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jesuseldyablo

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  1. You can do the same thing in NC but you have to register the car under your name first and pay taxes on it, buying the car from someone and leaving the title "open" waiting for someone to buy it from you is illegal. Now, I want to move to PA just to do this
  2. This is what GUS said about the loan. Loan Risk Evaluation: REFER Loan Risk Findings: 30281-Review Rule 01-Front-End Ratio. Front end ratio exceeds acceptable limits set by the scoring model. Loan must be manually underwritten and strong compensating factors must be documented. I also just learned on the internet that Gus does not deny/approve loans. Is this correct?
  3. I want to give you a status of my situation and let me know if this loan is possible under my current conditions. We are currently doing a USDA Guaranteed Loan We want to do loan under wife's name only She currently makes 32,500 annually and does not have any other debt Middle credit score is 688 House we want to buy is 184k with bank paying $4500 in closing Our offer has been accepted and have a closing date of 04/02 LO officer is now telling me that GUS system did not approve my wife because her mortage debt would be 41/0 Before putting offer he would say that he would get us approved for a USDA loan. He knew the amount we were looking to borrow. He is now saying that he can get us approved for a FHA loan. I do not want to do an FHA loan specially with the new PMI fess effective in April Do you guys think another bank would do this loan under these conditions? We are in North Carolina.
  4. What if I go ahead and jump the gun with the loan and refinance in two years to a fixed rate. Is that a bad idea?
  5. Does any of these programs sound good to you? I was pre-approved by my local credit union for a 190,000 house loan but I do not want to jump the gun if the programs offered are not very good. I know that another option would be a FHA loan but unfortunately right now my only credit card is reporting to Equifax. My score is around 720 and I have had the credit card open for a year I also have a car loan and other than that I do not have any other debt my reports are clean. 2-Year Adjustable Rate Mortgage Because the interest rate may only be adjusted every two years, this product offers protection against rapidly rising rates1. The rate may not change by more than 1% every two years or 6% over the life of the loan. Specifications 2.75% Initial Rate for 30-year terms with 80% loan-to-value ( 2.82% APR2) Calculate Monthly Payment Calculate Biweekly Payment Future rates and payments determined based on adding a margin of 2.50% to the index (1 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 2.75% and maximum adjustments every 2 years of 1% with a lifetime cap of 6%. The recent index is 0.25%. 3.25% Initial Rate for 30-year terms with 90% loan-to-value ( 3.32% APR2) Calculate Monthly Payment Calculate Biweekly Payment Future rates and payments determined based on adding a margin of 3.00% to the index (1 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 3.25% and maximum adjustments every 2 years of 1% with a lifetime cap of 6%. The recent index is 0.25%. 4.25% Initial Rate for 30-year terms with 100% loan-to-value3 ( 4.33% APR2) Calculate Monthly Payment Calculate Biweekly Payment Future rates and payments determined based on adding a margin of 4.00% to the index (1 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 4.25% and maximum adjustments every 2 years of 1% with a lifetime cap of 6%. The recent index is 0.25%. 5.25% Initial Rate for 30-year terms with 110% loan-to-value4 ( 5.34% APR2) Calculate Monthly Payment Calculate Biweekly Payment Future rates and payments determined based on adding a margin of 5.00% to the index (1 Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point). Subject to a floor rate of 5.25% and maximum adjustments every 2 years of 1% with a lifetime cap of 6%. The recent index is 0.25%. Maximum term of 30 years Monthly and biweekly repayment options available on new loan originations Origination fee .75% of the loan amount No application fees or credit report fees Private mortgage insurance is not required Up to 110% financing4 available for "no cash out" refinances of primary residences located in North Carolina or a county adjoining North Carolina if the property is located in South Carolina, Virginia, Georgia or Tennessee 100% financing4 available for purchases and "no cash out" refinances of primary residences located in North Carolina or a county adjoining North Carolina if the property is located in South Carolina, Virginia, Georgia or Tennessee Up to 80% financing available for a second home (home must be in North Carolina or a county in South Carolina, Virginia, Georgia or Tennessee which adjoins North Carolina). Only one second home per member is eligible for financing Up to 80% financing available for a rental property (home must be in North Carolina). Each member can finance one rental property.
  6. If you can't see the reports online, print the credit report form and send it to the adress on the form. You will receive a credit report from each CA two after the forms are mailed.
  7. Why did you apply to Bank of America? That was a certain denial. Always choose your applications carefully... don't waste inquiries. As for secured cards, your best bet would be to search this forum for threads about that subject. A lot of advice has been given already to many folks in a similar situation to yours, and you'd be better off taking advantage of that than waiting for a few replies to this thread. Why wait when the information you need is plentiful and immediately available? Oh I forgot to clarify that the bofa card was a secured card, according to the rep I was not approved because they didnt find any info on my credit report (experian) and that it was odd that I had two last names ( this is normal in latin america) I tried to explain that my report would not have anything on me because I dont have any credit and that it was the reason for going secured. She would just not listen.
