Hi all, I've been working to clean my credit reports and am almost there thanks to all you credit netters. I'm planning to apply for a mortgage within the next few months but have a question about a thread I just read regarding old information available to creditors for loans over $150K. Does this mean that my efforts to get collection accounts, dismissed bankruptcy, etc. removed from my report have all been in vain when it comes down to getting financing for at least $250K? Do all the lenders review this information or are there specific ones that review old info?
bump - I'd like to know too- I'm thinking if something is actually reported to you as deleted because it was inaccurate, and you challenged it, that it's not going to show up even with a $250,000 loan application. On the other hand, if you had a bunch of horrible tradelines on your credit report in 1992, and they aren't appearing on your normal report because they're over 7 years old, those will probably show up on the credit report pulled by the bank or mortgage company. Does anyone have any experience with this? ____________________ rfmjb Doing the happy dance since I just closed on my very first house!!
Sounds like urban legends to me. We recently purchased a home for 300,000. The scores they came up with were in line with what I come up with. I didn't even have to explain my old crap off. I would quit listening to that kind of stuff. It'll only discourage you.
Yes, they do have access to ALL of the information if you're doing a jumbo. No, they do not ACT on the information they see older than 7 years.
