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  1. Hey there, I recently turned 18 and want to get a new car on my own (parents won't co-sign). I am considering leasing or financing a BMW, as my car is a bit older. The problem is that I haven't developed credit yet. What isn't a problem is my income, I make plenty to pay for the lease estimate ($550/month). I also won't have a problem getting insurance or setting up an auto pay or anything like that either. So, before I go to a dealership and make a fool out of myself (if I can't pull it off), I was wondering what options are available and any ideas. Thanks a bunch.
  2. After many years of paying rent we have decided we want a home of our own. Would 18 months be too early to start the mortgage process? Here is our story...bear with me it's long, Back in December of 2012 we closed our accounts at a traditional bank and moved our accounts to a credit union (bank was giving us no love even when we never overdraft in the 5 years with them). September of 2013 requested a CC from credit union and received it. Been keeping uti under 10% paying off each paycheck. November we received a car loan with credit union for a 7.99% interest for $33,000, paying on time, never late. Husband is an authorized user on brother's AMEX to help build credit. In other words we didn't have good credit. Husband's "baddies" will fall off in 2015. My baddies were all medical from hospitalization in 2012. Used WhyChat's method and they are all gone! In September I went on a CC spree and obtain a Capital One CC, Wal-Mart and Care Credit (joint with husband) for me and for husband a Valero, Care Credit and Target. Will keep balances down to at the most 1% and pay off each month. My credit scores are as follows: EQ 637, EX 615, TU 611 (Very excited about my scores, this time last year they were all in the low 500s!) Husbands scores are as follows: EQ 600, EX 559, TU 614 (He has 5 baddies, scheduled to fall off by 2015) We are planning on using our Credit Union since we are building a relationship with them, with the car loan and cc. I was also planning on April of 2015 obtaining one more CC, not a store card, to help our portfolio. Should I or should I not??? I need advice on what we need to do to bring our scores up by May of 2016 to obtain a mortgage at a good rate. I hear that 620 is the rate some loan companies will approve. I want at least a low 700 or very high 600 before we start looking. Would love a 720 to 750 on all! My husband's score will go up once the "baddies" are gone. I am worried about how recent our credit will be and if that would be an issue on obtaining a mortgage. Need to also mention, both of us have two jobs and nickel and diming everything to save at least 20% to put down on a place. I've been at my current full time employment for over 9 years, husband just switched jobs in October, 2013 so he has been there a year. Would we be able to obtain a mortgage loan in 18 months???
  3. http://www.nytimes.com/2014/06/08/us/politics/obama-plans-steps-to-ease-student-debt.html?_r=0 More information to come later today!!
  4. Hi - first time home buyer here and going through the loan process on a quick close, which has me a little stressed to get all appropriate documents as fast as possible. In that, I got my tax returns from the past 2 years to provide our mortgage banker. He said there should be more pages to the federal tax returns, as I provided him with about 4 for each year. Confused as to what more he needs? He said in original email all pages and schedules, but don't have any further pages from our accountant. Is this something I'd have to request from the IRS? Please help.
  5. Just a PSA - Dropped to 1.24%. Not sure if there's a thread around here that I missed?
  6. Hi all- Quick question. My good friend owns a home that has recently appraised at around $825,000. He has 1 mortgage and that's for $398,000. His income is roughly $42k per year. His credit is bad/fair, no bankruptcies or foreclosures, mainly charged off cards. We're wondering, does anyone think he could qualify for a loan for $80,000 based on the equity in his home? We've yet to apply anywhere; first wanted to run this past the pros here. (I'm usually over in the credit forum). Oh, and if so, with whom do you think he should apply? THANKS!
  7. please look over my numbers my closing cost seem really high I am so lost I might have duplicate charges listed. I am applying for a FHA VHDA loan with no money down but a second loan that covers my down payment. Initial loan amount:139,428.00 loan term:30yrs your initial interest rate:3.875% initial monthly amount owed for principal, interest, and any mortgage insurance:808.54 per month adjusted origination charges:2,205.30 charges for all other settlement services:8,317.67 Total Estimate Settlement Charges:10,522.97 appraisal fee:475.00 credit report fee 50.00 VHDA tax service fee:53050 flood certification fee:150.00 VOE FEE:30.00 wire FEE:25.00 mortgage insurance premium:2,398.03 title insurance and lender's title insurance:1234.14 owner's title insurance:589.43 government recording charge:100.00 transfer tax:1,837.25 initial deposit for your escrow account:546.32 daily interest charges:222.00 homeowners insurance:600.00 your charges for all other settlement services:8,317.67 total estimate settlement charges:10,522.97 Itemization of amount financed 139,428.00 loan amount 5,487.33 prepaid finance charge --------------------- 133,940.67 Origination points: 1370.30 flood certification fee 7.00 IRS transcript fee:20.00 VOE fee:30.00 underwriting fee:695.00 VHDA reservation fee:120.00 wire fee:25.00 daily interest 14.80 day 222.00 upfront MIP to others:2,398.03 attorney fee:600.00 total prepaid finance charge:5,487.33 appraisal fee:475.00 credit report 50.00 tax service:53.50 final inspection fee:150.00 home owners insurance:600.00 homeowners insurance 2 months @ 50.00:100.00 mortgage insurance 0 months @ 152.90 per month: property tax 4 months@ 161.58 per month:646.32 aggregate adjustment:-200.00 owners title insurance:589.43 lenders title insurance:459.14 title examination fee:175.00 deed:100.00 city tax stamp:701.00 state tax stamp:1,136.25
  8. What is up with Title Company's I am having a hard time getting quotes about how much the title company that my realtor recommended is charging. Same thing with my lender's title company. I am asking for them to send me all the charges in a email and the the price for each a long with the total. What's up with wanting this info how else will I compare prices?
