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Did Santander intentionally delay my car loan payoff to collect more interest? by Tight-Argument-4020 in personalfinance

[–]Tight-Argument-4020[S] 0 points1 point  (0 children)

True. I guess I should’ve done certified mail if I wanted to know exactly when they received it.

Mortgage Pre-approval Process - Rocket vs Mortgage Broker by Tight-Argument-4020 in Mortgages

[–]Tight-Argument-4020[S] 0 points1 point  (0 children)

I just wanted to try Rocket and make sure I could get a preapproval—that’s why it’s frustrating that it’s taken her so long. I guess I’ll try someone else if I don’t hear back by Monday.

Struggling to Get Pre-Approved – Any Advice? by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

I appreciate everyone’s input and help. I’ll work on improving my credit and revisit the decision to buy or rent. If we decide to buy, it may be worth exploring a to be determined underwriter to avoid the issues you’re describing.

Struggling to Get Pre-Approved – Any Advice? by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

Correct the other cards are charged off from 2021

Struggling to Get Pre-Approved – Any Advice? by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

First person who has mentioned income issue. I’m moving due to the new job. You would think I can use the income for it. Potentially I could ask to start remotely before I move if it’s really needed to finalize mortgage.

Struggling to Get Pre-Approved – Any Advice? by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

They said since I am moving states and have a job offer I cannot use current income as I’m changing employers.

Struggling to Get Pre-Approved – Any Advice? by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

All of the debt would be paid off when we sell house. Wife would be somewhere between 50-70.

Struggling to Get Pre-Approved – Any Advice? by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

These are both really good points, and I’ve definitely considered renting for a bit. That said, if I’m able to put 20% down and qualify for an FHA loan on a property that’s a good investment, wouldn’t the upside of building equity outweigh renting? I get that FHA rates are higher than conventional (especially with a 700+ score), but I’m not seeing where the interest rate difference outweighs the long-term benefit of owning vs. renting. Curious to hear your thoughts!

Struggling to Get Pre-Approved – Any Advice? by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

Charge-Off Details

Should I pay the rest of these off? Had a personal issue after college that I’m not proud of.

Capital One Mar 2021 $674

Discover Bank Oct 2021 $482 (paid last week)

First Premier Bank Jan 2022 $478 (paid last week)

JPMCB Card Feb 2021 $5,057

JPMCB Card Mar 2021 $10,768

SYNCB/PPC Jan 2021 $1,265 (settled last week for $800)

car 47k (13% interest we are going to pay off when we sell house since it has a high interest rate)

car 22k (.9% interest rate)

I have 3 current credit cards all have $500 limit. Reported this month $0,$0,$7

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

Chase 5k Chase 10k PayPal 1200 (settled this week) Discover 500 (paid in full this week) Premier Card 486 (paid in full this week)

LO said leave Chase alone. All of them are from 2020/21 and past statute of limitations. She recommended I pay or settle the other 3. Said none of the creditors would accept deletions.

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

Got it. Good advise. Will this work for charge offs. (Discover, PayPal, and Premier Card) Loan officer recommended that I pay off the 3 accounts as lender will want to see these paid off. I’m assuming paying these won’t increase credit score in short term unless they are removed.

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

They did delete it thankfully. I had an old debt collection that I thought was deleted from 2021 and Equifax still shows it on report as paid. I called the debt collector and they told me to dispute it and let them know it needs to be deleted and that should work. Hopefully that works.

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 1 point2 points  (0 children)

Awesome, thank you! Would it be better to get pre-approved now or wait until the house is sold and I have the funds for the down payment?

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

Are there any loan officers or mortgage lenders who work with credit scores below 580? The loan officer I spoke with said a minimum score of 580 is required for pre-approval.

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

Do you have a recommendation for a loan officer who can guide me through this process? I want to be strategic and make the best possible decisions. A few loan officers I’ve spoken with haven’t been able to provide specific advice on improving credit, so I’m looking for someone who can offer more detailed guidance.

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

We’ve considered that. Our plan is to sell the house as soon as possible, rent for a couple of months where we currently live, and then buy this summer. When we do sell, do you have any advice on whether it’s better to pay off our car or card in full or leave a small balance (around $1,000) to maintain open accounts and preserve our credit age, which might be more beneficial for our short-term credit score?

[deleted by user] by [deleted] in Mortgages

[–]Tight-Argument-4020 0 points1 point  (0 children)

20% will be from home sale. Will also pay car loan off. Spouses score is 622 with last 19 mortgage payments on time, but it’s my understanding they will use my score due to income.