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Bohemian

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  1. They are all going to fall off naturally at the same time. I'm thinking that losing them gradually will help the report not lose ALL the history right away, and heal a bit between deletions. It is my understanding, I could be wrong obviously, perhaps it won't matter any more if 12 accounts are deleted all at once.
  2. I have a BUNCH of student loans that have been consolidated and the old accounts are all scheduled to be deleted in the same year. I'm thinking that I could have a couple deleted at a time, even though they are positive, so that by the time the last are deleted, at the time they were scheduled to fall off anyway, the credit report would have rebounded some and it won't be such a hit at that time. I also have positive closed accounts that are tied to addresses I do not want to be tied to, and I can probably get them and therefore the addresses deleted. How long will it take for the CR to rebound from losing history and old positive accounts? TIA
  3. Well, I have seen my report when we did the refi. Those charge-offs were from 06 and 07. I didn't see anything negative on my report recently, BUT I DO have huge student loan debt. And almost everybody that could be charged off, except Cap 1, was charged off. I have not had issues getting credit for the mortgage or a car or a camper etc, but there were several hard inqs for the mortgage and I did apply for the Chase Amazon card in Nov, and then got another hard inq just 2 weeks ago when I asked for CLI. I have been using another Visa card for my monthly expenses. The limit is $6000 and the balance tends to be about $2000 at any given time and I pay it off monthly but still, it gets so much use there is always a balance. I just recently started usin the Amazon card hoping it would get a higher limit, but I was paying on it weekly to keep it down, so it is not maxed out. For rewards, I was thinking mostly for travel, but I'm pretty open. I' just not crazy about what I currently get because I've already gotten the stuff that is interesting... not much of interest left in their catalog. I liked the Amazon card because I could use the points on Amazon... and I shop there a lot.
  4. Asked for a CLI from my Chase Amazon card so that I could use it for bill pay instead of my other bankcard. Denied. It is a $500 limit. Doesn't go far on bill pay. I have to pay the card every week or so so I can keep using it. They said one reason was I charged off a Chase account many years ago. My scores are pretty good. We just closed on our refi and the number were over 700. Would like to get a card with rewards points that are useful. My current bankcard, $6000 limit, has rewards but they are not interesting really. I just applied for a Venture card with Capital1, denied. I did not charge off a card with them those many years ago... will wait to see what the letter says. In the meantime, is there a fairly easy card to get with a CL over 1500 and rewards attached?
  5. Just an update on this. We have a scheduled closing in 2 weeks. New lender has all the original paperwork. We had the appraisal sent to the new bank (released) and so that will save a lot of time. New lender understands the student loan issue and easily worked with it. And new lender understands the covenant issue and again had no trouble. We have not closed yet, so things could change, just wanted to update you all while I was thinking of it. But new lender was able to do in a few days what the last lender couldn't do in 3 months... set a closing date.
  6. To answer your other questions: The appraisal is the property of your current lender. It has the current lender's name on it. No lender is going to use a credit report or tax transcript that you provide. Why is it the property of the current lender? We paid for it.
  7. We'll see. The situation was explained to a rep at the other (possibly new) CU and while she saidse felt there was not a problem, she is checking with underwriters. This has opened up new questions for us though. Since we can't close this year, and have to start again, we are thinking of making some changes in how we present the situation. Is there any reason (pro or con) to tell the bank/CU that e intend to make a business in short-term vacation rentals? We still live on the property. Our plan is to rent out the two rooms in the main house and then rent out a couple cabins that are on the property. Do banks care what we do with the property as long as our personal income easily covers the mortgage and we do physically there? Another question is: since we are looking elsewhere, how much of what we paid the current bank for is ours? We paid for the appraisal, a credit check, a summary transcript from the IRS for a tax return... Can we get all that in our possession and take it elsewhere?
  8. Which is why we are ready to go elsewhere. To a lender who can see past this. I spoke with a lady at a different CU today and I gave them a brief rundown of events and she feels they can work with us and these parameters. This s a much smaller CU than the one we are currently with. We are open to talking to others. Looking for suggestions on easy-going credit unions in South Dakota. The one we are currently with does have a reputation for a LOT of hurdles. Looking for one that is a bit streamlined in their approach.
  9. No, it does not conform to the covenants in its current state. But the covenants are kind of moot. There is no HOA, and the development company is no longer in business. ETA: the covenants are ignored in the neighborhood. There are already a couple homes far less square footage.
