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Everything posted by cgraz1187

  1. Thanks for all the input so far, I have run a hundred different options through my head but would like some input on what I feel may be my best option. I talked with a mortgage broker and he wants to go FHA unless my score gets over 620 in the near future. With 50% down, my DTI is almost 55% due to 2 open auto loans, I also run into the problem of taxes owed of around 40k, which I an pay without an issue but... If I end up putting 28%, I can use cash on hand to eliminate tax debt, and eliminate both open auto loans reducing my monthly payments by $1450.00 and increasing mortgage payment by around $500, bringing my DTI to under 50%. I obviously want to pay these auto loans off as close to closing as possible so they do not impact my score in a negative way. Can they do a mortgage contingent upon proof of paid auto loans just prior to closing?
  2. Has anyone had any luck getting AMEX to report to CR a zero balance mid- cycle? I am in the mortgage process with weak scores, I paid down a $3000 balance to zero and a $800 balance to zero, paid down discover and others too. I went from $5500 in balances to under $200, bringing my utilization down to under 2% from 32%. My mortgage broker thinks this will jump my score over 20 points which will get me just over the minimum for conventional. My amex is not due to report for another 20 days and I would like to try and get this reported asap. Anyone have any luck calling and requesting?
  3. My middle score is 593, now I did speak to a Non-Qm lender who says they go to 55% on DTI with 6 months cash reserves and scores down to 500. My DTI would be 45-50% depending on the purchase price, at least 50% down maybe more. Another lender suggested I send him the Pay for Deletion letters and the Zero balance letters from my paid off credit scores and he said he would do a rapid re-score?
  4. I am currently looking for a Non-QM mortgage lender, my mortgage fico scores are just at 600 due to past collections from years ago. I just did a pay for delete on 3 collections totaling $8000 and one paid collection for $3500. I know these will help my score but the issue is they will not report quick enough. I am self employed, I show $98k a year on taxes due to many deductions. I have $160k in cash reserves and I just signed a deal to sell my current home and have 30 days to close,owned outright for $170k, so I will have over 300k in cash. Currently looking at house in the 399k range and would like to put 50% or 200k down. Any suggestions for a non-qm lender?
  5. I am looking at buying a vacation Condo, in the 200k range. Now, I could potentially purchase the condo outright but this would deplete all my savings at this time. I am self employed, I show income of 90k per year, but scores are 620-650 because of past hardships a few years ago. I currently own my primary home outright, nothing owed on it, deeded to the llc. Is there a shot at a mortgage or should I just buy outright?
  6. So I have been trying to repair my credit for the past year or so, I had some charge offs from years ago, 1 auto repo from 4 years ago and my student loans were in default. I started rebuilding with a first premier credit card, then obtained an auto loan, paid everything on time. My score was a 482 last year at this time, I kept paying off balances, kept everything on time an obtained a secured discover card with $2000.00 limit. I just consolodated my student loans, and just today received an approval for an Amex hilton honors card.. my scores stand today right around 630, a huge 1 year improvement in my opinion. Here is my dilemma... I am self employed, I started my business in 2015, as such 2015 income was low due to start up expenses ... tax return reports on $17000 income in 2015, now 2016 I am reporting $77000 this year, I am currently trying to purchase a house. I have $30,000 in savings I can use to put down if needed, and would be looking at a house in the $150k range, I don't know if going FHA or USDA would be better? Am I better off buying a foreclosure with the cash and then applying for an improvement loan? What should my next steps be, I am currently paying $1100 a month in rent and would love to get into a house with the same payment and stop throwing those payments away.
  7. I recently purchased a 2014 kia optima at a dealership here, they went through hell getting me approved with a 530Fico but I was approved through ally $20000.00 with $2000 cash down 60 month term loan at 12%, this was done about 5 months ago, all payments on time, the problem is I absolutely hate this car now. I would like to trade in on a $35000 car, which I have $10,000 cash as well to put down, do I have a better shot going through the same dealership and ALLY again?
  8. I am not sure, as nothing is showing right now on my equinox and transunion is frozen, haven't checked experian. I also just got an approval email from Bank of America, although the closes branch is an hour away. Hopefully all goes well with the Citizens Bank account, us bank alos sent me an approval for a personal account.
  9. Tcmgill - This was not Citizens Savings but rather Citizens Bank www.CitizensBank.com, I actually walked into citizens savings for my appointment and was told I was in the wrong place, they are 1 mile apart.
  10. Thank you for the help, I went to an appointment today at citizens bank, they opened a business checking in the LLC name, gave them a $200 deposit and walked out wit an account and checks. I am guessing they do not run signers on the LLC accounts?
