Me to bank officer: Is my lack of a whole lot of credit history going to be a problem? Do you need any more documentation?
Bank officer: no, no, not a problem, we’re all set.
Mrs. Scud: No, really, we’re concerned that Tom Scud doesn’t have a whole lot of credit history - are you sure this isn’t going to be an obstacle? We’d like to be prepared in case it comes up.
Bank officer: No, no, really, it will all be fine. You’ve sent us everything you need.
2 weeks ago:
Mrs. Scud to bank officer: Now, are you sure everything is basically set?
Bank officer: Yes, yes, it’s all good.
This afternoon:
Mrs. Scud to me: Crap! Just talked to the bank officer and she said that that thing that wouldn’t be a problem, it’s a problem. Can you go dig up seventy pages of documentation that you’ve been paying your bills like a good little drone for the last couple years?
Me: Okay, I’ll put aside the several thousand words of writing I was supposed to do today to deal with this CRISIS that our bank officer told us wouldn’t be an issue. Several times. After we questioned her about it.
About 8 years ago my dad moved. He never borrowed money so had no credit history. He had been at the same job for 15 years and had always paid his bills on time. He couldn’t get a phone line installed because of this. He finally agreed to put up a few hundred dollars as a show of good faith that he was trustworthy.
Too many things are tied to FICO score. It’s worthy of consideration sometimes but people should be able to use their damn head and make decisions on an individual basis.
What gets me is not so much that I have credit issues for my lack of taking on debt; it’s the way the game is played, I get it. What’s burning me is that we’ve asked, multiple times, if this was going to come up, and asked, multiple times, if there’s something we could do AHEAD OF TIME to cover it. Does our loan officer tell us then? No of course not, she has to tell us with less than two weeks to go before the closing so we have to run around like chickens with our heads cut off.
“Mrs. Scud” here. What makes me want to throttle her is that a) his FICO scores on all 3 credit bureaus are in the good-to-excellent range; and b) it’s purely about the small volume of actual credit history he has, because, you know, he doesn’t acquire things that he can’t pay for immediately.
Also, you know, I think at this point if we miss the mortgage contingency deadline in our purchase contract, we could potentially be out $5k in earnest money. And if that happens, I AM going to drive over there and throttle her. (And my friend of 10+ years, who is our real estate agent and works in the same office as Annoying Loan Officer, will probably join in.)
Plus you’d think that after I told her I was miffed at having to forward her the same loan application documents for the 3rd time when she could have just searched her damn e-mail inbox for them, and at her asking why we hadn’t forwarded another document that her own cover letter specifically said we didn’t need to return, she’d be a little more careful.
I am irritated too. Tried to refinance with my current lender. I have a credit rating above 800. He said he couldn’t do it because I have owned my business for less than 2 years. These people already have loaned me money - it isn’t like they are taking a new risk, the are just changing the current loan. Oh well, rules are rules.
Not to put fuel on the fire but if you thought you might need some documents you should have prepared them even if you were told no. Better to be safe than sorry.
She has a boss. Get the name, from the receptionist if need be.
Type it up, delineate each instance; sending the same documents 3 times, requests for documents her letter said were not required, (copy of letter), number of phone calls and checks to see if anything else was needed, her continually ‘no worries’, and her last minute, ‘I need…’. Dates, times, copies, number of calls. Be polite but shocked that this is acceptable practice for a bank.
Point out you got all your ducks in a row and expected as much from her. Tell boss you’re disappointed and would like follow up to assure no one else has to go through what you’ve been through, you’d like it in writing.
Your copies, records, keep her from being able to squirm out. Requesting follow up insures he has to proceed to do something. Getting it in writing will insure they have to do more than just please you, by sweet talking you and then just merrily on as before.
You’re dealing w/ an idiot who’s unable to make actual decisions. Get a manager and tell them “I’m going to refinance this loan. I’d prefer to keep it here, but if you want me to move this to another bank I’m more than happy to do so.”
And if he/she says no, go above them and keep going up the ladder until you find someone w/ common sense.
I’m convinced that loan officers are taught to lie and falsely reassure. We’ve been working on a mortgage modification for a year. The reason it’s taken so long is the loan officers have neglected to tell us about things we needed until it was too late, then we had to start over again with a new loan officer.
In the year, we’ve been told about 7 loan officers who quit or were fired. Somehow their leaving made our paperwork disappear.:rolleyes: