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1stepatatime

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  1. Guys, I hate that I got to make this post, but i'm starting to get in a bad spot. The past year I have fell on hard times. Had family sickness, family break ups, lost in income and not been able to keep my head up, and now i got to move on the spot, and be back paying high rent and high electric bills. I have used my cards a lot thinking i can later catch up but all i have done is gotten in a worst spot. My cards are now starting to charge me interest. I have high balance on about 4 cards. I tried applying for another card to transfer some balance to allow me some more time but no one will touch me cause of high balances. I'm worried to death and don't know the best option. Can some of you all please help me and let me know if there is a better route to take. I have never been in this spot. I have all ways stayed on top of this. I started 2013 building credit to buy a home and its not happen and may never at this point. the last year and so i have just about destroyed myself. I'm so scared and worried. Thank you all for taking the time to read this.
  2. I got my discover it card about 3 years back with a 640 experian score and a very thin file. They was my second CC approval. After I got my first CC from DCU it bumped my score to 640 so I gave discover a shot. I had no previous CC use, student loan lates, a couple medical collections and recent credit inquires from being denied by others like citi,chase and capital one. I applied and didn't get a decision so I called them up and they approved me with a starting $1500 limit. My limit right now is $13000. They have been good as gold to me .I don't they are hard to get into as a lot of people think.
  3. Thanks everyone.. I sealed a deal of a pre owned very low miles like new 2014 Nissan Juke. First time owning a Nissan product. Wish me luck! DCU has been great to work with. They gave me a $5000 bump on my credit card today without a hard pull. After I get the car paid down some I will be contacting them for a mortgage. They have all ways been so easy to work with it's seems unreal. Everything goes so smooth and quick when working with them. I love those guys!
  4. Oh thanks for correcting me on that. That's even better I guess.
  5. I would recommend anyone to join them. If you get a credit card from them you also get Equifax free monthly Fico score. When I started applying for credit cards few years ago no one would approve me because I had never had any prior credit cards and also had 15 student loan lates and a couple medical collections. Someone then recommended DCU to me on here and I tried them and they approved me of $1000 unsecured card. From there I picked up 4 others and have been gardening the last couple years. If it wasn't for them I wouldn't be where I'm at right now with my credit...Good luck..hope you get in there!
  6. Dang that sucks. I need another vehicle so I went with DCU and they approved me without even doing a hard pull. I have been a member there for 3 years with a credit card from them. Its best to avoid letting the dealership run it if you can.
  7. Want to share this.. I have been gardening for over 2 years now waiting on a mortgage but due to recent vehicle engine problems I decided a vehicle had to come before the house. So the first place I reached out to is DCU credit union. They was the first to approve me of a credit card when I started building my credit so I wanted to start there for a auto loan. I've been a member there all most 3 years and they started sending me messages saying I was approved for a auto loan. This was approved messages. Not pre approved like most send out. I called them up and ask could I get a auto loan without a hard pull and they got back with me next day and said I was for approved for a auto loan up to $30.000 and they didn't even do a hard pull on my credit. So grateful for this credit union. They have help me twice when I needed it the most and all ways been smooth as silk to work with. My loan is going to be for a preowned so I can pay it off quicker and comes with 3.9% due to my credit card UTI being a little high and having my scores down a little but I have paid $3000 of it down and my score should be higher when the next dcu fico comes out. I most likely wait until may before sealing a deal on a vehicle in hopes of getting a better rate. But anyways guys just wanted to share this with you all. Thanks for reading and good luck out there!
  8. Thinking about using them.. Did they pull all 3 credit bureaus ? I know they did for me when i applied from credit card couple years back.
  9. Want to make another post here and say thank you everyone who dropped in and left a comment. We have decided to for get about this place and wait for one that has a price on it with less land. We are now in the market for a vehicle because one of our daily drivers has internal engine problems and it will cost about more then what the vehicle is worth to fix it. After 8 years it's time for a new vehicle. Getting the place just wasn't meant to be but I did gain a little knowledge on how things work a little. Got a question.. If I finance a vehicle will it hurt my chances of getting a mortgage within this year ? Was trying not to get any credit pulls but looks like It's going to happen.