  9. Can long term auto financing lower someone's fico score? Does it look bad to other lenders even if you pay it off early? I want the longest loan term I can get, but I want to pay it off early.
  10. I'm almost done my chapter 13 plan and my mortgage guy thinks he will be able to get me approved for conventional financing. My credit has bounced back, I've got a steady job and income as well as a decent down payment. Has anyone here been able to qualify for conventional financing soon after a 13 discharge?
  11. Hi Guys! I recently paid off my car and will be ahead 400 a month starting this month! Woohoo! Unfortunately I need to do my timing belt and need to take care of a few leaks...blah blah, anyway it's going to cost me about 1800 bucks I have the money in savings but I plan on buying a house this summer so I didn't want to dip into any off that. I was curious to know what everyone's opinion was on borrowing from your 401k? I have about 30k with fidelity. If I borrowed 1800 and set a tern of 24 months , I'd roughly have about 75 bucks deducted from each paycheck. I believe the interest rate with fidelity is about 4% , all of my cc are at 18% or more. Would like to hear everyone's opinion. Thanks!
  12. Squeaky

    FHA Loan

    How does everyone feel about FHA loans? Any experiences? Any advice?
  13. In April of 2013 I paid off my auto loan in full. In January 2014 I requested my credit report by mail. When I received my Equifax report, everything seemed to be in order. However, from May 2013 to December 2013 it has my loan listed as "No Data Available". Does this mean that they assume that I still have the loan? Shouldn't it had stopped at April or something? I tried asking this question to people online but everyone misunderstands me. They think that I'm asking why the loan is on my report if it's been paid. That is NOT what I'm asking. I get that things stay on your report for X amount of years. What I'm asking about are those months AFTER I had paid off my loan. The months in which I had no bills or payments because it had already been paid in full.
  14. Hi All - Apparently I ended up getting the cart before the horse...I applied for an auto refinance with JFCU a few days ago (they have a promotion underway) and clearly selected on the online application I was not a member - I went through the application and got an automated response that provided the requested amount, and they also provided an interest rate specific to my credit score with a status of "PENDING". I call today to check the status since I haven't heard a thing - the lady I spoke with seemed surprised I was able to submit an application without a membership and had to check with a few folks. They couldn't provide me any details including status since I was not a member...it was suggested that I establish membership first. I signed up with the NSA to become eligible and received an e-mail immediately after providing a donation and a NSA member number. I then completed the online JFCU membership application and selected a savings share and checking account - I was presented with some automated identify check questions (I assume I answered them correctly) and then was asked to fund the new accounts which I did. I received an automated e-mail "Welcome to Justice Federal Credit Union" that states they are reviewing my application for membership and to allow 5-7 days. Is this normal? Normally from dealing with other CUs, once you fund you are in the clear and passed Chex, etc. Also, not sure what becomes of my pending auto refinance loan - will they automatically know I'm trying to establish membership now? I've applied at probably half a dozen places for rate shopping purposes in the last week so I'm sure i have several inquires. Is it normal for a loan app to go into "Pending" or if it was going to be denied would it just come back denied and not provide an APR? Thanks!
