are collections for medical bills, cell phones, a utility bill(which better be comming off soon)... two credit cards and two/three bank related issues.

I have a loan that is completly paid off but thanks to the lying scum CA it shows as a paid collections.

I can explain my bad credit issues but no one has let me. I went through a divorce my ex wife wiped out my bank account left me with no money...then I lost my job and could not afford to pay stuff off. Finally I am back on my feet with a good paying job and no one wants to take that into consideration.

Detail the collection amounts and credit card amounts. I take it the bank relate issues are from the divorce.

A paid collection is a good collection. As time goes on it will matter less and less.

Your job history could be a factor as well. Hopefully you can document a full and completet two year history in the same line of work.

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