bump in the road - ugh
Find a Conversation
| Thu, 04-09-2009 - 2:02pm |
everything has been going so well, relatively speaking, since I disclosed the debt to my DH. I (well we) are still burdened by a massive debt load of course, but acknowledging the amount has made each day since easier.
Anyway, we have been on track to go to settlement for our mortgage refinance Monday. Everything was looking terrific. Yesterday, our processor called to confirm the length of our employment with our employers' and said we were on for a Monday close. This morning my LO (who I believe is on vacation) emailed me to ask about an inquiry on our credit file from last week from a credit card company we don't have an account with. Of course neither one of has applied for credit so I told him we have only two credit cards and haven't applied for a new one since 2001.
I assumed this was an unauthorized hard pull so I pulled my credit reports and found an inquiry from this company not from last week but from last year (april 08). I did a little research and found out this was actually one of our existing creditors that just uses a different name to pull credit. I was very close to the limit on that card last April, super-stressed, and still on maternity leave and I did request a CLI online. I didn't even provide the correct income information. anyway, I was denied.
Now I am a mess. I am so afraid that this is going to derail us. I am a wreck. We really need this refinance so badly. everything else is good (other than our massive debt). great scores, good income, actually decent DTI.
how could I be so stupid?

I have been following your journey because your story sounds so much like mine.
I am not the credit score girl here LOL. You need to wait this out and see how it goes though. Maybe it will just a be a little higher interest rate and not a big hike? I know it is easier said than done, but don't panic yet. Give this one some more time. It doesn't sound like you can do much about it anyway. Have you thought about plan b? What will happen if you don't get the refi. What are your other options and plans of attack?
Thank you so much for your nice post. I will post to you below in a second. The support here is amazing.
Amy
actually I just heard from the processor and we are good to go. all of our documents are on the way to settlement company and we are confirmed for Monday. scary hours though!
thx for the good thoughts.