|
|
Married to a Louie Lover
Posts: 3303
  
| Have you shipped around for other mortgage lenders? That sounds odd to me, although I know lending has gotten a lot more strict. Obviously don't know the specifics of the credit or income etc, but I had no trouble qualifying for a mortgage on my own with a credit score in the 700's. Wondering if not being married has anything to do with it? Have you guys thought about going through the legal part of getting hitched so you aren't two people buying a house, but a legal unit buying a house?
When I bought my house last summer I had to sign an agreement with the bank after I signed a contract to buy the house that I would do nothing to harm my credit score prior to closing or they could pull the loan at any time.
|
|
| |
|
 The Famous Hot Wing Chicken Girl
Posts: 2964
 
| OhMax - 2014-05-12 11:14 AM Have you shipped around for other mortgage lenders? That sounds odd to me, although I know lending has gotten a lot more strict. Obviously don't know the specifics of the credit or income etc, but I had no trouble qualifying for a mortgage on my own with a credit score in the 700's. Wondering if not being married has anything to do with it? Have you guys thought about going through the legal part of getting hitched so you aren't two people buying a house, but a legal unit buying a house? When I bought my house last summer I had to sign an agreement with the bank after I signed a contract to buy the house that I would do nothing to harm my credit score prior to closing or they could pull the loan at any time.
We have gotten the run around before because we aren't married. We actually had a man refuse to deal with us because we aren't married (we weren't engaged at the time.) We are engaged though and getting married this summer. |
|
| |
|
 Dr. Ruth
Posts: 9891
Location: Blissfully happy Giants fan!!! | Personally, on a lender's perspective, I would truly wait for about 6 months. It sounds like all sorts of things are going on, need to be changed or are changing (ie credit, truck, marriage), and that is going to make getting a mortgage a complete and udder NIGHTMARE for you. I promise you. If you wait until all of the dust has settled, I would be willing to bet that you have a much better experience and a nicer time.
PS-if he has an 800 credit score, a secured card is ridiculous. He can get an open line but I would get an auto loan before trying to build credit on a cc. |
|
| |
|
 Veteran
Posts: 173
Location: Somewhere over the rainbow | I am in lending compliance at a large bank. It is illegal to discriminate on the basis of marital status. |
|
| |
|
Veteran
Posts: 173
Location: Somewhere over the rainbow | I am a compliance manager at a large bank. It's illegal to discriminate based on marital status. ECOA is the regulation. |
|
| |
|
Extreme Veteran
Posts: 316
| sassy&tessa - 2014-05-12 10:38 AM Personally, on a lender's perspective, I would truly wait for about 6 months. It sounds like all sorts of things are going on, need to be changed or are changing (ie credit, truck, marriage), and that is going to make getting a mortgage a complete and udder NIGHTMARE for you. I promise you. If you wait until all of the dust has settled, I would be willing to bet that you have a much better experience and a nicer time.
PS-if he has an 800 credit score, a secured card is ridiculous. He can get an open line but I would get an auto loan before trying to build credit on a cc.
This is what I thought. And also, paying the balance off before the statement comes doesn't build up credit history. Your mortgage lender doesn't really make sense to me. The other thing is having a secured card for 45 days wouldn't build up enough history to make that big of a difference, I wouldn't think. In any kind of presentation I've given on building credit, it's my understanding or what I have told people is to go to your local tire store and open an account. Then buy some chains or tires or something and make one minimum payment the first month and then pay off the balance at the second statement. This way they have something they can actually report to the credit bureau.
Thats great that all you have for debt is a pick up payment and student loan. Good job!! |
|
| |
|
The Famous Hot Wing Chicken Girl
Posts: 2964
| GWR - 2014-05-12 11:10 PM sassy&tessa - 2014-05-12 10:38 AM Personally, on a lender's perspective, I would truly wait for about 6 months. It sounds like all sorts of things are going on, need to be changed or are changing (ie credit, truck, marriage), and that is going to make getting a mortgage a complete and udder NIGHTMARE for you. I promise you. If you wait until all of the dust has settled, I would be willing to bet that you have a much better experience and a nicer time.
PS-if he has an 800 credit score, a secured card is ridiculous. He can get an open line but I would get an auto loan before trying to build credit on a cc. This is what I thought. And also, paying the balance off before the statement comes doesn't build up credit history. Your mortgage lender doesn't really make sense to me. The other thing is having a secured card for 45 days wouldn't build up enough history to make that big of a difference, I wouldn't think. In any kind of presentation I've given on building credit, it's my understanding or what I have told people is to go to your local tire store and open an account. Then buy some chains or tires or something and make one minimum payment the first month and then pay off the balance at the second statement. This way they have something they can actually report to the credit bureau.
Thats great that all you have for debt is a pick up payment and student loan. Good job!!
I know he has a tab through our local small town auto parts store, but I don't think they report anything. I'll have to check on that though. Also, he has a company credit card that his boss got for him, since he runs his area of the company. Does that build his credit? Some people have told me yes and others have told me no.
