Anonymous asked in Business & FinanceCredit · 1 month ago

I can't qualify for a home loan for some reason, even though I make over 100k a year and have over $2 million in assets. Credit score issue?

My credit score is 769 and I'm trying to apply for a home loan for homes around $350,000. I have an income of about 120k and my wife has an income of about 50k and we can't get a home loan. She also has a credit score of about 780. My wife has inherited over $2 million dollars from her grandfather who was a wealthy entrepreneur, that is currently invested into mutual funds. I don't get it. I feel like there is some sort of glitch in the system. One of the banks we applied to said my credit score was 470, even though Experian says my credit score is 769. I have never been in debt once in my entire life and have never missed credit card payments. How is it even remotely possible my credit score is 470.

17 Answers

  • 1 month ago

    I don't believe a word of this. 

     And why, if you're that flush, would you be asking this HERE on Yahoo?   Surely you know how to pull a credit report from any of the 3 bureaus, and surely you know how to show it to the bank. There is something so wonky about this post it smells like rotten fish. 

    You're that real-estate troll thinking up fantasy scenarios again--your stink is all over this. 

  • Phil M
    Lv 7
    1 month ago

    Having good credit is not the same as having a good CREDIT HISTORY. Suddenly coming into money does not improve credit.

  • 1 month ago

    Any bank that has refused you must notify you as to the reasons if you request them. I would question the decision.

  • 1 month ago

    Is it possible that you were a victim of identity theft?  Or that the bank mixed up your paperwork with someone else's?  769 vs. 470 should be something simple.

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  • P
    Lv 7
    1 month ago

    The bank by law has to provide you a copy of the credit report that shows in detail the 470 score, but you need to request it.    You should also pull a separate credit report from all 3 agencies.  It really doesn't matter what one credit agency says.  Banks will generally look the most at the credit agency with the worst rating. You need to find out why that credit agency is giving you such a low score.   In some cases if your credit report is really messed up you need to hire an attorney.  It's possible someone stole your identity.  Regardless there's not enough information here to tell you exactly what happened.  You really need to find a good loan officer who will at least detail exactly why things don't look good beyond a credit score.   There's also a number of credit monitoring services that detail in real time why your credit score is poor and what you need to do to improve them. Banks deal in raw numbers, not speculation.  When someone tells you no you need to keep pushing them hard to give you the information why.    Otherwise banks won't care much about your wife's inheritance, they only care what you are able to put down, your credit score, and your income. 

  • 1 month ago

    I don't think trolls get approved

  • 1 month ago

    If you apply for a loan and are rejected, the bank is required to send you a statement outlining why they rejected you.

    Most loan brokers can do a soft pull on your credit reports and tell you all 3 scores and show you your full report in a matter of minutes (and a soft pull doesn't affect your credit).

    Or you can go to and pull your reports from all 3 agencies.

    Get the full report, not just your score or a summary, and look through them. The full report lists every account or debt against you for the last 7 years. Its possible that someone used your identity and opened fraudulent accounts, or its possible that a bank has made an error and reported you for non-payment on an account you were paying. Figure out what the issue is and fix it.

    For what its worth, pulling $350k out of a $2 million investment portfolio to pay cash for a house is not crazy. No credit score needed.

  • 1 month ago

    Hire a CPA to review your finances.  Maybe someone has been using your credit badly...maybe the bank's financial officer is on drugs...maybe you wife is spending on something shady...

    A CPA will do a fast audit of the past two years and help you fix it fast.

    Unless you are really 14, bored, and making up stories

  • 1 month ago

    Everyone with a credit score has many credit scores.  Everyone has either no credit score or many scores.  It is not even remotely possible to have exactly one credit score.

    If Experian says that your score is 769, that means that ONE, and ONLY one of your many credit scores is 769, and your other credit scores are either less than 769 or more than 769.  It is not even remotely possible for them to all be the same.

    The bank is using one of your scores, which is 470, and Experian is choosing to tell you another one of your credit scores, which is 769.

  • Anonymous
    1 month ago

    Call the bank that denied you and ask which credit reporting agency they used and also a letter stating the reason you were denied credit (they are supposed to do that anyway).

    Go to the real "annual credit reporting" website (not Credit Karma or any other commercial site) and apply to get your credit reports from TransUnion and Equifax (You could also get one from Experion).  

    Look at them carefully and find out what is on your other reports that isn't on Experion.  You can also pay $5.00 and get your real credit score.  You seem to have a collection or unpaid account(s) that are driving your score down.  You can dispute anything that isn't right.

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