pacemaker67

DEBT TO INCOME RATIO: ? Alot Alot is not good when it comes to DTI

Some big envelope from crap1, an invitation to apply for a Spark Card with my name and the business name misspelled. That spells solid approval.

A heartbreaking email from PenFed stating that the pre-approval they sent yesterday was, in fact, nothing but Jive.

Kick them to the curb. You are enabling them.

I had the same emails but did not apply as I figured it was bogus being that my EQ FICO 09 is 628. Depending on your scores, you may have been in approval territory anyway. Did you get an EQ HP?

Yes, they hard pull when you look at them. Thank said, mine @ $5k took two years to graduate. They approved me for a $8k Flagship though before my secured graduated. They pull TU for new accounts but rely heavily on their "internal score". You may have an internal score that will give you an approval for that second card. I would not increase the secured as they will likely bump you to $2k upon graduation. After graduation, you can then product change easily to a Go Rewards, Cash back card etc.. No HP. What is your free EQ 09 FICO?

The SOL in Illinois is 5 years... from the Date of First Delinquency. DOFD Check that date on your reports. It would seem you are close or right there on these. Are those the only derogs on your reports?

This all depends on real FICO scores and what else may be on your reports. You might be able to sign up for the Credit Check Total $1 trial. As for the issuers you named, check their prequal sites and see if anything pops up. Who is the secured card with? Any military affiliation? NFCU

Thank you. I figured that. They are listed as "Interim Closed" whatever that means. They are held by Bli tt and Gain es currently and research has revealed that while they are to be watched they will accept settlements. Regardless, if we have to PIF that is the part of the cost of this upcoming transaction. I am a bit worried about calling them and my Wife wants not part in that. I am not sure how to go about it without creating a FUBAR situation. By the way, they were entered 5 and 3 years ago for Discover and Cavalry respectively and she has had zero contact since. Since our downfall happened swiftly and all at once, everything had basically the same SOL. I can only think of one small account that might be hiding out there for her. All other accounts were on me with her as an AU and that is why I have 7-8 CO's while she has two.

Thank you CV. I hoped you would chime in. That seems like sage advice. We have been so beaten down regarding our credit disaster and find it hard to believe we could actually get a mortgage. It seems with just her current W2 income, including taxes, insurance, homeowners fees and guessing at 6.5% interest, she would be at 24% DTI. Add my W2 income and we are at 16%. Add additional, non taxable income and it just drops further. Again, we have zero debt, personal or business (aside from old derogs). I guess the most important deal would be to find something that did not have too many un-recoverable costs as the plan would be to refinance with 100% clean reports a year later. Does anyone have any thoughts on the Wife's judgments? We could take care of those now, and perhaps should as we would not want a lien later. All derogs are out of SOL so no risk of further court actions. I watch the county site daily to make sure no one is trying a fast one.

The Wife and I would like to purchase the townhouse we have lived in since 2014. This is owned by my Sister and Brother in law. They originally rented to us for a silly low rate when everything came crashing down for us business wise and financially. Part of our deal was to do all of the upkeep and maintenance which we have done. They have been very gracious and selfless and my family may have been under a bridge in 2014 with them. We have since, after our business recovery, upgraded several rooms and have increased the value of the TH, new kitchen, appliances, furnace repairs, new AC, paint, flooring etc. They will sell this to us for $145k though other non-upgraded comps are selling for $185 to $190k. We have also been paying full rent for a few years now which equals $1,650 per month. They just want out whole as they own their home free and clear. We do have an agreement to purchase and would like to do so next summer. Our reports will likely not be clear by then but the Wife’s reports are already cleaner than mine. She does have all three “mortgage scores” that are over 650 at this point. If my reports clean up, I could join her on the app or just be on the deed at first. My Mortgage scores are 40-50 points lower with many more CO's. (all almost 6 years old) I have a joint savings account with my Sister where we have saved $35k for a down payment in preparation for this. We could put more down as well. The good: She is showing $60K in W2 income from my company. (we do have more income from repayment of our massive loans to the company before our downfall) We are debt free, no auto loans, CC’s paid in Full etc. We have reinvested into the company while living frugally and likely have $3-500K of assets. She has 5 cards with perfect history (3 from NFCU) with total CL’s of $42k, again, PIF. The bad: (2) Chargeoffs - $250 Macys and $1,750 Discover both will be near 6.5 years old. (2) CA’s $5k and 4k from PR and Cavalry respectively. The worse: Two default judgments that we knew nothing about until last December when we accessed county website. They are not on her reports and I just ordered her Lexus report to see about that. Worst case, we can settle these. (these are the Discover CO and Cavalry / City CA) Questions: Would we have any shot at a real mortgage or should we just find some temp ARM or something? By the spring of 2021 our reports will be clean and we likely will be mid to upper 700’s without any derogs. Things are growing and stable for us and would like to find a way to take this nice “deal” and also relieve my Sister from what they see as a headache. Will we need a loan shark due to timing? Any thoughts? Thank you!

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No link but a story. A couple weeks ago in the rebuilding section I was trying to get someone to check SOL status before he followed some advice to start contacting OC's about some 4 YO charge-offs. A discussion ensued and I used our situation (Wife and I) as an example of waiting to poke the bear until SOL etc. I mentioned how we were just waiting for our old CO's to drop off in a year if we could not get them removed through disputes. That seemed to raise a few feathers. Some yahoo over there actually said that we should max out our recently acquired, and always paid in full, $45k in combined credit lines to pay off our 6 YO, out of SOL CO's. I have heard bad advice there but that seemed incredibly stupid. I stated that fact for the record. Can you imagine the ramifications for someone if they followed that dimwit's advice?

Most Credit Unions are named XXXX Federal CU... a credit union is a credit union but most limit membership geographically or like Navy to some military affiliation. Many have lenient standards for starter cards etc, some way better than others. See if you can get into Affinity CU. The are in NJ and have a good secured card. It is a soft pull to join.

Don't you get a free TU FICO from Discover? If geographically eligible, FNBO has a card that graduates. They also co-brand those at many regional banks as well. They pull EX 09. A local CU may have a starter card... research then call and ask before joining. There are many options out there but some depend on location. Have you tried the Credit Check Total $1 trial deal?