Credit Scores Suck

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SUP3RNOVA

SUP3RNOVA

Goober Gay
Mar 5, 2007
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Getting a mortgage is such a bitch.

I was going to go with Lender A, until I found Lender B which offered a rate over 0.75% cheaper. This is after talking to a couple of other lenders. Lender B locks in the rate with me and starts drawing up the contracts, then goes to pull my credit score.

When Lender A pulled my score, it was a 715. Lender B pulls it and it's a 670, and their requirement for the mortgage is 680. I have not missed one credit card bill, and this huge drop in score is due to all the inquiries from different lenders.

I've spent over two months trying to get this damn mortgage and I finally get ready and my score randomly tanks. Credit scores are so fucking gay, now I have to find another lender or wait for my score to go back up.

Anybody have experience with their score dropping because of this? How long will it take for it to come back up 10pts at least?
 


Im not sure how it works in the USA but from what I know here in Ireland you can query any credit score reductions. I would look into something like that - it may be a small legal fee but as you said a decent mortgage is a bitch to get ahold of so it might be worth it.

Wish you luck in securing that mortgage - did you have any problems when explaining your income to the lender? Just out of interest.
 
I guess those overdue bills on the Real Dolls and 24" black dildos you were getting all excited about last time are catching up to you, and fucking you right back.. not even in a good way eh?

But seriously. You have three choices here...

1- Do nothing but wait for the 3 credit unions to update their shit.

2- Hire a pro, spend a few hundred bucks on getting them to clean up your credit for you.

3- Clean it up yourself. Can take a good amount of personal time and frustration, but it can be a great learning experience, and it will be fairly low cost, or free.

Typically, when you hire a pro, they already know some of the sweet tricks and loopholes and can get your score boosted by a ton of points. Not just to hit your minimum level, but a high enough level so that you actually score a MUCH better rate.

If you're doing this for investment purposes, it may be a better idea to make a new company, and build the credit up on that, so that you can arbitrage some loans with your investments now, and flip them whenever you want. Since the real estate market is cooling at a fairly rapid rate, and foreclosures are going to hit an all time high (if not already), now would be a good time to start snatching up those properties with minimum down payments. Remember, when the market is hot, you're at the mercy of the lenders/banks, but when it's in cooldown mode, they are at your mercy, so use it to your advantage.
 
Oh yeah.. just wanted to chime in with a bit of a disclaimer. I know more about NYC COMMERCIAL real estate, not residential, so do your homework at other places, not here, where people are qualified to answer your questions. I know it's night and day with what I know in terms of finances, flipping, investing, etc. Just figured I'd let ya know so you don't sue me and pull a Lemp and get me for "emotional distress" because you spent god knows what on a property that tanked.
 
There is a method that you can use to bury those inquiries by constantly pulling your credit report. It will eventually put those out. It can be a risky technique. However it's never good to have a bunch of pulls from other people.

You can also throw the hail-mary and write letters to the big 3 and dispute that they didn't have authorization to pull in the first place, but your looking at a month at best to get a response.
 
You're just going to have to wait for all three bureaus to update. Every inquiry is going to ding you... find a lender you like now and don't apply for anything for another 1-3 months.

If you hire someone to fix it or try to do it yourself, you still have to wait for the next update. So it's pointless.

Moral of the story? Don't apply for loans until you are 100% sure you are ready and have already picked the lender.

Or just pay in cash and save yourself thousands of dollars in interest.
 
GAY, dude credit scores are R-tarted. I haven't had much experience yet, as I have a decent credit built up from buying my first car still. We'll see what happens when I start using my credit card more and more.

So applying for loans can drop your credit score??
 
Rage9 is correct. The quickest route to take is to contact all the companies who pulled the credit and dispute with them that you ever authorized it to be pulled. Just say that you called for a rate, and never knew they were going to review your credit bureau. Get a letter faxed from them when they agree, and then use this letter to dispute back to the bureaus, and see if you can get an exception made with the lender you want to use. Remember that it may be hard to get an exception made, but you will be dealing with someone who more then likely is not making the commisions that they were making 6 months ago, and may be more helpfull then normal in helping you figure a way to get the loan pushed through with these letters. If the lender will not take the letters as proof enough, see if you can get it immediately updated with the bureaus, and a then get new bureau sent to you directly. Once the bureaus ok the fix you should be able to contact the lender and have a new bureau ran right away. There will be some luck involved here. If you get an asshole at the bureau that does not want to help you , or wants you to wait 30 days then you may want to wait, and call back later in the day to get someone else. If all else fails you may still need to wait the 30 days but this is still the cheapest and fastest way to handle it.
 
They may very well accept a lower credit rating if you pay off some of your existing debt.
 
The alternative is going with the other Lender which I'm already approved at for 6.35% as opposed to 5.5%.
 
Capmorgan is on the right track, but going about it wong.

Quick note: You can also file disputes over the internet right from the bureau websites - however they seem to be less effective but may save you some time. Oh yeah, and always ALWAYS mail with delivery confirmation and return receipt. You should mail to keep things more official.

The real goal is to dispute with the big three on the pulls (you have a copy of all your credit reports - right?:bigear:) Now at this point, there's not much you can do. You'll have to wait for them to send you something back, which will most likely be "yada yada yes they have the right to pull" because that's what their computer said - you have to understand almost all this shit is automated. Computer simply asks another computer if its right - no person will look into it I almost guarentee you.

Now comes the fun part :D. You right a letter to the people whom you want off threatening them that if they don't remove the entry in like 30 days, or prove they could pull, that you'll see them in small claims court for defimation of character. Attach a filled out small claim (unfiled) form letting them know your seriouse.

Now the big line of shit they may try and pull is tell you that they can't change it, well that can be true. Creditors can because they put trade lines on your report - I think pulling is a bit different. You may have to have them put it in writing is that they wheren't authorized to pull and then send that to the bureaus.

Anyways, this method your looking at around 3 months to fix it up as far as I can see.

capmorgan said:
Rage9 is correct. The quickest route to take is to contact all the companies who pulled the credit and dispute with them that you ever authorized it to be pulled. Just say that you called for a rate, and never knew they were going to review your credit bureau. Get a letter faxed from them when they agree, and then use this letter to dispute back to the bureaus, and see if you can get an exception made with the lender you want to use. Remember that it may be hard to get an exception made, but you will be dealing with someone who more then likely is not making the commisions that they were making 6 months ago, and may be more helpfull then normal in helping you figure a way to get the loan pushed through with these letters. If the lender will not take the letters as proof enough, see if you can get it immediately updated with the bureaus, and a then get new bureau sent to you directly. Once the bureaus ok the fix you should be able to contact the lender and have a new bureau ran right away. There will be some luck involved here. If you get an asshole at the bureau that does not want to help you , or wants you to wait 30 days then you may want to wait, and call back later in the day to get someone else. If all else fails you may still need to wait the 30 days but this is still the cheapest and fastest way to handle it.
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bumping

There is a technique used called "bumping" which basically means you pull your credit report daily through CreditCheckTotal or TrueCredit, and after a while the soft inquiries will move other inquiries off. As far as I can recall this only works with TransUnion and Experian and they know about it and will lock credit scores.

Most of this I learned from credit-boards.com...
 
There is a shit ton of good info there. And the forum is the bomb and filled with so much info your head will blow.

nickclarson said:
NICE Rage9, good stuff thanks. Aside from all the crap all over the site (ads, etc.) it's still looks like it has some really good information.
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