This hasn't been discussed yet Hi everyone... As I mentioned in a previous post, I was recently (finally) approved for a mortgage on a home I am having built. The house will not be complete until the end of August. There are some dupes on my reports of student loans. They are especially killing me on EQ (551 FICO). Some will come off when my rehab is processed next month. However, some are old dupes and MAY NOT. Obviously, since closing (Aug 28th) is so far away, the mortgage company WILL pull my credit again before funding the loan at settlement. My question - should I risk the CRAs further screwing up (and lowering my scores) by disputing these dupes NOW in hopes of getting a better rate prior to settlement (currently 7.75%, 2 points) or do I let sleeping dogs lie and wait for them to come off after rehab and then refinance sometime next year? Since I'm approved as it stands now, should I just leave things as they are and not risk a potentital score drop that could disqualify me before settlement?
Re: This hasn't been discussed yet SInce you are already approved, I would just wait until after closing to dispute.
Re: This hasn't been discussed yet That's the direction I am leaning in. I think it's a common sense call to make but I was interested in the board's suggestions as well.
Re: This hasn't been discussed yet if they're duplicates they should come off. If you tell the bureaus about the mortgage they are faster and even sometimes better. I'd call and do the disputes over the phone. let the person know a mortgage is on the line so you need an expedited investigation as to your broker, the broker should have done this for you (helped you) because a lower score is just hurting you and the rate you get... Don't underestimate their importance... you could be talking a nice difference in rate and over 15 or 30 years that's a lot of money. the downside for the bureaus is you can sue them for the difference in the rate... that's why they actually jump over mortgages
Re: This hasn't been discussed yet I started to think about what you said marie but another issue just came to mind. Somehow, I managed to get all but 1 student loan entry off of my TU report (there were 4 that defaulted, as well as the collection entries for each). That appears to be a further risk. TU is my middle score (601 true FICO) and that is borderline for the mortgage. I think I may be risking the student loan people going back and checking what's actually there and re-inserting the stuff that I fought to get off. Up until a few days ago, I wouldn't have worried becasue of TU's cloaking BUT an old Providian acct was just re-inserted a week or so ago (luckily it showed up as "transferred", not rated and didn't affect my score at all). Am I worrying too much about the student loans reappearing on th TU report?
Re: This hasn't been discussed yet marie... almost forgot - the broker did ask me about the student loans. She wanted to make sure I was paying them. I told her I was and they would be rehabbed in the next few months and would be falling off anyway so neither of us really bothered with them.