  8. I applied for two credit cards this week just to be denied. Walmart and BOFA don't want nothing to do withvme until I establish some credit history accross the board. I get the impression that building credit is harder when you don't have any than when you have bad credit. I guess my only option right now is to go withe secured card route. Any suggestions?
  9. Jesuse, if you don't have ANY credit you are starting from a very different spot. We would recommend for you to join a local credit union and see if they offer any secured credit cards that become unsecured after a period of 6 months. There are a lot of threads on this forum about how to build credit from scratch. Hi Kayvebear, I understand what you are saying but I do have some credit, on Sep 11 I applied for a CC with my CU and I was approved for a 500 unsecured card, last month my CL was increased to $2000. I also have a car loan with the same CU since Nov 11. I found out that the CU only reports to Equifax but I was hoping that when I explained my situation to the UW they would approve it; I guess it doesn't work that way. I want to have a score of 700 across the board by next Feb but I don't see that happening anymore.
  10. I don’t know how you guys do it but it didn’t work for me. I applied for a CC from Wal-Mart this morning, received the message that I would receive a decision on the mail in 7-10 days. I called the number, talked to UW just to confirm that my application was denied and that there was nothing he could do because the system had “locked” my application and that he couldn’t overwrite it. UW suggested to wait until decision arrives in mail, then apply directly in store, if app is denied again, to call them while in the store to see if they can overwrite the decision. I was under the impression that since I don’t have any credit I would be approved for the Wal-Mart easily but I guess is not that easy. What do you guys think? He also mentioned that it would be a hard-pull and not a soft pull.
  11. What does one has to do to become an experimental subject? I am on the same situation as OP.
  12. So, I received my credit report this week from Equifax just to find out that my credit card and my car loan are not reporting anything. The only thing that it shows there is an inquiry made by the credit union before approving my car loan in November 11. How can that be? And here I thought I was building credit for the past year at least with Equifax.
  13. Hi Gaby10, correct me if I am wrong but doesn't WalMart use TU to check your credit score. Due to the limiting factor being little credit history that I have with TU that not even KC was able to pull a score for me I guess it all comes down to me being paranoid and not wanting to have hard inquiries on my report if I am not going to be approved.
  14. Thank you for your response Googers. That’s exactly how Ithought the bank will report to the credit bureau but I needed to make sure. Iwas also under the impression that they should report to all credit bureaus butI don’t think this is the case in actual practice. I mention this because Itried to pull my credit report online (Transunion) and it didn’t have anythingon it and it was about 7 months receiving my credit card. For now I requestedmy CR from Experian and Equifax because I couldn’t get those online. CreditKarma does not have anything on me yet, it says that my file is too thin. I am not worried about my credit score right now although Iconfess that I want to have a good score around February of next year because Iwill be trying to buy a house around that time. I will be doing my loan withNACA so I don’t think scores are that important to them as long as you makeyour payments on time. Unfortunately, I do not know anybody with a CC from AMEX,most of the people that I know don’t believe too much in credit and use cashall the time and the few that I know with credit cards, do not pay them ontime. I guess the best thing to do right now is let my current card age outuntil I can apply for one at AMEX. I am not very familiar with the difference between chargeand revolving accounts so I will be reading more in the forum so that I knowwhat you are talking about. J I will not apply for the credit card with BoFA and I willwait to refinance my car until December when the loan has been 1 year old. Basedon your post I think that’s the best thing to do for right now.
  15. As you can see I am new to the forums I been reading for a few weeks every chance I get and I decided that is time to actually join you guys. I have very little credit history because I just recently started building credit on September 2011 I was approved by my local CU for an unsecured card with a credit limit of 500 I have been using the hell of out that card but I make sure that it gets pay in full before its due date each month. I applied for a limit increase on my credit card last week and it was approved for a credit limit of 2k (I asked for 5k). In November 2011 I applied for a car loan for the amount of 23k and I was approved, the loan was issued with a different credit union. All my payments have been made on time. Before these two loans I had not credit history at all. I want to understand something and hopefully somebody will be able to explain it to me. My CU usually cuts the monthly bill on the 20th of each month, so that the owed amount does not get so high on the actual bill I tend to pay portion of my balance on the 18 or 19, so that when they cut the bill it only shows about $100 or so of balance I then tend to pay that amount within 5 days after I receive the bill (due on the 15 of each month). I have been wondering when does the actual credit union reports to the credit bureau, if it is during the same week of the closing statement or before when my "usage of the card" is very high. I want to apply for more credit cards so that my credit ratio is higher but I don't want to apply and be denied. I was thinking applying for a Walmart credit card or Bank of America and refinancing my car loan because my current interest rate is very high 10.25% if I refinance my car it would be with the same credit union that I have my credit card with; the interest rate would be 4.75%. Overall I don't want to do bad moves that are going to end up hurting my credit. By the way I tried to open an account with credit karma and I received the message saying that my file was to thin . Do my bank has to report to all credit bureaus or just the one they choose. Sorry for the long post

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