Credit Details Can Make a Huge Difference

Attention to Detail Makes All the Difference

Denise was excited to buy a second home. Throughout the years, she worked very hard to become financially comfortable and took all the right steps to focus on her finances, including working with a wealth manager. Once she selected the home she wanted to buy, she reached out to her bank to begin the mortgage process. 

Unfortunately, Denise and her banker were unaware that she had a past due collection for $150 on her credit report which lowered her credit score from 800 to 675. As a result, she was only able to qualify for a higher interest rate which increased her monthly mortgage payment by $800 per month.

Denise’s wealth manager advised her to reach out to Pamela Harambasic, a loan officer at First Centennial Mortgage, who might be able to provide a better interest rate than her bank. Denise decided there was nothing to lose, so she reached out and completed a loan application with Pamela. But when Pamela pulled Denise’s credit report, she found the past due collection that her previous banker did not notice. Wanting to help, Pamela connected Denise with the collection agency, where it was discovered that the $150 past due collection was reported in error. What a relief! Denise, Pamela, and the collection agency worked together for two weeks to delete the error on Denise’s credit report. Once Pamela received the document stating the error was deleted, she ran a rapid rescore which showed Denise’s credit score back to 800, allowing her to qualify for a 2.75% rate on the loan.

Denise is beyond grateful to Pamela for catching the past due collection on her credit report, helping her find out that it was an error, and helping get it removed. Denise is so thrilled with Pamela’s work that she’s in the process of refinancing her primary property and is going to send everyone she knows to work with Pamela for their home mortgages.

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