Why has my credit union recently preapproved me for a home equity line of credit.?
374087
They have not updated their file to indicate that you no longer own real estate. That is why you received that notice of pre-approval. Most CU are unmanned and you have 1 person working in different departments. I work with one CU that has a member base of 11K members and only have 20 people working to service that base.
257356
A home-equity line of credit (HELOC) is a cheap way to borrow money, while keeping your payments minimal.  Your interest costs are usually around Prime rate, which is the rate banks charge their best customers, and it should be, because they're taking your home as collateral, which is worth more than the loan. \n\nPersonally, I advise clients to use their HELOC because of the lower interest costs, but to not use it to lower payments, as it doesn't help you out if you're not paying off the debt.  A HELOC should never be used for discretionary spending, as it is borrowed money.\n\nI would say that if you have the option to obtain a HELOC, that you should enact it, however apply one of these rules:\n1) If you are using it to do home renovations, or to purchase a car, set up regular pre-authorized monthly payments, and stick to it the way you would a regular bank loan.\n2) If you are consolidating other higher interest debt, keep payments at the same level, otherwise the interest savings will not be realized, because you'll have the debt for longer, and will pay more interest.
881787
Ok, were your payments completely and 100% up to date.  If they were, then the bank had no right to take your money.  You were fulfilling your agreement with the bank.  However, if you were behind on payment(s) and had a history of being behind, then the bank probably got you on something that was in the credit card agreement.\n\nLook at it this way, you are being weened from credit cards.  Get away from them, they are a waste of money.  Get a check card and don't look back.  Find a different bank too.  One with a bit better customer service.
776646
The Credit Exchange is notorious for this type of behavior.  They love to get you to sign on the line without proper cause for recourse.  big deal you are in debt right i mean what difference does today or next week have.  I also imagine that they told you something to the effect that he filled out the form online and that they can only stop calling after they speak with him to confirm that he is not interested.\n\nFile a compliant with the BBB and the attorney general's office of the state of california and the state that you live in as well.  as mentioned above they probably are violating some commerce laws by calling you.\n\nThey do have a pending FTC complaint that is currently under investigation and multiple BBB complaints over 70+ actually.\n\nreally how desperate does a company have to be to try to beg you to get out of debt.
952384
There is a bank I went thru to repair my credit it was orchard bank, they lended me 500.00 but there was a catch...... I had to make a 200.00 deposit. After 6 months with good payment history they extended my credit with a 1000.00 limit.
306195
Call the credit report agency and they should be able to help you. An inquiry on your credit report once in awhile does not look bad. It's when you've got alot of inquiries all in a short amount of time that knocks your credit score down. That is because it looks like you are applying for too much credit all at once and it makes you a "risk". And this is just a thought about that unknown inquiry on your report- did you file you taxes and get the next day "tax anticipation loan"? Because they do pull your credit for that. Just an idea. Good luck
45849
As already mentioned, here are most of the variables:  hard / soft inquiry, type of credit sought (house, car, credit card), and lastly (not mentioned yet), how many hard inquiries do you already have.\n\nOne of the bureaus (I think experian, but don't quote me) has a model which you can play with if you have joined their credit monitoring service.\n\nIn this model, it suggests that more than 0 inquires will drop your score 1 to 2 points.  Do between 2 and 3 hard inquiries per year and you will see reduction in your score by a few more points (say about 3 or more).  Whereas, if you have 4 to 6 inquires, the points are more likely to drop 5 to 7.  And finally, if you have more than 7 inquiries in one year's time, then your score drops 10 to 15 points (maybe).  \n\nAfter the top end of 7 inquiries within a years time, I believe whether it is 7 or 22, your score does not continue to drop.  \n\nAnd one last note:  it has been said, if your score is high, it won't drop that much.\n\nTrue and false all at the same time.\n\nWhat is high? If your score is 721, and you do even one hard inquiry, a drop of 2 points could put your score to 719, and now you have just gone from get just about any credit you ask for, to less than perfect credit where interest rates change.  On the other hand, if you have an 820, a drop of 3 points is inconsequential.\n\nSimilarly, if you score is 620 (not high) a drop of even one point could actually cause you to be disqualified altogether.  E.G. US Bank general criteria says you must have a min. score of 620 to even be considered for a home equity loan.\n\nSo while it is true that shopping for credit has become better in terms of scoring/inquires, some credit sources may not key it as they should and it will not necessary come across to the bureaus that all inquiries were (same purchase) related, and you will end up with several hard inquiries and a considerably lower score.\n\nWhy?  