My wife and I are building a home with Ryan Homes in Orlando. We first entered the contract in April 2010 and at that time, we were qualified (credit, income, etc.) and everything was find. Well, we are 3 days before closing now and all of a sudden they said that they ran my credit report and found that I was 30/60 days late in July and August on one of my credit cards. This dropped my score below 600 and disqualified us for the FHA loan that we were originally getting. I called the credit card company and asked for forgiveness and they said they do not do that. I then called back and spoke to someone else and they said that they will approach management and see if they can let it happen due to the severity of the problem. Please give me some ideas as to how to get this removed or to help with this house! It is our dreamhome that we watched go up, we don’t want to see someone else move into it! Any ideas??
Ok. I didn’t get into details… I put all of my cards on auto-draft when my wife and I set up for this mortgage. This was the only card that could not go through BoA so I called the company to set it up. Apparently it did not happen. We make well over $ 100k combined and her credit is spotless, mine is now dinged. The FHA loan has a minimum credit score and I have gone below that. I am thinking about paying off all of our debt, approx 15k which will hopefully shoot my score up significantly. Any thoughts now?? I have always paid my bills on time, this was one mistake.