This board has really become my "life blood" for the past 2 months or so. I guess this is a roller coaster ride, but right now I am really feeling it. I am trying to quailify for a construction loan. I found the lot I want to build on and I have just enough money to pay cash for the lot, but I really don't want to do that if I can avoid it. Hence my first problem, I can't seem to qualify for a 12,000.00 land loan with my fico scores. My scores at present are EQ 616, EX 577 and TU 544. I have called subprime lenders--they don't do land loans. I have called local banks--they won't look at me because of my FICO's. Soooo, I guess I have no choice but to scrape every last dime I have and buy the lot outright. I foolishly thought if I came up with a 50% down payment on a secured loan. it would be fairly easy. Not true! I have been concentrating on really working on my scores, disputing all derogs to see how quickly my scores can go in the next few months. I need a mid score of 620 (per Indy Mac Bank) to get a construction loan. Now I am in the waiting game. I have been checking Experian everyday and slowly but surely my disputes are "remaining". I tried a few goodwill adjustments, but they all are getting denied. Today a mortgage broker called me and after listening to my story he felt "100%" sure he could help me. I was "100%" honest with him about my FICO scores and what I wanted to do, in regards to buying the land and waiting for an increase in FICO's before applying for the construction loan. This broker told me that he had a million loan programs but he needed my info to pull a tri-merged report. I didn't want another hard inquiry, but stupidly I let him pull one, and he calls back 20 minutes later and tells what I already knew, what I had already told him I knew. And to add insult to injury, he tells me his tri-merged report only showed my EX and TU, so they had to go with my lowest score. How can that be? So, now I have another hard inqury on TU and EX. I am getting really depressed. The only bright spot is my first 30 of disputes is coming to an end, but with how EX is looking...I am somewhat leary about getting any deletions.
Hey Maggie, Believe me, we've all been there too. When I first began I had a tough time at first too. My saving grace was that, even though I wasn't seeing a lot of success, at least I knew I wasn't alone. We all have to pay those initial dues I guess. Made me vow to die before I'd ever be late on anything. Stick with it. Sometimes it does take a little longer for some people. But we always get there eventually. My average score today is 780 because I hung in there and refused to give up. Trust me, I felt like it, we all do from time to time. Remember how it was before you found this board? When you felt like YOU were the only one on the planet who had this problem? You might wanna visit this thread: http://consumers.creditnet.com/stra...848&highlight=fix+AND+your+AND+own+AND+credit We talked about the painful process we engage in when we start the correction campaign. You're just right in the middle of the hard part, that's all. Perfectly normal and it WILL pass, I promise. Although I can't tell you why you're not having much luck I do notice one thing. If you've been here for a cpl months you only have 11 posts. Not that that's a problem but I guess you're not asking questions and getting help to develop your strategies. What I would suggest is that you just relax and resolve to fix your reports before you go seeking special deals like this. Spending every last dime on a deal may not be the smartest thing you can do. What happens if an emergency happens right after. But patience ALWAYS pays off. I'd say, just start on one TL at a time and lets tackle these devils first. I know you feel like "I just gotta get THIS deal of a lifetime". lol There really will be more great deals (and maybe better ones) down the road and the wait will be well worth it. Don't forget, you get that one last derog deleted and you'll get a 100 point score boost. Then you can tell subprime lenders to go fly a kite.
Butch, You have always been so nice to me. Thanks so much--I needed that. And you also hit the nail on the head--I do remember when I was the only one on the planet who felt this way--before I found CN.
I noticed in your original post that you have sent in over 30 disputes. How time have you spent threatening to sue or learning to file lawsuits and following thru with it against the OC's and CA's? I'm still pounding the CRA angle, but I can tell you 4 out of 5 of my last deletions came directly from the source. I've only had one deletion straight from a CRA dispute. Things change quick when OC's and CA's see your getting ready to file on them. CRA's for the most part could care less as they get a ton of ITS letters everyday. Even TU is getting less sensitive. Used to you could just mention lawsuit and they would fold. Not now.
30 disputes? Me? I think more like 6-7 to each CRA. But your point is well taken. I will spend more time looking into this. Thanks!
Keep your head up, Maggie. Things will get better. Shame on that broker for promising you the sun and moon when he couldn't delievr. :-(
down in the dumps... MaggieQ ~~~~~~~~~~~~~~~~~~~~~~~~~ This is perfectly normal that most lenders won't finance raw land. THE END ** *** ** LB 59
Does anyone have any ideas as to why on a tri merged report my Equifax isn't showing up? Its my highest FICO score by far. I think this has happened before because all the mortgage people I speak with seem to access my TU report---my lowest. Should I call Equifax?
Figure out from your broker who furnished the tri merge and call and ask. Better yet send em a fax and demand an explanation. It's probably not Eq. Def. need to get to the bottom of this though.
OK--found out from the Mortgage company they pull a tri merged through "Factual Data" Corp. I contacted them and talk with very nice rep who told me my Equifax report was coming up with an error message. She gave me a 800# to call Equifax with, which I did and the Equifax guy could not have been more rude. He told me he did not work with the consumer, only with Factual Data or the mortgage company. He ended up hanging up on me. Anyway, there is definately a problem because none of the mortgage people I have been trying to get a loan with have always come back with my TU score. I am planning on contacting the mortgage company today--but quite honestly, the broker was not the sharpest knife in the drawer. He kept insisting I simply"did not have an Equifax report" Even though I told him over and over that was definatley not the case. Factual Data can't pull my report with out "charging" someone for it.
Maggie, Did the nice rep tell you what the error message said? I'm wondering because it would give some indication on who's error it is. Factual Data or Eq. They must have had some opinion on what was happening.
Nevermind. If you've tried other Mort. Co's. and you always get the error then we know who's fault it is. You're making progress Maggie. I wonder if you called that Eq. # back you'd get the same rude guy. Or if you could get to a supervisor. Be sure to get names and fax numbers. If rude guy only works with Factual Data I'd suggest he call FD then, and get co-ordinated on fixing this problem. This is holding up a mortgage and may result in financial damage. We all know what that means. Better yet contact FD and tell them to call him. They either want your mortgage business or they don't. If it were me, I'd do a 3-way. You got em on the run. Stay at it.
