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     | Wednesday, February 28, 2001 - 05:40 pm  Hello all. Well, I'm in the middle of refinancing my 2nd mortgage and I was told on 2-5-2001 that I missed the FICO cutoff by 2 points. So I'm having them run it again tomorrow (advice from Shylock). But, I received a call tonight from another company that said they could probably get higher FICO scores because they run a 'Fanny Mae Credit Report System'. I told them I would like to see how high my scores where with the other company tomorrow first and that having them run my credit would only lower my score even more. Now this is where it gets fishy.... she said that this so called 'Fanny Mae Credit System' would not.. and she stressed not..lower my score at all. She then said that she could run it all day without any effect to my score. But when I asked her how this could be she really couldn't explain. Has anyone heard of this? Thanks again 
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| | Wednesday, February 28, 2001 - 07:16 pm Moved this posting to Fair Isaac Credit Scoring, hope you find it. I haven't heard about this special "Fanny Mae Credit Report System", but I'd give them a try if they are willing to put in writing that they won't cause another inquiry. Unless you have specific reasons to believe that your scores will be higher tomorrow, I wouldn't do it UNLESS it won't be a new inquiry. Something is changing or changed with FNMA and credit scores, but I'm having trouble figuring out what exactly is going on. See FNMA credit score requirements? NextGen search yielded no results Anyway, if you get me their phone # I'd like to talk to that lady, maybe I can find out more.
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| | Wednesday, February 28, 2001 - 07:47 pm Sorry for not posting this question in the right forum Christine. The company is called Home First Mortgage (I believe if I can read my own handwriting and I spoke to Fiza @ 1-888-335-4663 ext. 128. Good idea about getting it in writting. We'll see if her tune changes. The reason I'm thinking of letting the other company run my credit again is it's been less than a month from the last inquiry and my understanding is FICO will group these together as one inquiry.
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| | Wednesday, February 28, 2001 - 11:29 pm Here's how I understand inquiries are counted: In the previous 30 days inquiries coded as mortgage and auto inquiries are ignored. That means that any time after March 7, the Feb 5 inquiry will count as an inquiry. Any scores after March 30 will count ** 2 ** inquiries: Feb 5 and March 1 (tomorrow) So it would be a good idea to run the next scores before March 7. I'll try to get a hold of Home First tomorrow.
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| | Thursday, March 01, 2001 - 03:40 pm You said (apparently on the 28th) that you planned to have your credit rerun tomorrow (that would be today). What was the result?
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| | Thursday, March 01, 2001 - 04:31 pm I sent an email to the guy this morning not to run my Experian report but when I got home he had left a message that he did and it dropped 11 points. How depressing. So he agreed that he would remove the inquiry and send my a letter with business letterhead stating that the inquiry was not authorized and to remove it. I ordered my report again and noticed that it's almost identical to the one I got when I was 2 points short. But there where 3 accounts that where updated and the balances where higher and the acccounts where already close to being maxed. Wow.. FICO is very picky about the Balance/Limit on the loans. But I've recently paid down one to about 33%, another one increased my credit limit so I'm at about 50% and the other is still kinda high. But I think I will get the score I need in a month or so after the companies update their data on my report. Maybe a 700 might be in my future after I get some of them paid down. I do have another question. I leased a new car back in 1/2000 from Audi. But they haven't added a credit line to any of the CRA's. I've called twice and each time they've said they'd do it. Would getting it added help my score? I believe I read somewhere here that after a car purchase your score would usually go down because the balance remaining is the same as the credit limit. But would it help mine perhaps since I have over a year worth of perfect payments on it and the balance is now lower??? Thanks everyone and thanks Christine and Shylock ;)
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| | Thursday, March 01, 2001 - 06:38 pm Bummer about your score, I was afraid of that. I really want to hear how the removal or recoding of today's inquiry works out. I notice that you specifically referred to EXPERIAN. Are you getting a mortgage with just ONE report? You're refinancing your 2nd and I remember some products required only the FICO score, but there were others using the Beacon or Empirica scores too. Maybe those scores are higher? Not seeing EVERYTHING on your reports, I can't even guess whether the lease would be good or bad. I did leave a very specific message on Fiza's VM today, but she hasn't called me back. A way to get those scores without inquiries would be fantastic. They could run it every day, until it's right.