Edited by cowgirlchic 2014-05-13 3:50 PM
|
|
| |
|
Married to a Louie Lover
Posts: 3303
| Pull a credit report on yourself and him from one of the agencies, you get 1 free per year. That way you'll see what is an isn't reported and anything you didn't know about. I use experian |
|
| |
|
  That's White "Man" to You
Posts: 5515
| Annualcreditreport.com You get a free copy from each of the bureau's each year. |
|
| |
|
Extreme Veteran
Posts: 316
| cowgirlchic - 2014-05-13 1:47 PM GWR - 2014-05-12 11:10 PM sassy&tessa - 2014-05-12 10:38 AM Personally, on a lender's perspective, I would truly wait for about 6 months. It sounds like all sorts of things are going on, need to be changed or are changing (ie credit, truck, marriage), and that is going to make getting a mortgage a complete and udder NIGHTMARE for you. I promise you. If you wait until all of the dust has settled, I would be willing to bet that you have a much better experience and a nicer time.
PS-if he has an 800 credit score, a secured card is ridiculous. He can get an open line but I would get an auto loan before trying to build credit on a cc. This is what I thought. And also, paying the balance off before the statement comes doesn't build up credit history. Your mortgage lender doesn't really make sense to me. The other thing is having a secured card for 45 days wouldn't build up enough history to make that big of a difference, I wouldn't think. In any kind of presentation I've given on building credit, it's my understanding or what I have told people is to go to your local tire store and open an account. Then buy some chains or tires or something and make one minimum payment the first month and then pay off the balance at the second statement. This way they have something they can actually report to the credit bureau.
Thats great that all you have for debt is a pick up payment and student loan. Good job!!
I know he has a tab through our local small town auto parts store, but I don't think they report anything. I'll have to check on that though. Also, he has a company credit card that his boss got for him, since he runs his area of the company. Does that build his credit? Some people have told me yes and others have told me no.
I would say at this point you don't want to cancel them because it'll hurt the credit score, but I'm not 100% sure. I hate to say it, but I would consult another mortgage lender. And for sure pull your credit report on the website they listed above. It'll be free and at least you can see what open accounts you have. |
|
| |
|
The Famous Hot Wing Chicken Girl
Posts: 2964
| Thanks! After reading a few posts up I have already decided to consult another mortgage lender. Hopefully the 3rd time will be the charm! |
|
| |
|
 The One
Posts: 7998
Location: South Georgia | cowgirlchic - 2014-05-14 10:02 AM Thanks! After reading a few posts up I have already decided to consult another mortgage lender. Hopefully the 3rd time will be the charm! I think this is your best bet. What they told you seems a bit off and far fetched. With a score of 800, the cards are in your favor. It shouldnt be much of a problem at all to obtain a mortgage. I have always had the best experiences at a mortgage broker. They do all the leg work for the mortgage and then sell the account to a bank for the best rate possible.
Edited by horsegirl 2014-05-14 9:35 AM
|
|
| |
|
The Famous Hot Wing Chicken Girl
Posts: 2964
| Another question for you all..
I have a couple of store cards that I paid off a while ago. Is it going to hurt my credit if I close them? If I am buying a new truck today, should I wait a while to close them off? I don't want it to mess anything up with that deal. |
|
| |
|
The One
Posts: 7998
Location: South Georgia | Generally, you dont close a card with zero balance. It helps your utilization ratio to have that unused available credit out there. It shows that despite having the ability to charge things, you restrain yourself. Its a good thing. Closing cards, however, can lower your score because it would then show less available credit. |
|
| |
|
The Famous Hot Wing Chicken Girl
Posts: 2964
| Thanks! I had been told that the more credit you had avaliable hurt you, especially if it was just sitting, and it would be harder to get lended anything. |
|
| |
|
Veteran
Posts: 173
Location: Somewhere over the rainbow | When you have credit that is available to use but you don't use it, it demonstrates that you live within your means with a level of responsibility. You get good point for that.
:) |
|
| |
|
The One
Posts: 7998
Location: South Georgia | BabyJ - 2014-05-14 1:57 PM When you have credit that is available to use but you don't use it, it demonstrates that you live within your means with a level of responsibility. You get good point for that. :)
Ditto. |
|
| |
|
Extreme Veteran
Posts: 316
| It's true it's good to see someone who has restraint by having available credit, but not using it. The only other side of that is that I know as a commercial analyst I had to treat the debt as if it was maxed out, so if you had a $20,000 limit on a card I would figure about a payment that was equal to 2% of the balance. I also know that when we went to get our place refinanced that they did the same thing. WITH that said...I would not close those accounts right now. It will bring your credit score down a few points for a little while. I would wait to close those accounts until after all your financing is done. It is true though that if you only have say one or two credit cards and they are maxed out or close to max it will bring your credit score down. That's why it's not a bad idea if that's the case to leave a couple zero balance accounts open.
Also, just a little extra bit of information. Most likely when your mortgage closes, your credit scores will go down a bit. The reason is not only did you take on more debt, but now you are being compared to other people who have had a mortgage for 20 years.
|
|
| |
Folks on-line