VonneG

Ok thank you!

Does it matter that my mortgage is not an FHA?

Hi Everyone, I've been reading that banks are not approving home equity loans and lines as much anymore, but I am hoping that someone can give some insight into what I'm trying to do. I currently have a mortgage approx $113k. After speaking to my realtor he believes my home will appraise between $180k-200k. I've been in the home for almost 6 years and would like to some upgrades like flooring and new cabinets. I am also back in school and desperately need to pay my tuition since I did not qualify for financial aid. My concern is my credit score and history. I just pulled my ficos today and they are: EX 628 TU 618 EQ 626 I had a rough year in 2012 (changed careers) which resulted in an auto repo and some late payments, but I have since re-established a good paying history for the last two years. Still have some high cc utilization (88%). . I'd like to apply for a home equity loan but am wondering if you all think I will be denied due to low scores and high uti/repo. Also, is it easier to get a loan vs. a credit line? I've also been reading about cash out refi, but I'm not sure if that's the best way to go. Any input will be greatly appreciated.

Hi, I have a question regarding a repossession on a leased 2010 Nissan Maxima in the state of Florida. I fell behind on my payments and the car of course was repoed on August 30th. When I called Nissan they told me that I had 10 working days including holidays to come up with the past due + late fees+ plus repo fees (approx $3600) and I could get the car back. I couldn't so the car was sold, at what point I do not know. I then received a letter around the 13th of September that said that Nissan was intending to sell my vehicle and that I would have to pay $26, 420.61 before it was sold. I was confused because (1)I thought it was already sold seeing that 10 days had already passed by the time I received the letter and (2) this is not the amount they said that I needed to pay. So now I receive a letter that shows I owe $9, 560.61, the Deficiency Balance. The car was sold for $16, 200. I called Nissan and the representative told me that they don't handle collections, that the account will be assigned to a collection agency, and that I should be hearing from them soon. So I asked her, how long does my state say I have to be notified of this repossession? She states 10 days. I wasn't officially notified until after 10 days. Also according to Why Chat's state repo laws link, my state (FL) says I have up until the sell of the car to redeem my vehicle if I pay the entire balance. I am wondering if some shady business went on seeing that they were trying to get me to pay an amount less than the entire balance because state law says that would not have been enough. They also never told me when my vehicle was actually sold. I am therefore hesitant to assume that the amount they want me to pay them is accurate. I am also wondering if they violated the repo laws in my state since they did not notify me timely and even when I called them, they gave me inaccurate information. What do you guys think? Any help is greatly appreciated!

Thanks Johnny. I have been trying to get the CA to confirm the exact amount that was handed off to them and no one can give me that amount. I also had Chase send me a copy of the agreement, but I had that account opened soooo long ago (2000) that I wouldn't even know if the agreement they are giving me is a valid one. I am in the state of Florida. sounds like chase sold this off the JDB, not a CA. what is the agency name and when was it closed by chase? I think it is Allied Interstate or something like that. It was closed in March/April of this year.

Thanks Johnny. I have been trying to get the CA to confirm the exact amount that was handed off to them and no one can give me that amount. I also had Chase send me a copy of the agreement, but I had that account opened soooo long ago (2000) that I wouldn't even know if the agreement they are giving me is a valid one. I am in the state of Florida.

So I had an account with Chase (Best Buy) that was up and closed one day even though I was under the limit and on time with all payments. It was subsequently sent to collections. The amount of the debt was somewhere around $470 when it was closed. It is now $800+ due to "late fees and interest". It this legal? How can they charge me late fees on an account that is 1) closed and 2) sent to collections. Doesn't the fact that is was sent to a collection agency nullify any fees from original creditor? Please help!

UPDATE: So I finally spoke to the lady at the CU yesterday. She asked me a series of questions namely my income, address, place of work, and what I would be using the loan for. She had my CR in front of her and as I told her I would be using it to pay down my cc debt she was reading them off to me and asking if I wanted each TL included in my request. This was about 1030 yesterday. She said she would forward my request to the loan approval department. I haven't heard anything and now the application status web page no longer has my loan request listed. It used to say "pending", now there is nothing. I am so nervous because I really need this loan. I have an almost clean report and pay everything on time so I'm hoping this will help get me approved although my uti is bad. Any suggestions/comments on what's going on? Should I call her back? Needing prayers and positive vibes pleeease and thank you!!

