Hi everyone, it's been a long time since I have posted, but I need some help. We are trying to get a HELOC to put in a pool, and my husband's midscore took a hit after we bought our home last Aug. From 680 to 639. After some mortgage shopping, a broker found us a lender who would take our TU score of 709 for the HELOC making it a very sweet deal. However, they came back yesterday saying that there was a problem with TU and they hadn't been reporting many good tradelines we have, making our credit history not long enough. They said he would need to call TU and ask for a datedown, and have them add an old 4 yr closed mtg, a car loan and our second mtg. They have our first on there, and our car loan, but it has only reported for 7 months, they just stopped reporting. It is really irritating, because it will delay the process another 30 days, (assuming TU does the datedown) and then they pull the score again. Has anyone ever encountered something like this? The broker said it's like my husband just fell off the face of the earth. TU has many times deleted good tradelines whenever I have disputed things, I guess they are famous for that. Any help would be appreciated on what to do and how to get Tu to comply and if possibly get it done faster than 30 days? Thank you all, I love this site, it's because of all of you that we were able to get our home last year.
This is a new one on me... a DateDown, huh? Not many folks logged on this afternoon. Might need to wait till tomorrow for an answer.
Thank you for your response just the same! I will wait until tomorrow, hopefully I can get some input on this one!
Yeah.... sometimes we/I just make a (meaningless) comment, rather than stating the obvious.... bum, bump, bump... Plus it automatically subscribes me to get emails about the answers. Pretty slick, eh?
Hey, it's better than feeling like I'm being ignored! Thank you for your comment, just the same. It made me feel better anyway!
I wish I knew how TU worked - I had questioned one point on a mortgage entry(on a piece of rental property), on my husband's report and all of a sudden, they deleted not only that mortgage, but the mortgage on our house as well (they were with the same company, so I don't know if they thought they were both on the same property, or what) - I wasn't sure what to do about it - they are still reporting it on my report -
Since it's a current TL, the tape will likely go to TU again on your current mortgage and update, so no worries on THAT.
So...out of curiosity have you called TU and asked about a date down? Perhaps this is just a term that this one mortgage company tosses around, and it just doesn't have meaning to the rest of us. You need to find a way to get your closed mtf, car loan and second mtg. to report. TU should be able to do THAT. Also, I can't recall the name but there's that expensive technique where you can get your CRA report rescored with updated info -- same day. I know there's info here... just can never recall the name of it. Perhaps post a new/shorter question and ask. I think it might be called rapid rescoring or something. Good luck!
rapid rescoring is only available to mortgage brokers, etc, not to individuals -as far as I know - and I've heard it is pricey -
BUMP *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243
Thank you you guys, for your input. I didn't get anymore notices via email that there were replies, so I didn't check! But I appreciate your help just the same. I haven't talked to TU yet, I was waiting for my husband to do it since it is his credit in question, and he is dragging his feet. Last time I tried to discuss his report with a CB, they wouldn't talk to me. As far as rapid rescoring, I am using a mtg broker, and he didn't suggest it, so I am assuming it won't apply. Ughh, I hate this scoring system. We have no collections, lates or anything on his mid score (EQ), however it still dropped over 40 pts. Then, with all the shopping, it has dropped another 3pts as of yesterday to 639. Thank you all for your input, any other input is always welcome! 611-EVIL EXP-(2 Arrow collections that are paid and they won't come off, even though Arrow said they would show as settled) 639-EQ 709-TU (Hubby's)
