Hello everyone! I really enjoy your board. It has been a long road restoring my credit and I owe a great deal to this board. I silently listened for months before I had a question of my own. Here goes. I have been pre-approved for a mortgage. I signed a contract on a house here in Atlanta yesterday. My mortgage broker is sending me out a package filled with forms etc and all the documentation that I will need for my loan. I have a couple of derogs that I paid off and the Collection Agency has agreed to delete the entries but it will take about two weeks to get this done, so they will pull my credit again in 2 weeks in hopes that my scores will be a little better after these derogs drop off and I the fact that I paid down my credit cards to 10% utilization. I have scores of EQ = 650 TU = 595 EX = 610. Well I know that one of the pieces of documentation that you have to submit is 3 months bank statements. Just my luck I screwed up my main bank account by moving money around and I took too much out and bounced about 5 checks. I am paying all of them back but now I am scared that I will be denied once the underwriter sees 5 bounced checks in October. I could just shoot myself for this snafu. I guess I just need to know how much trouble am I in and could this kill the deal. Thanks, skynet 83
My ADVICE: Don't wait, be proactive. Tell them up-front about the mistake, don't wait for them to call you on it. Also, for the paid for deletion accounts. Don't wait for the updates, many times they do not happen for 60-90 days! You need to get on the telephone and call the creditors/collection agencies. You need a letter immediately on the stationary with signature asking for the cra to delete the info. With that in hand call the cras and tell them you're trying to close a mortgage, have the letters in hand, and would like to fax it to them for an update. Good luck! HOTlanta? Man, I feel for you! How long do you spend in your car every day?
Thanks for the reply bkev! Yeah... Hotlanta alright. I currently live in Kennesaw and work in Buckhead.... I spend an hour coming and going in my car on a good day on I75 (Rats)
