...asking Countrywide to pull my Experian credit report? Of my three credit reports, Experian is by far the worst with a FICO score of only 592. However, I am currently on a quest to prove "actual damages" for a lawsuit against a collection agency that shows up only on Experian. Knowing that Countrywide Home Loans will pull one report of your choosing, I asked them to pull Experian because I want to get rejected for a mortgage refinance so that I will have actual damages for a future lawsuit against the collection agency. So I have this nice lady on the phone and she is pulling Experian. There is a pause, and then she asks me why I want to pull that one because it is only 592 and the score needs to be at least 600 in order for this loan to go through. I am stumbling for a reason to give her. She even offers to "look unofficially" at the other two credit reports and promises that no additional inquiries will be made. She is doing everything possible to try and find my best credit report so I can get this loan. However, I do not give her permission to look at the other two reports and then tell her that I will have to think about it and call her back. She must know by now that I wasn't serious about getting the loan if I wouldn't even let her look at my other two credit reports so she could find the best one to use. How do I explain to her why I picked Experian and why I wouldn't let her look at the other two? I doubt that she would appreciate hearing the truthful answer, and I am dreading calling her back! I wish I could just level with her and say that my lawyer instructed me to get rejected for the loan based on my Experian report only. If I level with her, do you think she will take it in stride and give me the rejection letter that I need? (Do I have a legal and moral right as a consumer to intentionally apply for a loan that is based on my WORST credit report only---and how do I tactfully explain this to Countrywide?) SUGGESTION: I might try explaining that I need to force this collection agency off my credit report through legal action, and I am worried that the underwriters will find out about it anyway and then force me to pay off an illegal collection account prior to giving me the mortgage refinance loan.
You thought it was your best there must be something on there? You now want to check this report as well as your others to see if something you don't know about is on there?
She has to be suspicious of me because I wouldn't let her look at the other two reports even when she promised that no additional inquiries would be made. I suppose that I could play dumb and say that I thought Experian was the best, but now I want to look at all three MYSELF before applying for anything else, and I was afraid that inquiries would inadvertently be made on the other two (which has actually happened to me before with another mortgage company). Another concern I have is whether she will proceed with the processing of my loan application (which she took over the telephone) based upon the Experian inquiry that she made today. I did check Experian and her inquiry was posted today. If I don't hear from her within about a week, then I guess I will need to pressure her to follow through with the loan application and give me a decision on it.
Don't go directly to the lender. Just find a cool mortgage broker and he'll find a way to get you rejected and draft a letter confirming the the reason why. Here's what you need to know: For a full doc FannieMae Loan, you need a middle FICO score greater than 620. So if you have one other score below 620 and one over 620, and can prove that your EX score was brought down below 620 as a result of the collection account in question, then you are home free. Of course there are other finance options out there, but if all of the above holds true, its your best bet.
ryder, My situation fits that exact scenario: EX 592, TU 605, EQ 658, and EX was definitely pushed below 620 by the recent illegal collection account. Now, how do I find a cool mortgage broker? I thought these guys were in business to make the loans happen (and get their commission) and not to find ways to get you rejected and draft convenient rejection letters. Why would they do me such a nice favor?
Let me attempt to answer my own question. How do I find a "cool" mortgage broker that will get me rejected and draft a letter confirming the reason why? Maybe I should just call several brokers until I find someone who is willing to do it in exchange for receiving my business once the legal maneuvering is over and I'm ready to refinance for real. Does that sound about right? Now that I think about it, several brokers have already contacted me trying to get my business so they should be prime candidates for this type of a win-win deal.
