Anyone Refi?

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

The icing on the cake came in the mail today . . . the obligatory credit reporting because of our application for a home equity loan with our local bank.

Our credit scores have fallen in the last 60 days, from 756 to 712, with the notation The number of inquiries on the consumers credit file has adversely affected the credit score with no derogatory information found on this file.

So the mere act of trying to improve your finances reduces your credit score.

Bummer.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

We have been approved for a home equity line of credit at our local bank, @ 5.5%, and for more than were asking for with the jerks.

It just took a minimal amount of stuff from us . . . tax return, pay stubs and financial statement. They paid for the appraisal.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Done, our 8% loan is now a 5.5% line of credit.

The wheels of justice, and government, turn slowly, but I finally heard back from the AG and the state department of finance. Both the broker and lender will be hearing from both of them.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Since we were denied credit, we are entitled to copies of our credit reports. But that is not as easy as it seems it would be.

I have made two requests from all three agencies and have received only one of them. I have not heard from one and I have made a third request from the other.

On the one I got, we have no Potentially negative items. It has 20 accounts in good standing all with the notation Never Late.

However, there are 9 records of requests for our credit history due to actions taken by us. 8 of them are from my lendingtree.com inquiry. So, although we were only seeking one loan, it makes it appear that we were seeking several, all recently.

Bummer.

[mdurette Senior Member Find all posts View Profile Close mdurette]

Since we were denied credit, we are entitled to copies of our credit reports. But that is not as easy as it seems it would be.

I have made two requests from all three agencies and have received only one of them. I have not heard from one and I have made a third request from the other.

On the one I got, we have no Potentially negative items. It has 20 accounts in good standing all with the notation Never Late.

However, there are 9 records of requests for our credit history due to actions taken by us. 8 of them are from my lendingtree.com inquiry. So, although we were only seeking one loan, it makes it appear that we were seeking several, all recently.

Bummer.

Obtain your reports from www.annualcreditreport.com This is the website set up by the govt for consumers to get their reports. Very easy - you get them as soon as you answer a few identifying questions.

As for the multiple inquiries. If inquiries are made within 10 days of each other and all for the same reason they are only counted as one and your FICO score will only reflect one inquiry.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Obtain your reports from www.annualcreditreport.com As for the multiple inquiries. If inquiries are made within 10 days of each other and all for the same reason they are only counted as one and your FICO score will only reflect one inquiry.

We only made two loan requests, lendingtree.com and another similar site, which generated the simultaneous multiple inquiries, which reduced our credit scores as reported. All inquiries generated are being shown as separate inquiries.

Except for those 8, there is only one other.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I haven't heard back from that broker, the AG or the State Division of Finance, which regulates brokers and lenders.

The above was on 8/6/09.

Subsequently I filed a complaint against Wells Fargo Home Mortgage and Gold Star Home Mortgage with our State's AG and the US Comptroller of the Currency.

There have been a few back-and-forths, the other side making false statements and me correcting them with their own correspondences. Then, today I received an apology from WFHM, also saying that GSHM has approved a refund of the appraisal fee that was charged to us.

Of course, with all that seems to be wrong, I am encouraged that every now and then I can make one of them right.

Because I believe we are our brothers' keeper, because it is not just about me, and because it is wrong for a lender to order an appraisal at the consumer's expense unless they have already approved the loan (subject to appraisal), I intend to pursue a change in lending regulations.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

As for the refi, it is doing as intended. On the old loan, monthly interest was over $600. The new loan is an interest-only one, and it has been running $300-ish.

I have been paying that plus $300, so for the same amount as interest only before, I am now retiring a bit of principal.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I have not received the check from WFHM yet, even though they say they have mailed it twice, and they had not been cashed.

I would think if that really was the case, someone would call to see if it had arrived.

I got tired of the inconvenience of letter-tag, so I called the person in the Office of the President who has been writing to me, to ask if we could email instead. She did not return my call for two days, and when I got hold of her, she said No.

So I told her why I thought the check was not getting to us.

[garyd210 Senior Member Find all posts View Profile Close garyd210]

Wells Fargo is the worst! They repeatedly don't return calls when they promise they will(3 different employees). The couldn't come close to matching a much better offer. I still have a WFB credit card, which works out ok because of NHIWHUA(No Humans Involved With Heads Up Ass). Hate 'em, wait, it's not nice to hate anyone......yep I'll make an exception, hate 'em!

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I have not re saying nothing nhad arrived.ceived the check from WFHM yet, even though they say they have mailed it twice, and that it had not been cashed. Said they mailed the first one December 4!!! The second January 8, after my letter

I would think if that really was the case, someone would call to see if it had arrived.

I got tired of the inconvenience of letter-tag, so I called the person in the Office of the President who has been writing to me, to ask if we could email instead. She did not return my call for two days, and when I got hold of her, she said No.

So I told her why I thought the check was not getting to us.

Reposted to correct grammar, mostly. . .

We have no accounts with WFHM, but have several connections with them the past ten years, since they started buying other companies.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I have not received the check from WFHM yet, even though they say they have mailed it twice, and they had not been cashed.

I would think if that really was the case, someone would call to see if it had arrived.

I got tired of the inconvenience of letter-tag, so I called the person in the Office of the President who has been writing to me, to ask if we could email instead. She did not return my call for two days, and when I got hold of her, she said No.

So I told her why I thought the check was not getting to us.

The check supposedly was first sent in December, then January 8. After a few more back-and-forths, it arrived today.

By overnight delivery.

[grest Senior Member Find all posts View Profile Close grest]

We got 4.7, no points, and consolidated...our payment now is about half what the combined bills were!

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

The icing on the cake came in the mail today . . . the obligatory credit reporting because of our application for a home equity loan with our local bank.

Our credit scores have fallen in the last 60 days, from 756 to 712, with the notation The number of inquiries on the consumers credit file has adversely affected the credit score with no derogatory information found on this file.

So the mere act of trying to improve your finances reduces your credit score.

Bummer.

We are interested in foreclosures so I have contacted recommended lenders, and have encountered the same problem.

I have told about a dozen lenders what are credit scores are and have given them our financials, asking them what they have to offer . . . rates, loan costs, etc. . . . saying I will give them our SSNs, tax returns, actual statements, etc., if we select them.

Only one has provided any information. The others won't even say what they have to offer unless we give them SSNs. I have told them all the situation.

I can just imagine what another spate of too numerous inquiries, especially so close to the last one, would do to our scores.

Like before, the worst offender, and most rude, was Quicken loans. They would not even use email for anything.

[mdurette Senior Member Find all posts View Profile Close mdurette]

Just an FYI:

The marjority of all mortgage investors have miniumum credit scores of 620. If you are below that, then it is doubtful you will find financing. If you are above that, then there should be some options for you.

If you are looking for bank owned homes that are in need of repair or if you are looking to flip a house - that might be an entire other issue, not related to your score.