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scout99

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  1. I guess we will be having a serious talk tonight.... Thanks for the info.
  2. It's also a little trickier than described --- the mortgage will be in my husband's name only, since I am not currently working and he has a high income and 800 score. We live in NY which is not a community property state, so it is allowed for one spouse to get a mortgage without the other. Although how does that work if we file taxes jointly? The part I left out --- and please, I don't need a lecture about this, please -- is that the husband doesn't know there's still a balance on the business card. The business was mine, but I think he may have PG'd that particular card because at the time my credit was not the best. So I'm worried that this "hidden tradeline" will magically be found during underwriting and we lose the loan. It's never shown up on any credit reports, ever.
  3. PG = personal guarantee. The card was set up under the LLC but required a personal guarantee to get approved, since the LLC was less than a year old.
  4. I thought this had been asked before but I couldn't find it in a search. My husband and I are about to put an offer on a house. We've been prequalified - income and credit are great, DTI not bad. What I'm concerned about is a business Citibank card that I PG'd for an old business that I used to own, but closed a couple years ago. It has a sizable balance, $13,000, but I've always paid more than the minimum each month and really do hope to pay it off completely after we get into a home and our housing payments go down (our rent is higher than our mortgage would be). My question is this: this business credit card does NOT show up on my personal credit report. Is the mortgage underwriting process so thorough that they will find it? Again, I did not open the card in my name, just PG'd it. I'm losing sleep over this worrying that it could suddenly show up.
  5. I should also add that I've had the card for like 6 years, never late.
  6. Hi all, I've got a business Citi Universal Card which I personally guaranteed. I want to request a CLI but I don't want a hard pull -- does anyone know if they run credit check on my personal credit since I PG'd it?
  7. Hey thanks Brian and Prepper. Brian, based on your experience and the insane market here in SF area, do you think it's possible FHA may increase the limits for 2016? It's pretty much impossible to find something below $700k here, and yes we've expanded our search into east bay (Berkeley and parts of Oakland, and Alameda Island). We REALLY want a house, not a condo or apartment, so that kind of limits us. But yeah, everything is going for $100k+ over ask, so this may not be in our future. UNTIL the next bubble bursts, of course, and that is bound to happen sooner or later. We have a year left on our current lease so our timeline is pretty flexible until then. Just to clarify, do you know what the threshold is for jumbo loans in our area? Or could we get conventional financing (non-jumbo) for up to $700k with 5%-10% down? I do think my scores will be greatly improved by then (will have no debt at all within a few months) and I will also be added as an AU to my husband's accounts which have high credit lines, no balances, and are aged. We'll be looking for a mortgage guy in our area so I will PM you.
  8. We live in San Francisco, the most expensive housing market right now, and would like to buy using FHA. The limit for our area is $625,000. My question is this: it's near impossible to find a house for this amount, but we've seen a few at the $700k point. We know the down payment is 3.5%, which would be $21,875. If we wanted to get the FHA mortgage, but still aim for a $700k home, are we able to put $75,000 down so we're still only borrowing the max amount, $625k? Does that make sense? Or is the FHA limit $625k regardless of how much you put down? Or, if we're looking at a $700k home and have 10% to put down anyway, should we just look at conventional financing (non-FHA)? At what point does the amount become considered a jumbo loan, thus requiring much higher down (and better credit --- my husband's is perfect but my scores are in the 600s right now, working on getting them up by the time we buy)? Remember we are in a high cost area, so I wonder if the threshold for jumbo loans is higher, too. Thanks for any help!
  9. Thanks for the advice. I hadn't even thought about simply sitting on the $12k, I just assumed they'd want less debt obligation. Haven't even started the lending process yet, want to get all our ducks in a row before we get our hopes up. No property involved in BK, was all unsecured debt. My income for last two years was $0 because of the business but his was over $100k. We just moved to California from NYC and he took a 25% paycut ("sunshine" tax haha) but cost of living is lower here so it balances out.
