marcusfan

I just got a home equity loan from Penfed. It was a 10 yr. loan up to 80% equity. The only fee I had to pay was a $300 appraisal which they waive if you're trying to get a loan for less than 60% of your assessed value for real estate tax purposes. You might try that. It sounds perfect for what you're looking for. Good luck! Forgot to mention its 3.99%.

Marv, I'm curious why your app thingie asks for age. What would the F & I guy be trying to ascertain with the answer? Appreciate your reaponse. Thanks. Marcusfan

I have more information. I live in a state where the owner keeps the title. Once the note is paid off, the lienholder mails a lien release to the owner. So, the sellers could sign the title over to me with no problem and I could send GMAC a cashiers check for the amount of the note. However, looking at GMAC's website, they say they will only send the lien release to the address of the noteholder, not to me. So, I guess I would have to trust the seller to give me the lien release once they receive it. The sellers are friends of a friend so perhaps its not a big risk but they are going through a divorce and I've seen how often things can fall apart in that situation. Given the additional information, any other ideas? Thanks.

Marv, I am purchasing a vehicle from a private seller. He has a loan on the vehicle through GMAC. How do we do that? I don't want to give him a cashiers check without the title but he can't get the title without the money. He is selling the vehicle to me for exactly what he owes on it. I am using my HELOC to pay for the vehicle so there won't be an auto loan on my end. It seems like this would be common but for the life of me I can't figure out how to do it. I appreciate your input. Thanks.

Marv, so you think I won't have a problem with having two car loans and nothing to put down? I mean it looks to me like a Tahoe 4x4 has to be worth about 30K and this one has every available option.

Marv, I appreciate your help. Credit Application: Your Age: 49 Your Equifax Credit Score? 781 Your Experian Credit Score? 781 FAKO Your TransUnion Credit Score? 801 How many years have you been on file with Equifax? 18 How many years have you been on file with Experian? 18 How many years have you been on file with TransUnion? 18 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? Yes Will this open auto loan be a trade-in? No How many late pays within the last 12 months on the currently open loan? 0 How many late pays within the last 13-24 months on the currently open loan? 0 Your current open auto loan is financed with? Local credit union Your current open auto loan payment is? 175 Estimated amount you may be upside down in this vehicle? N/A Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 32 Total percentage utilized overall? 5 How many of your revolving accounts are store cards? 1 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 31 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 1.5 yr. Do you Rent or have a Mortgage, or Live w/Relative or Other? Mortgage Your Monthly Rent or Mortgage payment? $1400 How long have you held your current job? 7 yrs. Your total provable monthly gross income is? 5416 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) computerized pay stub Is there additional monthly income? What amount monthly? Yes, $1000 per month Describe the source. Second job Is the additional monthly income provable? Yes Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) Prefer to put nothing down. Does any credit repository contain any Public Record? No If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? No If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 10 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 10 New or Used vehicle you are considering: Please very briefly describe. 2007 Chevy Tahoe XLT - $19200. Friend is going through divorce and needs to get rid of payment. I think price is a steal. Thanks Marv

I had overdraft protection with BOA where they would make a minimum $100 charge to my BOA credit card if there was an overdraft. Then they charged me $20 for the privilege which was still better than a bounced check. It didn't seem to hurt my relationship with the bank as I opened several credit cards with them thereafter.

If I disputed something with EQ as not mine (because I didn't know who FIA was) and they verified it and I later get the creditor to remove the baddies, if EQ doesn't remove can I file a second dispute as never late? Or once you dispute for any reason are you done? I appreciate anyones assistance. Thanks.

It would be hearsay and unable to be used to prove the truth of the matter asserted.

Okay, I received the paper report from CSC services and the account is reflected with the same information as before I disputed it, even though EX and TU are reporting it as paid on time which is consistent with what FIA told me they would report to the credit bureaus. So, should I wait and see if it changes once this months statement period closes? The account is closed, but they charged me a buck or so in interest for last month and I just paid it a couple days ago? Or should I do something else and if so, what? I really need help and I appreciate any responses. Thanks very much.

The background: A month or two ago I applied for a new credit card and got a response that it was denied for serious delinquency. WTF! So, I got copies of my reports and sure enough there was an account on my report that was reporting 60 days late. It was listed as FIA and I didn't recognize it so I disputed it with the CRA and with BOA (after I learned that's who FIA was). A week later I get a letter from Charles Schwab saying that they can't remove it, its legit, blah, blah, blah. Thats when I realized it was my CS credit card. I got the card out, got the number from the back and called them up. The lates were because I moved and the mail forwarding order expired after one year. I swear that I called them up with the new address and they swore that I didn't. Anyway, after the 6th person, they finally agreed to remove it from my credit report and they removed the late fees. Great. So, I sign up for CCT and sure enough, about a week or two later the delinquency disappears from Experian and Transunion. Then about a week ago it disappeared from Equifax and showed paid as agreed. Then yesterday, pulled a new report from CCT and its back on Equifax. What the heck? So, I just paid the final interest bill which was less than a dollar. When that updates, will the neg. disappear from Equifax or do I need to do something else? I was so psyched that I got them off there since that was the only neg. on my report. So, can the experts tell me what to do now? Thanks a million in advance.

I'd appreciate any help anyone has to offer. Two years ago I bought a new car. I put the entire price of the car on a 0% for a year credit card. One year goes by and I do a balance transfer to another 0% for a year credit card. Now, no more 0% credit card balance transfers. So, now I need to somehow refinance the remaining amount to get it off of my credit card which goes to 10.75% or something like that. I have scores in the 750 range. I have 3 cars with no loans against them but the newest car is really the only car worth anything. I now owe about 60% of the original loan amount. As far as income goes, I make about 85k, only debt is mortgage for 130k and the 16k that I owe on the credit card for the car. Does anyone have any suggestions about where I should go or who I should talk to to try to refinance this car. I can make the payments even at 10.75% but obviously would prefer not to. I appreciate any suggestions. Thanks.

Don't know about Minnesota, but in Missouri, we remove it completely. Good luck.

Keith, I can't help you with your question but your home is beautiful. What mm are you at? I visit the lake about 4 times per year. Wish I could afford a place even one tenth of yours. Good luck!!!

I've been thinking about this issue for a while now. Although I'm no longer self-employed, I was when I bought my first house in 1997 with a stated income loan. I know the lenders average the past two years income. Is there a reason why one couldn't file tax returns forgoing the deductions and then after the mortgage process is over, amend their tax return to take the legitimate deductions. One has three years to amend a tax return. Is there any down side to this? It just seems totally unfair that a self-employed person is stuck in this credit debacle going on right now. It's something to think about perhaps. Marcusfan