Your best advice for a home loan, but watch out for RMA...
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Posted by susana
(207.93.143.61) on November 27, 2003 at 22:27:32:
If you want a home loan more than anything you have to get balances removed. Charge-offs will normally not be considered. But, they will play a part because those affect your score.. Make sure your past the Sol. also. Now here's how you do it. You find your dream house and you couldn't be happier. So you go to a lender and they pull your credit. Well guess what kiddies. Those wonderful folks at the CRA's have special types of contracts with collector's and I would assume OC. They notify them when your applying for credit. And guess what? Those bottom-feeders immediately throw a negative trade-line on your report. But wait, while your out shopping for that new sofa and lawn patio waiting for escrow to close, your Credit has to be run again. And guess what? Your ass owes a ridiculious amount to XYZ collections. And do you really think the collector will negotiate with you. Probably not. Now you have a God D$##$@$mn balance that you've never heard of and your score has gone down. So now your really screwed.. So what do you do? Here's the answer to this 1/2 million $$$ question... You have to find a lender that only pulls your credit once. This will normally keep for 3-4 months. From what Ive seen 99% of lenders pull at the beginning and end. But, if you find a lender that doesn't need to pull twice you should be in the clear..... I have yet to see a post like this ever addressed..
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