  11. Allentown, Harrisburg, Wilkes-Barre, even Philadelphia is only a 2 hour drive. I really do not need a close branch, I need to be able to accept incoming domestic wires, and then pay my suppliers via check or debit card. I have an app pending with BOA, they do not have any branches close but i submitted business documents to them today. I have a personal account i opened online with TD Bank. Should I remove the chexsystem freeze and try Woodforest 2nd Chance Business? They are within 5 miles.
  12. Tried with Univest online but it was declined, i call EWS this morning they asked if I had been declined I said yes and they said they saw no information that would have caused a decline, so I do not think I am in EWS. Go bank will not accept business accounts or wire transfers, the reason I need this account is to accept wire transfers as payment method as I sell products in the $4000-$7000 range and taking a credit card for that amount is too risky. Thank you for the help.
  13. Scranton, PA ... I tried to go to woodforest today, brought all the paperwork and they ran Chexsystems which I have a freeze on, they said they couldnt complete the application with the security freeze.
  14. I need to open a business checking account for my LLC, I am in chexxystems personallly from a few years back for debit overdrafts, any account i have tried to open has run me personally instead of the llc. Are there any banks to try, I currently have a personal checking account with TD Bank that I opened online, bu they are 60 miles from me. Is woodforest second chance business an option? Do they deny accounts as well?
  15. My credit scores are terrible, 550 high and 520 low, 2 paid off auto loans from years back with no lates. Had a repo charged off 18 months ago because of losing employement, took out an auto loan on a used car through western funding 10 months ago and have made all payments on time, took out a first premier credit card and kept usage ow and payments on time, have student loans in collections and 2 medical collection accounts. I went to the dealer not expecting much, the finance manager said he would call into some contacts and do his best. I traded in the current car I owed and broke even on the trade, put $2k down on a 2014 used car for $21,000.00, i received a call from Ally financial just to verify identity and the next day i had to fax in a paystub, a few hours later the finance manager calls and says to come pick up the car. Approved through Ally financial for 60 mos. at 12% which I am thrilled about as I was paying 23% on a car with no warranty. Is the auto financing market loosening up to subprime?
  16. Should I be going back to the same type of dealer as well (those specializing with subprime lenders such as western funding, Westlake etc?) or head to a more conventional dealer with cash down
  17. How much should i be expecting to put down, with that low of a score, would $4000 on a 25k loan without any negative equity be ok? Would rather no POI
  18. The issue is, the car has 108k, I am sure if I keep it for 36 months, and put 50k miles on it, I will end up dumping some serious money into it. The torque converter is on its way out, looking at 3k in repairs there, while I know that I absolutely could afford to keep putting money into it, I would rather a used car in the 20k range with under 30k miles and a monthly payment in the $650 mo range. I know the interest rates will be high, the purpose of this past loan was just to start building credit again. I understand utilization is a big factor so should I make a larger payment of $2000 or so into the loan to get utilization under 70%? Payment nor down payment is really not a problem, income right now is just about 130k a year, with 2k a month in bills and living expenses. Am I better off paying down this loan more and then trading or putting down more cash on a new deal?
  19. I have a very low fico, 500 according to past denials, 570 according to credit karma. I had a repo back in 2014 charged off for $930. Two previous auto loans through mazda and honda both paid never late. Main things killing my score are student loans, and credit cards from 5 years ago. This past septemeber 2015 I went and put 50% cash down on a used 2007 bmw and got a loan through western funding, 36 months 265 a month $7200.00 financed. 22% interest rate. The car runs fine, but at 108k miles, I know wont be able to keep for the full term, my payoff is around $6400.00 I have been paying early every month, and can easily get the payoff amount plus a little more in trade. How long should I keep paying before attempting to go to a more conventional dealership on say a 20-25K vehicle newer with less miles. I understand I will still need money down, and $3000 or so will not be a problem. I am in PA. Thank you
  20. Fico score under 500, have a current auto loan which will be paid off in a few months. No bankruptcies or repossessions, core is from credit card debt charge off a few years back, and student loans. Looking at a $30,000 vehicle with $15,000 cash down, are there any finance companies in particular to look for?
  21. Thank you for the response. I guess what I am trying to figure out is which would be an easier approval? Being a brand new llc obviously there wont be any type of file, so if the member with 720 score PG's will it be as easy as him applying individually for the loan? On the ford credit app, it lists owner/gurantor name along with ss# and % of business owned. Is it acceptable for only the one gurantor with 50%? Trying to avoid putting the members social with low score on the app at all, as I am sure it will complicate approval. Thanks in advance for any help
  22. Starting a new llc with two members. One has personal score of 730, the other awefull score in the 500 range. Looking to finance ford commercial truck, can just the high score personally gurantee the loan or is it best for that person to apply personally and lease the truck to the business?
  23. I have tried that as well, I have max 1500 to put down, but would I have a better shot going with honda or mazda as I have good history with them, say for a new civic.
  24. YEs both of my 2 previous paid out auto loans have 100% good payment history, never any lates, says paid as agreed.

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