  10. As I said in a previous post I had thought about getting a small loan from a bank so I can cover the 20% and then try to get a mortgage. The place I'm wanting has been paid for long ago. The old lady that owned property died off and its going to be auction off and the money split between the grand kids. I guess what I'm thinking about doing is unusual way to go about something like this. At this point it's the only thing I can think of. you cant borrow your down payment...... unless you borrow it from yourself(your own 401k or money market account, ect) Thanks for the help.When trying to buy a place like this out right that has 31 acres of land, what would be the best loan that would finance most of it ? I dont think loans that offer 100% finance will do it with 10 or more acres. You are trying to logically defend an emotion decision. Should be the other way around. You are emotionally invested in this and will legitimize it to suit your needs which is fine but, unless you are borrowing private money (Friend, hard money lender) this isn't going to work based on what you wrote. "I really want this place" puts you at a disadvantage with yourself. You are emotionally invested and unfortunately when people are in that place, usually, the only thing that matters is satisfying the need/want, and not thinking about the long term potential problems down the road if somehow you finagle your way into getting what you want. If you don't have the money to buy it outright, you have to borrower it. If you have to borrower it, you have to be considered as a good risk based on what you wrote If a bank is willing to give you a $30,000 personal loan. It assumes you have some semblance of income/credit/capacity for a bank to be willing to do that. That's not necessarily a good thing because you got some positive reinforcement for your emotional endeavor that justifies your objective so far. The reality is that while you may have demonstrated to a bank that you are a good risk for $30,000 on a personal unsecured loan, you want more for a property you desperately want and it seems like you might be willing to do anything to get from $30M to $40M, $50M or $60M. That is where you put yourself potentially into harms way. If you can't borrower the money from friends and family to buy it outright, your only option is hard money...if that is an option. Today's lending is different from just a couple of years ago. Now lenders have to assess a borrower's ability to repay and once they've overcome that hurdle, assuming its all good there, they assess the likelihood that you will repay them and in the event of default, the likelihood that they will not only get all of their money back but, the amount of money they lost during the time it was tied up with you. Many hard money business models are based on the assumption of default. In other words, they would actually prefer you default instead of pay them back so they can be made whole and then some. You get into bed with the devil when you go hard money. They'll tell you whatever you want to hear and will do whatever you want...at a cost. Everything you want to do and explain to them is a good idea and they will reinforce your idea and make you feel like its a good choice to go forward with. and they'll do it with a smile. You already found out a lender won't lend on over 10 acres so, even if you get your 20%, where are you going to get the mortgage you said you were going to get? You surely aren't going to get it in 30 days. You said yourself you aren't going to get it for over 10 acres. So, your going to go to a local community bank or a farm bank or ag bank and then they are going to put you through every hoop possible to make sure it is lendable property. What's the condition like? is there any deferred maintenance? Is the water heater double strapped? Does it have a permanent heat source? How's the well? Is it on septic and has it been inspected? Is there income on the acreage? How's the roof? not only how does it look but can you get a 3 year certification on the roof? Is it a shake roof? Any asbestos? Any lead based paint? how old is the house? Is the total square footage permitted? How's the plumbing? The electrical? Is it old knob and tube wiring? Finally, you said you talked to a bank and they said the max they will give you on a personal loan is $30M. Did you actually apply for an get an approval for a $30M personal loan? If they did, cash the check and bid $30M for a property you think will go for $40M to $50M but not more than $60M. If you win, great. If you don't, write a check back to the bank that gave it to you and thank your pastor or rabbi for not getting caught up in a potential nightmare. Hi..Thanks for taking the time to write all that out. I appreciate you doing that. I have gave up on getting a personal loan from a bank like I had first thought about doing. I seen after posting here that was a bad ideal. After speaking with the auction company they said that if I got pre approved for a bank loan that would work for the 20% down the day of the auction. I spoke with them in person face to face and that's what the auctioneer offered and him and his brother is the owners of the company. They said they would extend the time period for the rest if the bank needed it. Now when I spoke with another local bank about getting a mortgage for a auction property they was offering to help with 100% finance loan until they I told them it was 31 acres. That's when they said they couldn't do a 100% finance on anything over 10 acres. As far as the house goes it's in good shape. Its move in ready with furniture appliances and all. It was a vacation home for a older lady that was raised on that land. She moved up north like a lot people did back then and she had this built 11 years ago for a vacation home. Its well built solid foundation and medal roof. Not a real big home but plenty enough for me. As of right now I don't know what would be my next best chance at getting a shot at this place. I'm going to call the bank back Monday and see what else they can offer.
  11. As I said in a previous post I had thought about getting a small loan from a bank so I can cover the 20% and then try to get a mortgage. The place I'm wanting has been paid for long ago. The old lady that owned property died off and its going to be auction off and the money split between the grand kids. I guess what I'm thinking about doing is unusual way to go about something like this. At this point it's the only thing I can think of. you cant borrow your down payment...... unless you borrow it from yourself(your own 401k or money market account, ect) Thanks for the help.When trying to buy a place like this out right that has 31 acres of land, what would be the best loan that would finance most of it ? I dont think loans that offer 100% finance will do it with 10 or more acres.
  12. As I said in a previous post I had thought about getting a small loan from a bank so I can cover the 20% and then try to get a mortgage. The place I'm wanting has been paid for long ago. The old lady that owned property died off and its going to be auction off and the money split between the grand kids. I guess what I'm thinking about doing is unusual way to go about something like this. At this point it's the only thing I can think of.
  13. My previous post explains what I was thinking about doing. Right now its the only option I got to get this place because I don't have the 20% in my pocket. I'm new to this so please excuse me if my way of thinking sounds crazy.
  14. yeah, it sounds like you can put down the 20% in escrow and get your financing where ever. make sure you have a solid approval though. big risk with 20% earnest money on the line Thank you for the reply. I see what you guys are saying for someone in my situation. I really want this place. I feel this wont go for much and would be great home for first time buyer. So if I get a lower loan amount to cover the 20% you think i could then get it financed in short amount of time and if I get it financed can i get them to pay the money i borrowed for the 20% and roll that into my mortgage ? I haven't had no late payments in all most 5 years and my credit scores are around 700 and been gardening 5 credit cards since 2013. Also do you think the first loan for the 20% will hurt my chances at getting it financed because that's a new loan that will show up and also ding my score from the inquiry. ? Please reply back and share any tip or advice and sorry if my questions don't make much sense or sound impossible. I'm first time home buyer and don't know how all this works.

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