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aspiring1
1302 Posts |
 Posted - 07/18/2008 : 4:09:32 PM
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I just pulled credit on a guy...please stop laughing at the credit score!
I just pulled a single Equifax report, not a trimerge and yes, that's the score.
I looked through the report and he has 1X60. He has $1,098.00 in total collections/derog.
and 6 negative accounts. $265.00 of that (4 of the 6 accounts) is medical debt.
I am thinking that the 1X60 and the two autos loans with high LTV on his credit report, are causing the huge drop in score? I am wondering how to go forward on this.
Never seen a score so low actually. If it was at all possible to get an approval, I wonder if planning to pay that off now, or after closing would impact the approval (if he has less than 80% CLTV; it's a Texas deal - cash out capped at 80%)?
I wonder if it would have a snowball of a chance? His mortgage was fine before the rate increase on his ARM; never been late in 4 years prior to that. He was delinquent on May and June's payment and his rate increased 7 months ago.
Any ideas? |
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Lee3370
97 Posts |
Posted - 07/18/2008 : 4:13:06 PM
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| best idead is to tell him to get his credit fixed and call you in one year, then work on loans that can close. |
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pbrown2006
15 Posts |
Posted - 07/18/2008 : 4:14:39 PM
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| TBW FHA secure allows for one time 60, but it sounds like a pretty weak deal. First Gurarnty also does FHA secure. |
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aspiring1
1302 Posts |
Posted - 07/18/2008 : 4:15:38 PM
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quote:
Originally posted by aspiring1
I just pulled credit on a guy...please stop laughing at the credit score!
I just pulled a single Equifax report, not a trimerge and yes, that's the score.
I looked through the report and he has 1X60. He has $1,098.00 in total collections/derog.
and 6 negative accounts. $265.00 of that (4 of the 6 accounts) is medical debt.
I am thinking that the 1X60 and the two autos loans with high LTV on his credit report, are causing the huge drop in score? I am wondering how to go forward on this.
Never seen a score so low actually. If it was at all possible to get an approval, I wonder if planning to pay that off now, or after closing would impact the approval (if he has less than 80% CLTV; it's a Texas deal - cash out capped at 80%)?
I wonder if it would have a snowball of a chance? His mortgage was fine before the rate increase on his ARM; never been late in 4 years prior to that. He was delinquent on May and June's payment and his rate increased 7 months ago.
Any ideas?
Thanks for the unnecessary input!
Actually as I said, this is the lowest scores I have EVER seen. I am thinking of ways to
bring up his score as soon as possible, based on what I show on the report in front of me.
I am wondering how his 2 lates and few collections are impacting his score. So uhh, next time you want to judge based on my post, find a new post to post in! I have spent all of 30 minutes on this deal since cold calling the prospect days ago. Thanks again! |
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aspiring1
1302 Posts |
Posted - 07/18/2008 : 4:21:36 PM
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quote:
Originally posted by pbrown2006
TBW FHA secure allows for one time 60, but it sounds like a pretty weak deal. First Gurarnty also does FHA secure.
I know, the score KILLS it. But looking at his credit report which is only 3 pages,
I'm wondering how credit repair could help the guy, worse case scenario. I have never submitted anything less than 580. I'm actually calling the guy now to give him my findings.
I just wanted to see what other's may think before I contact him with a gameplan on fixing his situation. Other than that, I planned on calling him telling him no can do. |
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htdifinancial
1612 Posts |
Posted - 07/18/2008 : 10:50:09 PM
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| Have one of our consultants take a look at that client's report for you. We can tell you what is lowering the score. If it is the derogatory items, removal of these items may help, and you can discuss this with your client. |
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aspiring1
1302 Posts |
Posted - 07/19/2008 : 09:01:40 AM
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quote:
Originally posted by htdifinancial
Have one of our consultants take a look at that client's report for you. We can tell you what is lowering the score. If it is the derogatory items, removal of these items may help, and you can discuss this with your client.
Ok. How should I do that, should I let him know and then go to the site to submit his info for a callback? (I have an account already) |
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