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TigerDeBaiter
LSU Fan
Member since Dec 2010
7558 posts

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

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.


What does this mean? These companies always give you notice and typically an abundance of it, followed by a grace period to make sure transfers are in order. Even still, an underwriter would just assume that after they were sold and you just didn’t ever take initiative to stay on top of your debt. Aka: “not my fault”, which would be a flag for being irresponsible with debt. Kind of an important characteristic when asking to borrow a large sum of money. Just telling it like it is.

quote:

I could pay her student loans off now and be done with it but that may not fix the issue

This would almost certainly help. On multiple levels. Most importantly your debt to income ratio.


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
We were never given a notice by company that had it first saying it was being sold. We were getting mail from new company but thought it was junk mail for the first few months until my wife called and asked why she wasn’t getting a bill or invoice. So it caused us to miss a few payments. Since then we changed it to automatic draft to make sure it’s taken care of. No excuses but that’s what happened. Been good for almost 5 years now


TigerDeBaiter
LSU Fan
Member since Dec 2010
7558 posts

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

We were getting mail from new company but thought it was junk mail for the first few months until my wife called and asked why she wasn’t getting a bill or invoice.


The fact that it took 3+ months to realize you hadn’t been paying your bill is a problem for them. Not trying to beat you up about it, but that’s just irresponsible. I’d pay the debt off in full. You’ll still have that flagged but your debt to income will improve.


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
13905 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
How much did you report on last 2 years tax returns?
Is it salary, hourly, or commission?
How much do you want to borrow?
How much debt do you have?
This post was edited on 2/10 at 2:26 pm


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Last two- 250k
Hourly but also sold a company
400k
Wife’s student loan and a vehicle.


lnomm34
Clemson Fan
Louisiana
Member since Oct 2009
10875 posts

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

Last two- 250k
Hourly but also sold a company
400k
Wife’s student loan and a vehicle.


250k combined in two years? Or 250k each year?


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
13905 posts

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

Last two- 250k
Hourly but also sold a company
400k
Wife’s student loan and a vehicle


Are you trying to get a construction loan from the bank you do business with? If they don’t offer construction loan, would you consider switching your banking with a bank that does?


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

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


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
No. Not with bank I do business with.


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lnomm34
Clemson Fan
Louisiana
Member since Oct 2009
10875 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Then there’s more to the story you’re not telling us. A few late payments several years ago should not disqualify you from being approved for a $400k mortgage with $250k income.


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
nothing more to the story. Went to a lender and we were fine. The bank they deal with was good to go with loan. More than enough. Last minute bank calls back and says issues with credit report. We find out student loan was the problem. We were to to look into a credit repair company. Thought it would be for a few months. They sent letters to ask for changes. No changes to report. Credit score is fine just flagged student loans. Lender even told us with what we have flagged she finds it was ridiculously a lot of time for what needed to be done. I own my house I am in now plus lot new house will be on. Have money in savings and since the student loan mishap have been great. Maybe I am inpatient but just thought we would be done since we sent letters in July.
This post was edited on 2/10 at 5:16 pm


npt817
LSU Fan
Prairieville, LA
Member since Sep 2010
1143 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Where are you looking to build?


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

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


HarveyBanger
Member since Mar 2018
265 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
none of this makes sense. What were the mishaps with the student loans? I find it extremely odd you’d get flagged for something several years ago especially if your credit is where you say it is


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Nothing missing. I have laid everything out there. Our credit scores went up a little in the past 6 months cause I didn’t have a credit card. But my wife’s score was always 730. Went up to 750. The loan rolled have seen everything and they can’t seem to understand why the bank is holding back. Like I said, I am very frustrated. Maybe I am making more out of this than should be.
Like I said my wife’s student loans are all we owe on except her vehicle. Own my current house, property my new house will be on, my truck and have enough money in bank. Could understand their reasoning if we were robbing Peter to pay Paul, but that’s not the case.


LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
14511 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Have you reached out to other banks or brokers?

You need to


shoelessjoe
LSU Fan
Member since Jul 2006
5459 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
Yes. Told the wife that this is what we will probably do in a few weeks.


tigers1988
LSU Fan
lafayette
Member since Aug 2008
214 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
If you need a 2nd opinion/option send me your information and I will give you a call:
TheFederalSavingsBank.com/DavidPacetti


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Tygra
LSU Fan
Bee Are
Member since Jan 2008
227 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
In 2014 when buying a home with great credit scores, we had to write a letter about one missed student loan payment from around 2006. Since it was only one missed payment around 30 days late it was enough to write the letter explaining what happened. I remember reading if it was a certain amount of days (can’t remember the amount maybe 90 days) late it would have been a bigger deal. This is probably what you are going through unfortunately. Going through this since July is nuts to me though unless you’re not actively persuing a resolution. I suppose since you don’t have many other debts they can only examine the payments on those. I’d call and speak to an underwriter and see what you can do to help before paying off the loan.


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
13905 posts

re: Wife has a credit score of 750 and mine is 710. Can’t get a loan
There is something they aren’t telling you or something you are not telling us. Regardless, find a lending institution that does construction to perm with one time close in your area. Tell them you are looking to switch all your banking over to them if they can get this done. As a good faith gesture open up a savings account for about 25k. Tell them you’ll move the rest of your money if they can get the loan done. Good luck!


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