akeate

Years ago I was on this board trying to figure out how to FIX my credit but, with alot of insight read from here, I have cleared all of that up. Thank you CreditBoards. Now I am trying to overcome another credit hurdle, a primary residence mortgage. So here goes and hopeuflly someone with more knowledge and insight can help me. I own a current primary residence in another state which, until recently, was under water. Now I can sell that home and walk away with $100k roughly (I put a significant amount down when I purchased it). However, since I purchased that home, my life has changed considerably. I am now the dreaded self employed. I pay myself a W2 salary from the business but because of the way our (I am in business with my dad) business is structured, my businesses show significant losses (and with the help of a very good and very costly accountant). So on paper for mortgage purposes between my personal and business tax returns, it looks like my income is negative on a monthly basis. I have met with a few mortgage brokers and they all say the same thing, no way. Yet somehow I am still servicing my current $2,500/month mortgage and have never been late as long as I have owned it since 2007. I am at a loss for direction. Back in the mortgage heyday, I am a prime candidate for a stated income no doc loan. But since that was ruined by the financially illiterate, they don't exist. I can put 30% plus down and yet still doesn't seem to matter. I have tried my bank that I bank with locally that holds my business accounts but they are small and package and sell the loan. Because it sounds like my loan can't really be sold, they aren't willing to do it. So my question is, what are my options? I guess I could look at a hard money loan but paying 10 points and 12-18% interest doesn't really make me feel good. Even crazier to me is that I can walk into any heavy equipment dealer in town and buy $2MM worth of heavy equipment with my signature but a $400k loan is almost impossible. That seems insane to me. Any ideas?

Marv, in my rant I forgot to thank you for your time.....

I guess this is where I rant but this is the problem with credit, "provable" income, and everything else. While I may not qualify for an individual car loan on my own based on something as dumb as a DTI, somehow my husband (this is his account at creditboards) has just been approved for a $750k line of credit to purchase vehicles through a local dealership. It's insane...... Somehow I manage to pay off $50k in credit card charges EVERY MONTH, make a $2,000 mortgage, find myself in the 36% tax bracket (with DH), and yet I can't finance a used car by myself? Not to mention that I have never been late on a bill in my life and have a $1.3M SBA loan....... The system sucks. It's broken...... and it's just dumb.

Credit Application: Your Age? 31 Your Equifax Credit Score? 716 Your Experian Credit Score? Good Question Your TransUnion Credit Score? 712 How many years have you been on file with Equifax? 12 How many years have you been on file with Experian? 12 How many years have you been on file with TransUnion? 12 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? Yes Will this open auto loan be a trade-in? No; I will be selling this vehicle to a private party. 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? Deseret First Credit Union Your current open auto loan payment is? 550 Estimated amount you may be upside down in this vehicle? 0 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? 15 Total percentage utilized overall? 75%; The cards have high utilization but most of the charges are for my business account and PIF monthly. How many of your revolving accounts are store cards? 5 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 10 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 10 YOUR PERSONAL INFORMATION How long at your current residence? 2 Years Do you Rent or have a Mortgage, or Live w/Relative or Other? Mortgage Your Monthly Rent or Mortgage payment? 2,000 How long have you held your current job? 6 months Your total provable monthly gross income is? 2k Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) Stub Is there additional monthly income? What amount monthly? Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? 2k 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 LTZ with less than 50k miles I am concerned about the utilization. My husband owns his own business and all of the expenses are run through our cards on a monthly basis and the utilization looks sky high.....

Marv, Thanks the help..... By chance do you know what the line of credit is based on? Just kind of depends on what the business can handle? Thanks again. A

We have a couple of companies that run approximately $500k a year in fuel expenses. Does anyone here have any experience with Fleet Fuel accounts of this size and know of some of the best companies to work with? Also, we have a tremendous amount of business expenses that we are looking to run on business credit cards. We have had some experience with Chase Rapid Rewards (love those free tickets) but are looking for another type of reward card. We have great credit, 800+, but need a card that at least matches our current credit limit with Chase ($100k). Anything less and we won't get through a month without having to pay a card. Thanks for your help......

I am closing on 2 businesses in the next month. One has approximately 50+ vehicles and the other has 10+ vehicles. Because we are inheriting such a large number of vehicles, we are looking to establish a fleet account. I am trying to find out more about fleet financing but haven't had much luck. I don't even know what to ask and want to make sure that when I speak with the Fleet department of any dealership that I know what to look out, etc. Does anyone have any experience with Fleet accounts and Fleet financing? I have heard that they finance an amount that can be revolving???? A little background. We have formed a new company to purchase both companies, have other profitable established companies, and have 800+ credit scores.