h2owarrior

I thought 850 was the max

HiPerf2000

iTrader: (2)

when i was 23 i financed 29k for a 40k boat. I put down 11k ( trade and cash ). Since i didn't have any credit, no home and didn't make much money then, the dealer had a hard time finding a finance co. to approve me. finally found one at 11.99%. I took it. then re-fi'ed in 2 years at 7% after i established myself.

MILD THUNDER

iTrader: (3)

Thanks Hi perf. Thats what Im looking for.

Your right Pantera, Im full of it. I have to try and impress people I dont know, and will most likely never meet. If I had something to lie about, do you think I would mention my fico score? I worked the last 6 years as a union cement worker for the City of Chicago. 30 bucks an hour, 40 hours a week=1200 a week. Times 4=4800 a month with no overtime. Now I have recently went partners with a friend doing rough framing estimates for some of the big lumber companies. Am I proud of what Ive accomplished? Yes. Can I afford a 40k boat? Yes. The problem is, I would prefer to keep the 25k in the bank for now, being that I am getting this business going. If it makes you feel better about yourself, than yes, Im full of it.

Lofty

I'm with the rest of these guys. Always, always pay cash for toys! If you don't have the discretionary money to buy something you just can't do it. Going in the hole for a toy is what keeps most working stiffs working. I'm sure this isn't what you want to hear but it's all sound advice. Some of these guys may be taking jabs but they're really on your side. Go buy a house/condo whatever with that cash. You've got enough income to carry a loan. Come back next year and buy a boat. I'm sure I could borrow enough go buy a nice used Skater but I'd rather retire some day.

MILD THUNDER

iTrader: (3)

My fiance owns a apartment building. It was left to her when her father passed. Its on the market now, as soon as its sold, that money is going to buy our house. It should be nice, we both make decent money, we'll have a house paid for, now I just need to get my credit score up and it will work out. I suppose I could hold on to my Liberator for a year or so until we get settled. And again, the bills are paid off. My truck is the only payment I have, and its a write off for me. Thanks, guys, after all this talk, I might put some bolsters in the Liberator, and keep it for another year. Who knows, maybe someday, I could afford a Pantera

baja_daddy

www.lexingtonlaw.com

I remember seeing this url on the board in the past and the people that used them were pleased with the results.

Griff

Having a house that is paid for is about the worst use of the best tax break you could have. Pay off all the other stuff and mortgage the house at 80% of value.

As for all the other advice, its mostly correct. If you don't know want to hear the answers, then don't ask the questions.
If you make that much $$$ and you have that much credit card debt, it shows the bank exactly how you manage and spend money. Either that or you haven't been making that much for long enough to pay off old debts. Neither one shows you to be a good long term risk.

RedDog382

Mild Thunder,

I understand your frustration. I am a 43 year old physician with a very comfortable income for the last 14 years. I own a home, a rental property, three corvettes, and have spotless credit history. I do not even know my credit score. I have been with private banking since I finished residency. All of my credit cards have been paid off each month. All of my home loan/rental property payments have been on time and most paid one month ahead of time. When I bought my first Formula, my private banker asked only one question ... "how much do you need?"

In the last couple years, I have lost a good friend tragically. My mom was diagnosed with cancer and suffered a terrible death. I decided to go part-time to be with her and enjoy life more. When I went to my private banker to refinance my home and rental property to get a lower rate, they asked me to get a note from my two part-time employeers guaranteeing my steady hours. I pointed out to them that I was still a professional, still had an active medical license, I had been their client for 12 years without a single missed or late payment. I also pointed out that I was now part time by my own choosing (I was not fired or laid off), and could work as many or as few hours as I wanted to. Didn't matter ... they still wanted notes from my employers. I told them to suck eggs and refinanced both at lower rates with someone else.

When I decidied to purchase a newer, bigger Formula, I needed a pre-approval to hold the boat until I could get to California to see it. My "private banker" told me to go to the local branch and fill out an application. I couldn't go that day because I was working 12 hours. I was told it would take another 24 hours after I filled out an application. I need this pre-approval now, not in 48 hours. I told them to stick it and called my credit union. I had a faxed approval 1 hour later.

Admittedly, a few here jumped on you without knownig all the facts, but I hope you take the comments from others constructively and not personally. There is a lot of experience among the people here on the board and therefore a lot of good advice to consider. It sounds like you are a hard worker but a little less experienced with financial matters. Unfortunately, many young people don't understand how important it is to pay the bills ON TIME. It is about all that matters. Not income or income/debt ratio alone.

I hope you find a solution to getting the boat. If you can't, it was probably not meant to be. Even though you and your fiance may be able to buy a house soon, consider investing the cash in a secured annuity, take a loan on the house to boost your credit rating, and take advantage of the financial/tax benefits that come with owning property. The interest from an annutiy is tax deferred, and the interest you pay on the house is a tax deduction. Use it to your advantage!

ratman

bingo

Chuck

If you were to order a Pantera today, it might be done by the time you get that score up.