  15. I DESPERATELY want to send my statements & copy of paystub in asap to get these paid and reporting. So please, I hope this great community can help clear up the questions I have below. The quicker I can get these answered, the sooner I can send my docs in. With that said, here is a bit of info before my questions. I appreciate EVERYONES help as this is very important to me right now. So thank you! I was approved by DCU for a debt consolidation loan yesterday. It doesn't cover all of my cc debt but about 90% of it,and I've never done a debt consolidation before over numerous CC's. The reasons why are a mixture, which will be explained in the following questions: -- What if you are going to get a CC or two paid off and the balance has gone up since the last statements were posted and the statements you provide to the banks won't cover it, how do you get the whole CC(s) paid off? -- What if there is a CC payment due in a few days, before the bank will most likely be able to post payments? Obviously that will change the amount due at the time they receive it making the total payments owed more than what the balance is. -- What if the statement(s), all paperless by the way, doesn't provide the entire account numbers, only the last four digits? DCU asked me to send statements with the entire account numbers on them. Right now I only have one statement out of seven that show all numbers. -- Can I ask them to put what is left over (approximately $140) onto a statement at my request? Or will I have no bearing as to where they put the money? Again, thank you all for your help in this time sensitive matter!!!!! I am so thankful for this community!
  16. Hello folks, This is our (my wife and I) first post. I was curious as to what I should pay first. My wife and I started our major overhaul of our finances today. We have approx $5500 (bonus from work) to pay off some debt. Coincidentally, we have a loan through NFCU for just about this amount ($5900 to be exact). However, we also have another $20k in credit card debt. Our monthly payment on the NFCU loan is $270 month. Should we apply the $5500 + cash in our bank account to pay off the loan and save $270 a month, or should we apply $5500 toward credit card debt? Thanks in advance for your help/advice.
  17. Hello .. i have a question about a notice we received stating .. Notice of Sale of Ownership of Mortgage Loan. It came from a lender that apparently our current lender sold our loan to. We have been having difficulty paying our mortgage since 2012 and into 2013 due to a job loss in dec of 2011 as the new job we acquired in april of 2012 pays less then the one we had before. Mortgage being almost 1900.00 a month not including property taxes and insurance. We of course are in arrears with them some due to their not accepting our payments when we were able to pay and of course all their added fees for this and that. When they sold our loan to the new lender the arrears did not transfer along with the loan to the new lender. Is this proceedure .. i thought they would just forgive the arrears after selling our loan to another company. Our payments will not change with the new lender and that is something we were trying to work out with them .. to lower our interest rate so we could have a more affordable payment but they wouldn't do it. Another thing they've done as i just discovered this today is we had a sideline of credit with them along with our loan that we could not pay on due to job loss that they charged off last year and sent to a credit agency. We started paying the credit agency last year in april and are still paying it to this day. When i logged in today to check on the loan transfer they stated that our loan was no longer with them but transferred to the new lender. What caught my eye is there were 2 loans listed ... one being our home mortgage and the other was the loan they charged off last year and what we are paying now to the credit agency. How could this happen? I'll say i've been very upset today as i couldn't call anyone due to the weekend but come monday all parties involved will be getting calls. We are not going to pay twice for the same loan. Your thoughts and suggestions would be much appreciated. Thank you ..
  18. I apologize if this information is easily found, however I have been parusing for about a half hour and can't find it. Any help is appreciated. I have noticed credit apps being posted, assuming someone is reviewing and responding with an overview of possiblities? I could be totally wrong with what I think :-) My situation: Am looking to replace my car in April at the latest. I have been spending the last couple of months rebuilding my credit, seems I have little to none. I have a bk from 2007, a tax lien (from divorce) paid off and cleared in 09. My house from 09 shows paid off/settled (short sale). I have a car payment (title loan) on time three months. I have college loans in good standing, no payments due at this time (no history) Experian is 618. I have some little bills i can pay off but not sure if it will make a difference. I honeslty don't want to wait until April to get a car, but I am using that as my target date as my current full time employment (government contractor) will be one year in April and if I pay off the little collections it will take that long to be removed, or show paid most likely. I have 10 years licensed in Real Estate, other financial/accounting customers I've had for years, have good income. Any direction or insight would be helpful rather than going from dealership to dealership. I know my credit isn't perfect, but honestly compared to a year ago during divorce it is pretty good.
  19. Hi, guys, I’m currently in a 2006 Honda and I’m looking to upgrade. It’s worth about $9K KBB book value (if private sale) and I still owe $5K on it. My credit file is thin. My EX FAKO is 697, one 6 year old paid civil judgment, one secured credit card reporting for the last two months, one potential medical collection and my car loan of 2.5 years. I got it when I had no credit score whatsoever, so the rate is a deadly 17 percent. I have a CA lurking regarding a medical collection that was on my report (but luckily it was removed in dispute) that will be permanently barred from re-reporting in three months when the SOL is up. Several questions: Should I wait the full three months to start applying for loans, jic the CA sees the activity and decides to poison? Do you think I can get a decent rate on a like-new used car loan with this credit profile? (The Honda loan is with Chase and it’s been paid on time. I asked my bank whether they would consider refinancing but I guess I don't owe enough on it to make it worthwhile for them.) And how do people usually handle cars that they currently owe on when they want to buy new one? If I do a trade, does the dealer of the future car buy it from me so I could pay off the current loan? Sorry, I’m relatively inexperienced at this so all suggestions are greatly appreciated! Thanks.