  10. They just pulled EQ. I am shopping around, and not really in hurry to buy one, but from what I've read on here Alliant is "generous" with their loans and credit lines, and I wanted to jump on it in case they just do the one hard pull (I know CU's have done that in the past).
  11. DH and I want to buy a house this year, preferably using FHA loan (for the low down payment). His score is high 700s, mine 650 but hope to increase that once I remove some baddies (and I just paid off the $3k in CC debt I had that has not shown up on reports yet). I also have BK7 from 2009, but from what I understand that should not be a factor for the mortgage after 2 years. We have money for the down payment set aside, and we are getting $12,000 back in taxes this year. We have the following debt: Car loan. $11k left, payments $299 a month Student Loan (mine) $12,000 left, payments $103 a month (for the next 10 years) Business AMEX - $13,000. Minimum payment each month $450. Here's the catch with this one though -- it's for a small business that we closed at the end of last year. The AMEX was PG'd by husband, BUT DOES NOT REPORT TO HIS PERSONAL CR. We have every intention of paying it off, and will make it top priority once we get the house, but should we just hold off and make minimum payments since it's not showing up on his credit report as a PG? Combined income is $150k, but I only started my job this month as I was running our business for the last couple of years (which showed loss both years, hence the reason we shut it down). So, long story short: Should we use the $12k tax refund to pay off the car, pay off the student loan, or pay off AMEX. Which would be best for the mortgage loan? And how long should we wait, consideing I just started my job? Of course we are eager to find something, but want to make best decision.
  12. I just opened savings/checking yesterday online at Alliant. Received email that I was approved and would be receiving stuff in the mail: Now I'm itching to apply for a car loan and credit card, but any advice if I should wait til I get the stuff in the mail first? And anyone know if they use the same pull they used for opening the account for subsequent applications for 30 days? I want to go car shopping this weekend (And I just edited this to state that I realize Auto and Car are the same -- I meant to type "Card" in the title hahaha. Got car shopping on the brain.)
  13. I used them. They do report, and in the beginning it definitely padded my D&B and Experian reports. However, I think they have caught on and are flagging these accounts now. Be careful.
  14. I've never been this frustrated before. We moved offices, updated our info with Dell AND D&B two months ago. However, when we placed an order yesterday, it went on hold. We contacted DFS and they tell me that they can't verify our freakin identity!!! AND I EVEN PROVIDED THEM WITH THE PREVIOUS INFORMATION AND PAST ORDERS!!! There was NO reasoning with them, either. They spoke to me like I was some kind of identity thief, then offered to get me to SALES to look at "personal" financing options! UNBELIEVABLE!!! So I logged onto the DFS site and of course now I'm locked out. At this point, I don't want these bastards to get a DIME from us, I don't care about the credit implications, I'm nearing bankruptcy anyway. I just wish I had bought more from them that they'll have to post as a loss. My MAIN concern, however, is since they have my bank information, do you think they can automatically withdraw from my account? I know they aren't supposed to, but I wouldn't put it past something in their contract that says they can. I had heard that they were becoming impossible to deal with, I had no idea it was this bad.
  15. OMG!!!!! I am going through the same thing! We moved offices, updated our info with Dell AND D&B two months ago. However, when we placed an order, DFS tells me that they can't verify our freakin identity!!! AND I EVEN PROVIDED THEM WITH THE PREVIOUS INFORMATION AND PAST ORDERS!!! So I logged onto the DFS site and of course now I'm locked out. At this point, I don't want these bastards to get a DIME from us, I don't care about the credit implications, I'm nearing bankruptcy anyway. My MAIN concern, however, is since they have my bank information, do you think they can automatically withdraw from my account? I know they aren't supposed to, but I wouldn't put it past something in their contract that says they can. Any suggestions? I really, really, REALLY hate them with the burning intensity of 1,000 suns.

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