How to check my credit

[Krikit 1,163]

I would definitely approach other financial institutions. I read a horrific story from one of VJ's members about her mortgage being sold and resold and how it lead to a financial nightmare. If I can remember her username I'll search it out. I'll also PM you the name of our mortgage broker (if I can find it..... she's moved on to another financial institution since then). If there's a SunTrust in your area, try them also.

[Krikit 1,163]

I read a horrific story from one of VJ's members about her mortgage being sold and resold and how it lead to a financial nightmare.

Here it is

[~Laura and Nick~ 5]

I read a horrific story from one of VJ's members about her mortgage being sold and resold and how it lead to a financial nightmare.

Here it is

Thank you!

[Minya's wife 24]

I wouldn't be concerned so much with online reviews of the company as I would with this:

Complaint by the US government relating to practices of fraud

On October 20, 2009, The United States Attorney General filed a civil complaint against Lend America, seeking a court-ordered injunction to prevent the company from making loans insured by the Federal Housing Administration (“FHA”) and also seeking relief against Lend America’s Executive Vice President and Chief Business Strategist, Michael Ashley. The complaint alleges that Lend America falsely certified to HUD that borrowers who received over $14 million in loans met HUD’s lending requirements when, in fact, the company knew they did not. In addition, the complaint documents some 40 borrower examples where Lend America made up incomes or otherwise submitted fraudulent loans to the FHA.

In connection with the complaint, The United States Department of Housing and Urban Development's Mortgagee Review Board informed the company, that it has uncovered numerous violations of the Federal Housing Administration's (FHA) origination and underwriting requirements, including submitting false certifications and failing to document the borrower's income and creditworthiness.

On November 2009, the Connecticut’s banking commissioner announced that it would try to revoke the company’s mortgage license and issued a temporary cease and desist order against the company.

From WIKI

Edited November 29, 2009 by Minya's wife

[~Laura and Nick~ 5]

Yeah, we are totally going to the bank.

[Udella&Wiz 325]

Thanks so much guys for all your responses!!!

To answer some questions:

My lender Gary is awesome. He sent us paperwork of what our credit scores looked like. Nick has amazing credit, I, of course, have zero. He was wondering if I could get him a copy of my credit in Canada so that he could at least try to incorporate it somehow, he wasn't quite sure if it was possible or not.

We were approved a 30 year FHA loan at 5.2%. He gave us a pre-approval. We actually found a home we love that's under our price point and we put an offer in yesterday morning!!!

Still waiting to hear back.

My parents, who completely rock, just sent Nick and I a good chunk of money to help us out. I was in tears.

Sapphire, good thinking, I had no idea I could be added to someone's credit card!! I'll talk to Nick about that tonight when he gets home from work.

We are excited, nervous and scared but...that's what house hunting is all about!!!!

Thanks again

I don't know if folks are realizing you can't be added to someone else's credit ...you can be an authorised user on his card or you can reapply for a joint holder type of card (I suppose you could have his existing converted).....I am an authorised user on my husband's but it didn't do a thing to credit score.

I won't hijack the thread...but I have posted before about my trials in establishing credit last year....and sometimes people seem to luck out, but I wouldn't assume you're establishing credit by using your husband's CC.

[Flames9_RN 358]

We contacted 4 or 5 institutions before we decided to go with 1. Its not an easy process as it is difficult to compare oranges to oranges, as each institution as their own terminology! So important o get a good faith estimate! And if it sounds too good to be true, well it just may be! Some times they like to do a bait/switch! They give you a great rate and closing costs, then just before closing, they turn around and change/add extra fees. It can be a frustrating process

One has to watch the terminology when added to a spouses credit card, so that it actually counts towards your credit score. I can't recall what it is, though. And according to Sue Orman, that crazy financial chick on NBC, the credit agencies are supposedly closing that loop hole of that actually helping the "add-ons" credit history. No clue if thats the case now. I saw that on her program about 2 yrs ago!

One just has to take their time and research! And you should be able to use those credit card scores with the other banks, they should NOT have to pull your credit score, just use them. And when you decide to go with that bank, they can then pull them.

Decent site to ask mortgage questions: http://ths.gardenweb.com/forums/realestate/ guy named David dunhof tends to give out good replies!!

You will have it all figured out, then in a few yrs may want to refinance, then you will find out their are more rules for that,lol

[Minya's wife 24]

We were told that at least two-years of independent credit history was necessary (in addition to the same two years of US work history) for my husband to be considered as a co-applicant for our FHA backed mortgage. Being added to a spouse's credit account serves to begin the process of obtaining independent credit, and can help in shortening the time before a person can independently qualify for credit...but what truly matters is the independently established credit history. The way I understood it, through my research is that when you're buying a home as a couple, lenders look at both parties credit to make the determination to lend or not. After both parties' credit is established...the commonalities of the credit is also looked at, but in determining whether both parties together qualify for said mortgage...each person's separate credit is first verified.

[Flames9_RN 358]

As mentioned before, one doesn't have to have both people listed on the mortgage! All depends on the $$$$

[SapphireDreams 71]

Thanks so much guys for all your responses!!!

To answer some questions:

My lender Gary is awesome. He sent us paperwork of what our credit scores looked like. Nick has amazing credit, I, of course, have zero. He was wondering if I could get him a copy of my credit in Canada so that he could at least try to incorporate it somehow, he wasn't quite sure if it was possible or not.

We were approved a 30 year FHA loan at 5.2%. He gave us a pre-approval. We actually found a home we love that's under our price point and we put an offer in yesterday morning!!!

Still waiting to hear back.

My parents, who completely rock, just sent Nick and I a good chunk of money to help us out. I was in tears.

Sapphire, good thinking, I had no idea I could be added to someone's credit card!! I'll talk to Nick about that tonight when he gets home from work.

We are excited, nervous and scared but...that's what house hunting is all about!!!!

Thanks again

I don't know if folks are realizing you can't be added to someone else's credit ...you can be an authorised user on his card or you can reapply for a joint holder type of card (I suppose you could have his existing converted).....I am an authorised user on my husband's but it didn't do a thing to credit score.

I won't hijack the thread...but I have posted before about my trials in establishing credit last year....and sometimes people seem to luck out, but I wouldn't assume you're establishing credit by using your husband's CC.

Just to add, I know it doesn't actually change a score when you are added as a secured user to a spouse's credit card, but it definitely shows up on a person's credit report. For me, I didn't even have a credit file at all, so I was being denied credit simply because I didn't have a file. Magically a couple of months after being added to my husband's credit cards I was offered a credit card. I don't think that was a coincedence, personally. Whether or not there is a direct correlation, I guess I can't say for sure, but I think it helped me.

When I look at my report (without the score, since that one is free) my husband's cards show up. It shows that I have 2 credit lines that are pretty high, and they both have no balance, which ultimately, makes me somewhat desirable from what I've read. And, I now have a file at least!!

Ultimately, it can't hurt to be added to a spouse's card and perhaps it might help to get a credit card... it helped me!

We'll probably wait a couple more years to buy something, but it's nice to know that it'll only take 2 years or so to build my credit from reading others' experiences. My credit in Canada isn't great because of a student line of credit, so I'd rather not have to show it here at all! It's kind of nice to start from scratch.

Okay, sorry to go off topic!