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shoelessjoe
LSU Fan
Member since Jul 2006
5349 posts

Wife has a credit score of 750 and mine is 710. Can’t get a loan
Trying to get a construction loan but can’t get approved. What are we overlooking?


AUCE05
Atlanta Braves Fan
Member since Dec 2009
27167 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Debt? Low income?


gobuxgo5
Ohio State Fan
Member since Nov 2012
5941 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan


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ItzMe1972
Member since Dec 2013
2178 posts
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re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Did they say why no loan?

Have you shopped around?


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
13453 posts
 Online 

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
are your ratios out of whack?

Trouble proving income?

Credit score is important but not the only factor in mortgage underwriting


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100
baldona
Auburn Fan
Florida
Member since Feb 2016
8423 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
You realize you are leaving out details right op? My credit score is over 800 but I can’t get a loan for $10 mil.

Your income and downpayment in the least are missing.


bubbz
Baylor Fan
Baton Rouge
Member since Mar 2006
20953 posts
 Online 

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Credit score is just that....a score. It is not the only factor when getting approved for the loan.
This post was edited on 2/8 at 6:14 am


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20
kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
57882 posts
 Online 

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
You're doing it wrong. Those scores shouldn't affect you unless you have a ton of debt.


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Upperdecker
LSU Fan
BR
Member since Nov 2014
16387 posts
 Online 

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Credick score


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35
Tiger Prawn
LSU Fan
Member since Dec 2016
10714 posts
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re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
quote:

What are we overlooking?

Did you have a foreclosure or bankruptcy in the past few years? Or maybe debt to income ratios are out of whack.

Whats your total household income? And whats your current monthly debts (any loans and minimum monthly payment amounts on credit card statements)? Your monthly debt payments (including the new construction loan you're trying to get) can usually only be around 40-45% of your monthly income.


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EveryoneGetsATrophy
LSU Fan
Member since Nov 2017
372 posts
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re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Ask the company that denied you.


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Warfarer
Auburn Fan
Dothan, AL
Member since May 2010
10421 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
quote:

Trying to get a construction loan but can’t get approved. What are we overlooking?



my guess is debt to income is too large for what you are trying to get. You can have a high credit score with a large DTI ratio as long as you make all your payments on time. It is just hard to get more credit at that point.


TDsngumbo
USA Fan
TDsngumbo (R)
Member since Oct 2011
13098 posts
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re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Do you use credik or debik for most things?


AUCE05
Atlanta Braves Fan
Member since Dec 2009
27167 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Nothing pisses me off more than a drive by poster as an OP.


HailToTheChiz
Auburn Fan
Back in Auburn
Member since Aug 2010
29264 posts
 Online 

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan


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hawkeye007
LSU Fan
Member since Feb 2010
3567 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
as a mortgage loan officer your missing alot of info. Construction loans have strict DTI guidelines and reserve requirements . If you trying to act as your own contractor there is another whole set of requirements. You need to ask these questions to the loan officer your applied with.


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shoelessjoe
LSU Fan
Member since Jul 2006
5349 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
We were approved for well over the amount needed. At the last minute we were told that my wife’s student loans were the issue. Trying to get it resolved but is frustrating.
Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments. I could pay her student loans off now and be done with it but that may not fix the issue.


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
13453 posts
 Online 

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
quote:

Back in 2013 her student loans were sold to another company with no notice so it did cause an issue then but she has been on time since with no late payments.


May require manual underwriting depending on how bad the lates were. Try another bank.


The Spleen
Alabama Fan
Member since Dec 2010
23164 posts
 Online 

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Yeah if it's been 3 years I would think there's a bank out there that would excuse it.


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Jag_Warrior
Virginia Fan
Virginia
Member since May 2015
979 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
quote:

You realize you are leaving out details right op? My credit score is over 800 but I can’t get a loan for $10 mil.


Oh, why must we harp on minor details?


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