This is so good to hear. I was too scared to go into the bank for fear of getting denied in person lol. I did the application online. Hope that wasn't a bad decision! I hope they have good news for me. It will be so much easier to have 1 payment than 7 and it will be good to see my scores go up.

Yesterday I applied for a personal loan in the amount of 12K from my credit union. Today a lady from the bank called me but I missed her call. I am requesting the loan to pay down some CC debt because my utilization is HORRIBLE. I'm over the limit on quite a few cards and close to the limit on others. I would like to know what I should tell her if she asks me why I am requesting the loan. Is it normal so say that I will be using it to "consolidate/pay down" my CCs? Should I give some other reason? I am so scared I won't get it approved. It's still pending at this time. Is that a good thing? The last time I checked my scores was last month. TU 619 EQ 629 not sure about EX, but 1 30-day late which should not be there and a 6 year old medical collection are the only baddies on my report. It's really my uti that's killing my score. Any input as to what I should say and if it's a good thing that it's still pending? Thanks!

I would write a goodwill letter just be honest. It has worked for me. Goodwill letter to Macy's worked for me in the past. I'm sort of in the same situation in that I got a 30-day late. I paid on the thirtieth day, but after the cut off time. Called a rep and they said a payment over the phone would prevent 30-day late. Still got the late and ironically like your wife in August of last year! Gonna try a Goodwill and just explain what happened.

I used to have a Wachovia credit card. I paid the payment in cash in the bank on the day it was due, and about a week later I got the new statement and saw I was hit with a late charge. I called up the number to the credit card company thinking this would be an easy fix. It was like pulling teeth. They acknowledged that I had paid it on time in the bank, but they said that the bank branch takes payments as a "convenience" for the credit card customers and then they mail the payments to the credit card company. The payment doesn't post until it arrives from the bank. So, other than saving me the cost of a stamp, paying at the branch doesn't post the payment on the date I pay it. Whatever! I had my receipt and pitched a fit, talking to at least 3 different "managers" before I finally got one who would refund the late fee. And she made a big deal out of it, telling me it was a one-time courtesy and I need to make sure I get my payments in before the due date Blah. Blah, Blah..... I still think I'm right on that one. The wierd thing is, after this incident, all my payments at the branch were posted as of the date I paid them at the branch, so I don't know. I never had to call them again and I paid on the last day after this incident. Anyway, I would call up the credit card and see if they will remove the 30-day late. Technically, if it was due on the 1st, you're not thirty days late until the 1st or the 30th (if it was a month with 31 days). I would think they could fix this. Thanks for the advice. I'm actually going to go up there on Monday and see if I can speak to someone since they worked with me to get my mortgage. This totally sucks.

I've made plenty of payments on the last day of the month, that were due on the 1st, without getting a 30-day late. I'd give them a phone call first, just to see what they say. Was the payment too late in the day to be recorded as same day business? Some banks have cut-off times, like 2pm, and anything after that actually posts the following day. I'm was thinking that maybe I made the payment too late in the day, but I'm almost certain I made it before 2pm no later. Even if it didn't post on the 30th, I'm hoping that a goodwill letter with my deposit date (which I will get from my bank) will show that I paid on the 30th. This is a mortgage account if it helps any.

Hi everyone! In November I made a payment on an account that was due on the 1st on the 30th. I actually walked into the bank with cash to ensure that the money would be posted that day (can't find my receipt :\) Well today I checked my CR and I see that I was hit with a 30-day late for that month! Can they do that? Wouldn't it be late if I paid AFTER the 30th? Should I try to get them to remove it seeing that I paid ON the 30th? My score it CRUSHED because of it. I worked sooo hard to clean it up and BAM 7 more years of negative notation! Any advice is greatly appreciated...

APPROVING BANK Nissan Motor Corp BUREAU PULLED Experian CREDIT SCORE 638 CUSTOMER STATE OF RESIDENCE FL NEW/USED New YEAR OF VEHICLE 2010 MILEAGE 15 RETAIL/LEASE Lease AMOUNT OF LOAN 31500 ADVANCE PERCENTAGE TERM CONTRACTED 39 APR/LEASE RATE MONTHLY PAYMENT 489 + Maintenance package = 518 MISCELLANEOUS COMMENTARY: