My wife and I are about to buy a new house. We have a signed offer to purchase, completed an inspection, we have a pre-approval on the loan and are waiting for the appraisal before closing in the next couple of weeks. In the meantime, my wife's credit TANKED. From 750 to 530. She had some student loans that she thought were in deferment but were not, 7 to be exact. They don't get reported until they are 90 days past due so all 7 hit as 90 days past due at once. We now know why she was getting so many calls that T-mobile has marked as "probable scam". They weren't. They were Navient trying to get ahold of her and not leaving voicemails. From what we've been told by the bank, she isn't supposed to have any late payments, open new credit etc. until after closing. I imagine they'll be doing another credit pull just before closing. If they see her credit score now, they'll deny the loan just before closing. If I put the loan in only my name, as she would no longer be accepted as a cosigner because they go by the lowest score and hers is now too low to qualify, I don't think I'll have enough income to meet the DTI requirements as they won't consider her income if she's not on the loan. Apparently student loan late payments can't be removed by goodwill.
What can be done here? I'm afraid to contact the lender because I'm not sure if they will do a pull, and if they do, I'm not sure it will show her score or if they'll only be looking for credit balances and new accounts. I'd hate to tell them something that would cause us trouble when we might not already have it. Should we contact a credit repair specialist? Can an investigation be done on the student loan late payments temporarily removing them while this loan gets closed? What are our options?
Submitted February 12, 2019 at 09:16AM by CreditTankedAnon http://bit.ly/2Ds7Yvq