Because take for example the consumer who "thinks" he is shopping around by applying for credit at Sears, Circuit City and Best Buy.\n\nEach offer credit, each say they will give you a gift and a 10% discount on the washer you are thinking about buying if you open up a charge account.\n\nSo, you say, what the heck.  I'll just see who gives me the best deal.  And it turns out Circuit City has the best deal.  No payments for 6 months, 10% off the already sale price, and a free visa gift card valued at $50.  So you "shopped" around.  Right?\n\nWrong.  \n\nIf you had them pull your credit, and you decided to buy there, on those terms, you just qualified your file as a sub-prime borrower because as far as I know, credit bureaus penalize you for participating with any sub-prime lender--which by the way, yep you guessed it, no payments for 6 months funding is all through SUB-PRIME LENDERS.\n\nNow, they are supposed to be fixing this flaw, but to my knowledge, they have not!\n\nAnd one more thing, while I am on the war path....\n\nEven though you never "bought" at Sears or Best Buy, they sent you out a card anyhow, and the bureaus are now going to count those "shopping" inquiries as hard inquiries which DO COUNT AGAINST YOUR SCORE.\n\nYou see, the "system" in terms of counting works for mortgages or car loans--but not so full proof with other types.\n\nSuggestion:  You want to shop around, take your credit report (a tri-merge please) to those who you may consider doing business with.  Tell them, before they even get a chance to quack, "I know that you will have to run your OWN REPORT, but based on my "score" (that is all anyone cares about today anyway--nobody actually reads your file, unless they don't like your score) is your credit dept. likely or unlikely to approve this new credit account.\n\nIn which case, the clerk will say, "Well, let's just do an inquiry and find out."  That is where you say, "No, let's don't.  Rathe
184656
When you took out the loans you probably signed something stating that if you do not pay this loan by this date, you give authorization to withdraw the funds out of your checking account automatically. You should read the disclosures that company has. As for your bank, they can not do anything because you gave authorization for that withdraw when you gave them your account number.
761051
Lenders are increasingly concerned with the level of fraud inherent in stated income mortages.  When it is a HELOC it is even tougher because the lender is in second position and there is substantial risk if the borrower defaults.\n\nCouple that with a low credit score and you have a real problem.  You need to go talk to a lender that specializes in subprime home loans.  Try Novastar.
718068
I've done it before.  I just had my lender send a letter saying I didn't qualify for financing.  I even got my earnest money refunded.
868386
Go to your bank, find out about home equity loans, you will have to know if there is equity in your house though, also refinancing, you can go to yahoo and find out also google, but your local bank should have something that you can do. or either the mortgage company you are with. give them a call, they should also be able to help you with that.
511733
Depends.  There should be an explanation as to what those details are (interest payments, fees).  Call your bank and ask for an explanation if you still don't understand.
362912
How bad is your credit, I'm located in south st paul and I work with 115 banks.  I also have a credit repair person who doesn't charge you up front.  He gets your credit good enought to buy a house and when you buy the house he takes his cut out of the closeing costs.\n\nGive me a call and I can see what I can do.\n\nJon Strusz\njstrusz@fivestarmortgageinc.com\n1-800-467-6344\nDesk #651-209-8493
1032164
I think this is a new area of concern and that there isn't policies as to rights set in place yet.  I could be wrong.  Talk to a lawyer.\n\nBe thankful that your company told you so you can keep an eye on your credit reports and be more aware if something looks fishy.
774764
Daizy, \nIt looks to me that what you're saying is this...\n... you refinanced your house and had been given a good faith estimate that at first looked ok to you.  Around closing time, the payment was much higher than you expected.  Probably the interest rate was higher than what the loan officer first calculated.  To get the payment to a point that would "satisfy" you at the closing table, the loan officer reduced the escrow account significantly - resulting in your current shortage.\n\nIf that's it, the words you're looking for are "PREDATORY LENDING".  Contact your state's agency that regulates lenders.  If you're in Texas, call 1-877-276-5550 to file a complaint.  The FBI is also getting after these people.  Call their local office. \n\nI'm proud of you for trying to find the solution to this problem.  Don't give up.\n\nRichard
1076838
Pretty soon you will start getting offers from credit card companies (Householdbank, Orchard, First Premiere) and although they start you at a tiny $250 limit, it is a way to start re-establishing credit.  Just charge something small and make payments.  I know it looks like there is no hope, but there is.  Also, order a copy of your credit report and see what is on there.  Try and challenge anything.  Sometimes the credit agencies are so lazy they won't verify anything.  Is your BK dismissed?  Sometimes if it is dismissed, you can have it removed.  I just got mine removed from Experian.  Good luck.
729576
No, but its not very sensible as you are continuing to mount up interest charges.  Contact them and see if you can come to some arrangement which will make it easier to pay.  \nDONT IGNORE IT ANY LONGER!!!!