  20. So I'm wondering because Im coming up on the two year mark if I can PIF the remaining balance and if this will give me a nice little boost in my credit?? Before I pick out a new SUV for me and the family during summer. 15,000 left on auto loan- 2 years perfect payments 1st premiere card $300CL- 2 years perfect payments Credit One $500CL-5 months perfect payments 1% uti TU 708 EX 675 EQ 650 Just want to get an idea of how much it's going to help, hope this enough info
  21. Hi everyone. This is my first post on here. I am a long time reader though. I know there are a lot of experienced folks on here so I have come today with a question of my own. I had an issue with my health insurance (preexisiting condition) and now they don't want to cover my back surgery. Its a lumbar fusion and you won't believe how much it cost- Its costing $170,000 approximately. I have tried to just live with the pain but I'm on serious pain meds and its been difficult on my body. I don't want to be on this forever either. I am able to pay $70,000 without tying up too much cash, but the rest I must find financing. Here are my stats: Student loan: $30,000 (two separate ones for 10,040 and 19439) Credit cards: CL/Current balance Chase sapphire: $50000 cl / 6000 balance Fidelity: $50,000 CL/ using 7000 BOA: $20000 CL/ 4000 in use Chase: $3300 CL / $0 Discover: $7500/ $500 Barclays: $7500/ $0 Amex Costco $1100/ $0 Citi AA $32,000/ $1000 Citi Divi $5000/ $0 Space coast credit union - $15000 loan (but paid that in full so it should update on credit soon). I pay my cards in full each month for each card and I notice that the balance is reported with whatever the statement closes with. My income is $345000/yr and I do not have any mortgage. I want to apply for $100000 from wells fargo but I have quite a few inquiries on my credit from this past year with CL increases. Also, I read somewhere that people get denied because of low credit balances, so I was wondering if I should not pay in full for when I go to apply? I have had balances as high as $120,000 on a my sapphire above the limit and I paid it in full before the statement closed so it wasn't reported as over the CL. I have seen my report where it says high balance of $81,000 before. I know with the new obama care theres maybe a chance etc etc but please just answer in terms of having to apply for this loan. I really would like to hear what you all think. Thank you in advance-
  22. Hi all, I'm settling into the idea of applying for a debt consolidation loan to simplify payments and reduce the amount of interest I'll have paid when the debt is all said and done. I'm currently snowballing payments as cards are paid off, but, I have become frustrated with my high APRs. I call each of my cards once a month asking for reductions in rates / hardship programs. Only one card has so far acquiesced. I have 4 cards with interest rates and balances as such: 21.24% $4,682.71 13.24% $7,555.59 19.99% $3,813.66 18.99% $2,193.59 $18,245 (Total debt) 18.365% (Average APR) Over the past 5 years my credit rating has looked like an inverted bell curve and for the past year has been steadily but slowly climbing and now sits on the fence between Fair and Good. While I'm not new to shopping for loans, I do have a few questions that I hope some of you will be able to help me with. 1) Which sounds wiser: secure a loan for the entirety of my debt or secure a smaller loan for the portion of the debt that costs me the most (highest balance + APR cards)? Why? 2) I belong to only one credit union (Western Federal) and their offerings of Personal / Debt Consolidation / CC consolidation loans are not very attractive. That leaves me to the many lenders out there. I've used BankRate.com to filter through these, but, any recommendations you may have are welcome. 3) Aside from origination and other fees, terms that require you to close your credit accounts, and penalty fees for missed payments, what are some other things to look out for? Anything else you care to comment on, I'm all ears. Many thanks.
  23. Hello everyone I am in need of a car, I have come across a late model truck that I like 2003 ford expedition with about 160,000 miles. for 3,000. I have a account with navy federal my Equifax score is 616 fico and my Transunion and score is 685. I have 4 neg on my Equifax report not paid and one paid all under 800.00. I rather have a pull from Transunion but navy always pulls from Equifax. What are my chances of getting this loan. I will be paying it off in 4 months because I am trying to buy a home. I am looking for a loan for 2000.
  24. Just wanted to ask a question about how long would it take to get an approval from usda underwriter? Midlands sent my file to the usda underwriter on Friday after asking for every possible information I could possibly give them. Just was wondering since it's been a stressful few months. Hopefully it's an approval on their end. Thanks in advance
  25. I've read a few times about payday loan places trying to draft multiple payments in the same day, over the course of several days, and so on. No, I didn't take one out, this is just a question. Is it legal for them to do something like this? It seems to me that it could be argued this is intentionally harmful to the consumer. Just wondering if one would have legal recourse against a place that does this for willfully causing financial harm.
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