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cleverpronoun

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Everything posted by cleverpronoun

  1. Hi, all. Turns out, UE can NOT be considered for a mortgage. We've talked to several banks/CUs and applied at one. Furthermore, the company that called me back to work can't guarantee a 40-hour week -- far from it, in fact. I've decided to go ahead and file for SS which will cut my average salary for the last few years by 350%. Ouch. I will get a PT job (happily unrelated to the industry in which I've been employed) to supplement my meager SS. (Spouse is younger and has another 10 years until retirement.) So now that we're officially po' folks, we're pretty much out of options. Buy land, pay that off and get a manufactured home? Stay put in a house that needs a TON of repairs (35-40% of its appraised value) yet is in a great area and has 85% equity... and then...? This really sucks. I thank you all for your help. This turned out to be a much, MUCH more complicated issue than was initially presented. Hegemony, I believe your advice to just WAIT was on the money.
  2. I sure hope they'll accept my documentation. I did the math, and at the 43% mortgage-to-income ratio, we qualify for three times the amount of this mortgage, including tax, insurance, and rounded up to the next $100. It's a no-lose proposition for a lender, but I understand that rules are rules. I'd sure hate to.see this house get away. Thanks so much for all your input. If anyone else has anything to add, please jump in. We can use all the help we can get.
  3. One more thing: does it matter which lender we choose, such as the CU where we have credit, or a bank, or Rocket, etc., or are the lenders all bound to the same FHA rules?
  4. Thank you so much for your advice. I can easily show UE income and can contact my employer for that letter. (I actually have the email calling me back to work; would this suffice, in your opinion?)
  5. The co-signer actually offered, in the interest of keeping the house in the family. Needless to say, we would rather do it on our own. The waiting part is risky, due to the property having other interested parties. (Is being sold by a relative who wants to sell asap.) We were just fortunate to be promised first shot at it. Yes, I have been on full UE. Do lenders look at that, though? Being a temporary source of 'income,' I assumed they wouldn't. ETA: Yes, I can get such a letter from my employer.
  6. My spouse and I are trying to get (preferably) FHA financing for a house. It would be a small mortgage loan by almost anyone's standards. We have a few credit cards, but we PIF and neither of us carries credit card debt. There is one car loan between us with perfect payment history. We are recovering from old credit issues and have scores in the mid-600s. We both have savings. Here's the problem: I make the majority of our combined income and have W2s and tax returns for the past several years. However, unlike my spouse, I have been on leave from my job due to COVID-19 and cannot produce check stubs. I have finally been called back to work, but that is over a month away. We do have a co-signer available but were told we still have to qualify income-wise, and that can't be done without check stubs. Please offer any advice you might have! We can't let this property get away from us. Thank you!
  7. P.S. Do I send the letter certified or just regular mail?
  8. This is great information, Centex. Thank you very much. I have been in TX for years, so I'm good to go there. I just noticed that the last four digits of the original acct # shows on their letter but on the credit report, all BUT the last four digits show. Also, the dollar amts don't match exactly. I am assuming it is the same account, tho. The letter also doesn't include the usual verbiage about the debt being too old to report or sue for, which was disturbing.
  9. Thank you. Should I contact them or wait to see if they send anything else? Does them taking over the debt re-set the SOL or are they bound to the original SOL? Thanks again.
  10. I received a collection letter from Rausch Sturm on behalf of Portfolio Recovery for an old credit card debt (~$2K). Last pmt made in 2012. Fell off reports over a year ago. Can they successfully sue? I'm in TX, if that matters. Thanks much for any info.
  11. Thank you. I appreciate the input. I think I'll ditch them. They bug me.
  12. I vowed that this time in my rebuilding efforts I wouldn't have any toy and/or store cards -- then I caved and got two store cards and a gas card. I have five other unsecured rewards cards whose CLs are several times what these are. (All cards acquired within the last three years.) I'm wondering if I should just go ahead and bite the bullet and close the three store/gas cards. I see no reason to keep them since I don't use them, and I figure if my scores are going to take a hit, I might as well get it behind me asap. Thanks for any advice.