  10. Our credit union has now said that the covenants on our neighborhood (about 20 years old and there's no HOA and original development company is no longer in business but there is another development company at the same address, same people that started just after the close of the first). So the covenants say homes must be 1200 S ft. Part of the refinance money is going to build an addition. When we bought this place 2 years ago, it had a shell of a place on it, so we got a land loan and completed what was here. The bank has sent us the name and number of the original creator of the covenants to get him to basically sign off on it, overturn the covenants etc... or rewrite that part. We have zero interest in opening that can of worms. We had a lawyer look at them when we were first looking. Several of them are too vague to cause concern and we have neighbors who are building from scratch and it is a small cabin for a single guy. I don;t want anybody thinking about covenants. And nobody has been thus far. This bank has (this rep) has been a PITA from the beginning. She tells us what she needs, we give it and ask her if there is anything else and she says no... and then a week later, in hurry, we need to give her something else... one thing after another. I realize and accept that the process is not hassle-free... but I feel it could be a lot more simple than this. So, we are ready to take this package elsewhere. I'd like to be included on the loan, but this bank said that they would have to use a much higher payment scheme than the one I'm on... I don't think they really understand the process. I'm in repayment, not deferment or forbearance, so they should be able to use the actual payment... which is $0. My brother's boss suggested going to quickenloans, and get a bunch of potential offers. Neighbor suggested Farm Bureau. The place appraises for $145,000 and we want $120,000. That gets our savings back out and allows enough for an addition. One issue the current bank has is that my brother wrote off every penny from last years income. We declared a rental business. The house we built is to be used for short term rentals, and we also live in it. The bank was concerned that the agi was so low. So, we need a lender who looks at net more than gross. Because we always pay the bills, but we do invest back in to the place as much as possible. Looking for suggestions as to how we can find a new, solid, fast-moving lender. Or any tips not related to taxes. I already know we are walking a tightrope. ;-)
  11. Hegemony, no. I owe a few hundred on my car and about $14,000 on a camper. It's in my name but for someone else that might be able to put it back in his. Steve, I now wonder if they ae viewing it as being deferred or in forbearance. That's almost exactly what they aid they had to do. But it is in repaymnt at $0 and I have sent them the letter from Navient that says that. This is actually a credit union, and I wonder if they don't see much like this and if they just need to go through the process with me and see possibilities. And a land-loan is what I wanted. 20% down and a 5 year loan.
  12. I owe close to $200,000 in student loans, as interest adds on. I make $40,000 a year. Want to buy the piece of land across the road, asking price $36,500 Been for sale for 3.5 years. I'm told by my bank that they cannot count my income contingent repayment plan, and they have to go with a more traditional repayment. I can't go that route, as it would cost me several hundred thousand more, as nothing would be forgiven. As much as I LOVE my bank.. I am wondering if I could just get a loan through another bank, which would see what my IBR is and accept it. According to my bank, that student loan monthly payment plus my part of the mortgage is way more than their 50% DTI My scores are near or over 700. Will all banks have the same issue with my student loans? Will they all figure a payment much higher than it really is? My current payment is $0 because it was based on my last job. I just started this new one in Dec and make 50% more than I did. Ideas?
  13. Thanks, Icann We looked into term insurance for the life of the loan, an expected 10 years so went to 15. It's not real high. :-)
  14. My brother and I bought a place in Spring of 16. It had a shel of a house, so we had to get a land loan. e have been doing al the work ourselves and are ready to be refinanced for a traditional mortgage. The original loan is my brother's name and we are both on the title. I had only recently started a job and I have an enormous student loan debt that is in repayment at $0 s it is income based. A couple months ago I changed jobs and my income rose by 50%. But my debt load is still there. Last year, we wrote off just about every penny of my brother's income on our "business" of vacation rentals which we will be doing with the house and cabins. Not something we want to advertise to the bank of course. But the problem is the bank is concerned with his net income. That couple with my debt load makes me a no-go on the loan. Bank thinks they can do it with just him. Question- If my student loan debt never changes (and it won't) and my income stays the same (and it will) and my scores don't change (they are good), will I ever be able to be added onto the loan with or without some entirely new refinance where we pay fees again etc? My brother and I have a solid relationship. Close family. I just want both of us taken care of if something happens to the other. I'm not overly concerned about my not being able to share in the tax benefits of home ownership. We likely would have given them all to him anyway, as he has the higher income. Is just being on the title going to cover me if something happened to him? Also the will? If either one of us were killed/died, how can we make sure the other stays in the house and continues the business. My thought on the business is that we are partners anyway. So, that should be covered. If something happened to both of us, it would all be left to my nephew, his son. I'm a bit disappointed that I will once again not be on the loan, but trying to see the silver lining and cover my flowers(ets). TIA Bohemian
  15. Well, thanks all for the responses. I appreciate the concern. I also appreciate what appears to be support up there, even if you personally have chosen otherwise. I'm still hoping somebody who has done some research and worked the system might have some ideas or links to avoid the fine until (I certainly hope) the fine is killed.

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