Fight a declined preapproval?

Question

by fiancee and i were preapproved for a mortgage 5 mo ago with a credit score just making it. when we went to reapply now i was told the credit score was 2 points lower than their required minimum. is it possible to fight this and have then approve it? considering them pulling my credit score is probably what lowered it.

Additional Details

update: because their requirements went up in the last 6 months, and my credit score was 2 points lower than their new requirement, the underwriter at the bank called, and they decided to make an exception.

Answer 1

Best Answer - Chosen by Voters

Banks are changing guidelines every other day it seems. What happened to you is the bank raised the minimum credit score requirement, I have a lender that just raised their credit score requirement from 620 to 640 but thankfully I still have other lenders that will go as low as a 580 mid score. You will need to find another lender or review credit report and look for things that can be updated to bring your score up.

Source(s):

I'm a mortgage banker/broker

http://www.fhamortgagesdoneright.com

Answer 2

Pulling you credit report does not lower your credit score.
Something else has changed, like interest rates went up or maybe your credit card balances or other loans are higher.
You can certainly contact the lender and ask them to reconsider, or try with another lender.
It gets harder every week to qualify for a mortgage, but banks are not turning away good business, just potential borrowers they consider too risky for this economic climate.

Source(s):

realtor

Answer 3

No, it doesn't pay to 'fight this'. It's possible that their required minimum changed. There are no rules defining such a minimum. If your credit scores aren't good enough, shop around for a different lender. Some require higher scores than others do.