  13. Thank you for your input. I will hang onto them.
  14. After reading references to "toy cards," it occurs to me that I am a bit of a schmuck. I have seven cards, all opened between six and 18 months ago. I have a store card and a gas card with $300 limits. I can live with that, but I also have four cards (two Cap1, local CU, and Discover) that each have $200-$500 limits. My AMEX Delta Gold is my biggest CL, at $1000. My FICOs all hover around 640. I am really tempted to ditch some of these cards and just take the FICO hit to be rid of them. Is this wise? I always PIF, don't use them much anyway and can't seem to get any CLIs out of them. Please advise, and thank you.
  15. I agree. I think our friend has done an outstanding job working to move up within some very restrictive perameters. I am very proud. Nowhere to go but up from here, especially having zero credit card debt. Thank you again, everyone.
  16. Our ambitious buddy cut the ~$10K car balance in half this week. After throwing another $2K or so at it over the next month or two, our pal will finally dip into savings and pay it off completely. That will still leave $ in reserve which will be rebuilt rapidly by depositing the $ that has been going toward the car. Win-Win. Thank you for your advice, cv91915 and hdporter. My friend appreciates your advice not to completely wreck the entire savings acct at once.
  17. That is good advice. He isn't crazy about letting go of most of his money. Thank you. You have been very helpful.
  18. Thank you. Do you think that is preferable to paying it all off now?
  19. Yes, it is. It seems our friend had lousy credit the year before last. It still isn't great (mid 600s) but is climbing.
  20. There are some very smart people here. If a friend were to come to you fitting the following profile, how would you advise them? *Age: 60+ in good health *Lives on their own *Makes ~40K *Excellent health/dental insurance *Total monthly obligations aside from car pmt is <$950 *Job is secure *Has ~$11K saved *Home almost paid for *Payoff on car is ~$10K @ 16% interest with 4 years remaining *Zero CC/loan debt *Looking to retire in 2-3 years - will be able to live on SS but plans to work part time Would you advise them to bite the bullet and get rid of the car loan now? Your friend thanks you for your input.
  21. I have decided to make my last car payment in 11 months and am setting the money aside weekly. My question: is it better to do a big payoff in 11 months, or is it better to add the money toward the principal incrementally, say weekly or monthly? Thank you very much for your advice.
  22. Thank you! I haven't logged on in a while so am just now seeing your reply. An almost surreal thing recently happened: I was approved for an AMEX Delta Skymiles Gold. I realize these are not that hard to get, but a) an AMEX of any species was a far-off bucket list dream, and b) I got it with an EX score just under 620. (AAOA between 1-2 years and util. 3%) I am thrilled beyond belief to have anything in my wallet with "AMEX" on it! Any suggestions on making the most of this card? CLIs, etc.? Thanks again!
  23. Thank you both for the advice. I will let my cards age, request CLIs periodically and forget the installment loan. I will go ahead and follow WhyChat's procedure for disputing the medicals, too. I have a dozen negatives due to fall off by the end of the year so I should see a jump in my scores over the next year. I have a few old accounts that were closed in good standing and my AAOA is 8 years. My Fico 8s are all hovering around 600. My ultimate goal is an AMEX. I have never had one and getting one would be a huge achievement for me. Thank you again for taking the time to advise me.
  24. I used to lurk this forum for advice. I had my scores hovering around 700 when I lost my job and had two hospital stays. I kept my head in the sand for a few years until I got brave and ordered my paper reports. After triaging them, I realized that things were not as hopeless as I'd feared. This time I am being sensible. I'm not apping for crap cards or just any store card that will approve me, and I am certainly not carrying a balance on any of my cards. If I hadn't had high balances on so many cards before, I would have been fine. This time I'm focusing on cards that will actually benefit me, and getting fewer of them. I currently have five cards and a car loan. I'm wondering: would it serve any purpose to take out a rebuilder loan at my credit union, or just let these cards age? Also, would it be wise to wait one more year before disputing my three remaining medical accounts? They are currently three years old and my state's SOL is four years. I don't want to invite a lawsuit. Thank you for any advice.

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