Credit Reports

[Tprspouse]

Has anyone been pre-qualified to buy a house before? We were told that we were pre-qualified for x amount of dollars. In order to come to that amount, do they do a credit report?

I am a little ticked and had I been more aware (my fault)I wouldn't be worried. My realtor said that by now they would have done a credit report and everything seems ok. But, I remember when we were asked to write down our credit cards/debt, the amount owed and amount we pay per month I was searching and searching for the May statement for one particular card. I figured I had lost it. So, I waited for the June one to come in so I could calculate my figures and I noticed that my payment doubled. Why? Because I obviously didn't send in my last payment! Which means...I never got it, and the wonderful USPS must have lost it somewhere. No wonder I couldn't find it. Things have been so stressful around here with work and paperwork for selling and buying houses, I simply lost track of when I usually pay this bill. Had I remembered, I could have and WOULD have sent them a check without a statement.

I am going to call tomorrow and find out what happened. But, that doesn't amount to a hill of beans if my credit now has a black mark on it (if it actually does).

Do banks consider the whole credit report? Because, they'll find nothing late and nothing unpaid EVER in the past 15 years (or since I've started acquiring credit) except for this. So here I sit a worrywart.

Whoever knows anything about credit reports and loans...please enlighten me.

[ 05-28-2003, 06:19 PM: Message edited by: Tprspouse ]

[BunnyFoo-Foo]

Something like that can be explained with paperwork to back it up. Make sure the credit card company knows that you made the payment and that you have been in good standing, but due to USPS error....blah, blah. If you are a long-time customer, sometimes they dont charge the late fee and dont report it. We got one of our bills the day before it was due and after my husband cursed and fumed, he called the credit card company and told them what happened, reminded them that he is a loyal customer who always pays on time...blah..blah; they did not charge us the late fee and did not report the late payment to Equifax. I mean, they do make money off of us with all that interest and app fee, annual fee etc.....so why not make the customer happy; there are plenty of credit cards out there. They will also take into account any other debts you have; if you are up to date with all payments, you should be o.k.
Just let them know what happened; if a secretary tells you that it is o.k...talk to your loan officer or the person who will look over the report to make sure everything is still a-o.k. They keep tabs on what you spend before you close on the house to make sure, you are not going to make any crazy purchases that could make it difficult to make you housepayment. Get everything in writing and dont let them screw you; if you have good credit and were approved for a loan for your house; they know you have good credit and may or may not need an explanation...GOOD LUCK....
I would suggest taking a Valium before you close on your house...j/k. How exciting for you!

[ 05-28-2003, 06:47 PM: Message edited by: BunnyFoo-Foo ]

[txinvestigator2]

I am assuming you have applied for a loan with a mortgage company. You can access your credit reports and credit score online here .

One 30 day late on a 15 year report with no other belmishes is nothing.

We just purchased a new house this January, and last year my wife spent quit a bit of time cleaning up mistakes on our report. There was some clown in Amarillo with my exact same name and horrible credit who had entries on my report.

Knowing your score will be helpful to you.

[ 05-28-2003, 06:47 PM: Message edited by: txinvestigator2 ]

[JKT]

Is this the correct link?

[Tprspouse]

How long does it take after you enroll? Is it automatic or is there a waiting period before they send you the report/score?

[Snoopy1]

Have you ever heard of the company that told you that you were pre-qualified?

I am always a little suspicious of offers like that out of the blue. It could be a trick to get information you don't want just anyone to have.

I once received a form that said I had been pre-qualified for a credit card with a limit of some huge amount. The only question they wanted answered was my annual income. When I filled out the form and returned it I was told that my income was too low for the limit they specified but I could apply for a credit card with a lower limit. I thought it was just a trick way of finding new customers so I never proceeded any further. The only reason I was interested was that I wanted to do balance transfers on three other cards that had a higher APR so I could make one payment every month.

[ 05-28-2003, 08:44 PM: Message edited by: Snoopy1 ]

[Tprspouse]

Snoopy,

We are working through a local bank. Thank you though, it's good advice for those who are trying to get pre-qualified. Know who you are doing business with!!

[txinvestigator2]

quote:

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Originally posted by JKT:
Is this the correct link?

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Yeah, thats it. I did it from memory instead of actually looking it up. sorry

If you go on and pay they will email it to you right away. I think $13 for the report w/ score

[JKT]

quote:

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Originally posted by txinvestigator2:

quote:

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Originally posted by JKT:
Is this the correct link?

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Yeah, thats it. I did it from memory instead of actually looking it up. sorry

If you go on and pay they will email it to you right away. I think $13 for the report w/ score

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Actually, after I posted that link, I went ahead and signed up for the "free" 30 day trial, and after filling in the required info, accessed my credit report online immediately.

You do have to read all the directions carefully, and print the report or copy it, because once you access the report and go to another page, you can't go back to it.

It was interesting, to say the least...

[Southpaw]

Banks and credit lenders look at your FICO score when determining whether or not to lend, rates, etc. Mortage lenders give the best rates to persons with the best FICO scores. If you go to:

http://www.myfico.com

you can can order a FICO report and one credit report for $12.95 there. For general questions and information:

http://www.myfico.com/myfico/CreditCentral.asp

For mortgages, investing, lending questions and other resources (mortgage calculators, refinancing, etc.):

http://www.suzeorman.com

Good luck - this stuff is soooooo mind-numbing to me.

[ 05-29-2003, 10:15 AM: Message edited by: Southpaw ]

[Tprspouse]

Well I just got a truth-in-lending disclosure statement from the bank and a couple good faith estimates of what we'll be paying, etc. So, hopefully I'm already over the credit hump!

[Southpaw]

quote:

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Originally posted by Tprspouse:
Well I just got a truth-in-lending disclosure statement from the bank and a couple good faith estimates of what we'll be paying, etc. So, hopefully I'm already over the credit hump!

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You can find out what the going (average) rates are for lending in your area and check to see what they are giving you.

Make sure the rate is "locked" in and you have it IN WRITING or when you get into the closing you may be shocked. I walked out of a closing once because they lied to me about the rate.

Also, with regard to "good faith" estimate, yeah, well, pardon my paranoia, but make sure they include the estimated escrow payment in with the principal and interest or you are going to be in for a shock with the first payment bill arrives

Good luck and keep on them!