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| | Thursday, March 01, 2001 - 07:02 pm Yeah the decrease in the score was a bummer. But I'm pretty upbeat that I'll be able to raise it soon. Bank One uses FICO scores. I wish they used the others because my wife is close to 690. But I have a slightly higher FICO score so I'm focusing on just that one to get the loan. I agree - being able to run the scores without lowering them would be great. But I wonder if the reason she could run the report all day long without lowering the score is because FICO groups all mortgage inquiries during the month as one (so I heard here). But as soon as a month has gone by they're turn into seperate inquiries that would kill your score. I didn't get a chance to call her back but I wonder what she would say to that.
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| | Thursday, March 01, 2001 - 07:38 pm I'll call Fiza again tomorrow. Also, apparently you're dealing directly with Bank One? Why don't you try a broker?
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| | Friday, March 02, 2001 - 06:09 am I'm not dealing directly with Bank One - at least I don't think so. When I did my 2nd last year it was sold to Bank One. Now, trying to refinance it to a lower rate, I was informed that the company could get a rate from Bank One that was lower then what I currently had with them. They did mentioned that if I wanted to proceed on with my current scores there was another company but their rate was something like 11.5%. No thanks.. I'll work on my scores. The reason for not dealing with a broker is I've never dealt with one before. And I received a call from this company and it just went from there.
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| | Friday, March 02, 2001 - 10:56 am OK - get this. I just received a call from Fiza almost yelling at me. Saying what did I do?? She has been getting so many calls and who was this Christine??? She said Chistine had talked to the director and said I.. as in me .. had a website and stated that she (Fiza) could do credit repair (no.. Fiza does mortgages) and she could run your credit almost endless and never lower your score. Oh.. and then half way through she mentions she's recording the conversation and would proceed to submit it to some sort of commission or group (scare tactics). God. I then mentioned to her that after living with a father whom was an Oakland police officer, SWATT leader and undercover drug informant for 20 some odd years - that I knew a few things about this. And it was ILLEGAL to have a conversation and then after getting the person to talk about what was done to then tell them it's being recorded. You either have to tell them at the start of the conversation or provide a means for them to hear the recording beep I believe every 15 seconds (or something like that). But it must be done at the beginning. Excuse me.. but what a F*%#$%!!! Ok..I feel better. She had even told when I first mentioned to her that I was 2 points sort, that this 'Fanny Mae' system might provide a higher score. Now she was completely denigning it. Said she never said that. She then proceeded to tell me she would no longer would help me with the loan (like I wanted anything to do with this scarey B*&^h!!). I ended the conversation telling her that Christine actually sounded excited that there might be a system out there like this and just wanted more info. One thing I only now notice Christine was you said 'I did leave a very specific message on Fiza's VM today, but she hasn't called me back. A way to get those scores without inquiries would be fantastic. They could run it every day, until it's right. ' She never did state that no inquiries would be listed on your report and neither did I. I just stated that she said the score wouldn't go down and she could run it all day. Anyway.. TGIF!!! I don't think I could take much more today.
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| | Friday, March 02, 2001 - 01:03 pm I see. Well, hang in there, because it looks like there ARE changes happening as we type. I just have to try and find out what those changes are. Don't know why it's so difficult. My fax to the Home First Mortgage legal department: What happens to your customers' credit reports when you run numerous credit scores?
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| | Friday, March 02, 2001 - 01:17 pm Oh, Darin, I didn't see your posting! I guess I should reload more often. Checked here before I called First Mortgage a few hours ago, then wrote the fax to their legal department, but I had to take care of some business before I got done. I'm so glad you're posting all this, because it shows again why you need to get EVERYTHING in writing. Also, in SOME states, such as AZ, you don't need permission to record phone conversations. Just want to make people aware of this. For the record, I called Fiza ONCE yesterday and left a message. I called again today after she hadn't returned my call. I hung up on her VM, called back and then spoke directly with the loan manager. And now I'm sending the fax. I'm REALLY looking forward to their legal department's response.
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| | Friday, March 02, 2001 - 01:29 pm She never did state that no inquiries would be listed on your report and neither did I. I just stated that she said the score wouldn't go down and she could run it all day. There is a logical conclusion. When your scores aren't lowered, there are NO inquiries added to the file. Well, I wanted to know what EXACTLY they are doing, that's WHY I called her. It's starting to look like only their software is ignoring the inquiries. That means, if you go to get a loan with ANOTHER company, or you need a cell phone, an auto loan, or whatever, you're scores are going to be dramatically LOWER due to all the inquiries by First Home Mortgage. Also, there's really nothing new to ignoring (properly coded) mortgage inquiries in the last 30 days, Fair Isaac's software does that already! All I asked for was a clarification. I could not get clarification from the First Home Mortgage loan manager and the operations manager. Are they dimwitted or something? This isn't rocket science.
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