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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4543
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Hello I recently applied for a mortgage and was turned down

Customer Question

Hello I recently applied for a mortgage and was turned down because of 'affordability'. After looking at my credit report it seems that a finance company had not officially closed my finance agreement and I still had it outstanding ( even though it had ended ) and it looked like I owed 10k more on finance than I actually did. I have contacted them and they will be closing it and sending me a letter explaining their mistake. I have 2 questions 1. Is the mortgage company likely to look at this again once it has been resolved and the discrepancy explained? 2. Will this affect my credit report going forward as it may show as a rejection? Thanks

Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

I am sorry for your situation and the problem faced by you is not uncommon. I agree that it is a lapse on part of the finance company of not reporting the settlement on your credit.

Coming to you question in specific, YES, the mortgage company will certainly look at this again once you have this issue resolved and once you have a letter from them explaining this. Secondly, this will not impact your credit seriously. Even if the earlier mortgage company which turned you down made a hard inquiry, it will not be a serious damange and it would be limited to few points here or there and also it would get corrected in a short time. You have nothing to worry about this as such.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards
Expert:  Miel-cssm replied 3 years ago.
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Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello again. I am little confused. Did my above reply helped ? Were are able to read it ? If not, I am reproducing it the same below.

Hello and welcome. Thank you for providing an opportunity to assist you.

I am sorry for your situation and the problem faced by you is not uncommon. I agree that it is a lapse on part of the finance company of not reporting the settlement on your credit.

Coming to you question in specific, YES, the mortgage company will certainly look at this again once you have this issue resolved and once you have a letter from them explaining this. Secondly, this will not impact your credit seriously. Even if the earlier mortgage company which turned you down made a hard inquiry, it will not be a serious damange and it would be limited to few points here or there and also it would get corrected in a short time. You have nothing to worry about this as such.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards

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