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May 09

CreditXpert™ Rides Again

Had a guy call me this morning, said he had been turned down by two loan officers from other mortgage companies because of his credit report.  When I asked why they turned down his loan request he said it was because of a bankruptcy and a low credit score.  The bankruptcy was five years ago, not a reason to decline a mortgage.

He told me his credit score was low, below 580, but when I asked if they gave him a copy of the credit report he said neither had bothered to pull one.  Okay, how do you know the credit score was my next question.  Answer, one of the online free credit reports. Bad, bad, bad, not a true credit score.

We pulled a real credit report and the score was actually 635, only a couple of points below the threshold but the problem had nothing to do with late payments or other negative entries.  In fact, his payment history was absolutely perfect after the BK.  I could see the reason for the low score was two credit cards cranked to the limit, one was $150 above the limit.

We ran CreditXpert and it confirmed my assessment but gave exact numbers to reduce the balance, what a program!  Half an hour later he had an approval letter based on paying down the credit cards.

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