Re: Loan denied ?
 

i was waiting for somebody to catch that.... :D

Re: Loan denied ?
 

Thanks guys. I think I just may hold on to the Liberator another year or so. Sorry if I took the advice poorly last night. It was a long day and its a little frustrating when you cant get the Boat you want.

So do you guys think its worth hiring a credit repair place like lexington to help me raise my score?

Re: Loan denied ?
 

Are there any sites where you can get your credit rating number, without a fee?

Re: Loan denied ?
 

They will all give you one freeby..

Re: Loan denied ?
 

Dealing with Credit Reporting Agencies is one of the biggest nightmare I have ever had to endure. I was a victim of ID theft (can't imagine why), and it took me almost five years and countless phone calls and letters to get it cleared up. The best was a vetenarian bill from up in Maine who claimed I owed him $ 160.00 for "boarding" me. You would not believe the problems I had convincing people that I was not a talking dog. :rolleyes: :rolleyes:

I had my credit scores up to 780/800. Last May when I got hit with a kidney stone issue that lasted 16 weeks, my banker suggested that I suspend payments on our Second Mortgage, that he would add the "deferred" payments on the end of the note. That was a very big help as I am self employed. We went to refinance our home last December and the business day (Friday) before we were to close on the following Monday, a red flag went up. It seems some junior loan officer at my bank, because of a personality conflict, reported those three "deferred" payments as "late" payments, tover 120 days late. Well the whole thing went straight down the chitter. By refinancing our home, it was going to reduce our payments by just under a grand a month, plus give us almost 70K to finish some stuff up around the house we've been working on for two years. I went absolutely ballistic. I even had my banker (A VP) go down to talk to Washing Mutual himself and explain that the payments were "deferred" NOT late, and their response was, as long as it shows up on the Credit Bureau as late, "there's nothing we can do". This is now Jan. 24, have been fighting this ever since, and am getting absolutely nowhere.

What pisses me off as much as ANYTHING IN THE WORLD, that Credit Reporting Agencies are not responsible in any way for what they report. It is the worst case of "guilty until proven innocent" in our society today. They flat suck.

Re: Loan denied ?
 

Wish I knew how to do the multiple quotes....

In the first paragraph, assuming your $5000/mo is truly "take home" and not gross, it works out to be:
$5000 take home
-2000 credit card payments
-1000 estimated King Ranch truck payment
=2000 left to pay for food, insurance, clothes, tools, non-withholding taxes, and that retirement plan you mentioned. That doesn't leave much room for a $25,000 note on a boat, and a comfortable safety margin.

2nd paragraph: Not sure what your point there is. Unless that past performance is not indicative of future performance. But, on average it really is. While you can find exceptions to anything, what changed with this guy to go from responsible to "drunken sailor"? Most people with excellent credit take paying their debts seriously, and that does not diminish as they age.

3rd paragraph: it's a boat buyer's market right now, and even good deals don't move fast. That boat will probably be available in 6 months also, or another one. That gives you time to save some more money, take on extra work, or improve your credit score. If you're not too far upside-down in it, sell the King Ranch and buy an older truck. Even if your payments are the same amount, the time to pay it off will be less, the total indebtedness will be less, insurance will be less, licensing will be less. All things to improve your credit situation.

4th paragraph really scares and angers me. The chip on your shoulder must be huge. By definition, a deadbeat is someone who does not pay their bills, regardless of reason. The worse type is a person who intentionally does not pay their bills, but a well-intended person who gets into unexpected financial difficulties and therefore does not pay their bills is still a deadbeat. BTW, the "your" in "I get p'd off when people try to make you feel like your stupid" is actually spelled YOU'RE.

"The same guy who was lecturing me about paying bills, and making fun, was sittin in the dealers coffee room with his bagged ham sandwich lunch and driving his 10 year old ford taurus. He must have felt like a jerk when a 21 year old kid buys a 30k dollar car cash." -- So, this guy who's apparently living modestly within his means, is shown up by a kid who pays cash for an ego-tripping toy that costs more than the average person in America makes a year. And you feel that's a point worth bragging about years later. Most successful and rich people never show their wealth. They work hard (like you do), live modestly within their means (like you don't), practice sound financial management (like you don't), keep their unnecessary toys to a minimum (like you don't), and drive 7-year-old cars (like you don't). That you put-down a man for brown-bagging his lunch and driving an older car speaks volumes on your worth as a person. I have some ideas on how you can get more credit to buy the boat, but ultimately I'm confident it will cause you financial harm, and that is not my goal. So for that reason, and your comments on the car salesman, I'm done with you.

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I brought in a 6oz. can of Chunk Light Tuna for lunch today. No brown bag though. :drink:

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Damn Chart YOU GO!!!! :D:D

See now it is to bad you pissed him off because he helped me out greatly in my business. I have not implemented everything that he suggested but a lot of it. I know the other stuff I need to do but what can I say I am a DOPE :D:D

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The thing I don't like is that inquiries will kill you score too for 2 years. You see when shopping for a new car I made that mistake. I got the 4.2% rate I wanted from my bank However those dealers say: "I can beat that" Being an idiot I let them try and they couldn't. But to get the price I wanted on the car I had to let them try because they wern't giving a dime off sticker unless I did. I went to several dealerships before I finally bought one. Those dealer credit inquires hurt my score. OH WELL SUCKS FOR ME. I hate buying cars I HATE IT! Every dealer I have ever tried to do business with has always tried some underhanded method to rip me off.

Screw them I'm building my next car
Roby

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most wealthy people will never let you know they are truly wealthy, there are more people living the "wealthy" lifestyle who will have to work till they're 90 to pay for it all than i even want to think about.... the reason you have this problem is this exact thinking, thinking somebody is a loser because his car is probably paid for, he saves his money, has a 800 credit score and has the financial freedom to do what he wants if he chooses too... your credit is a snapshot of your character (there is always exceptions of course) and i think yours says it all.... go ahead and make fun of the guy saving his money, go ahead and live off your dad, go ahead and live off your g/f, go ahead and laugh at the advice of the people on here... go ahead and do what you want, the rest of us will be out boating..... (or at least when it warms up... :D )

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Thanks chart ..you said it better than I ever could have ..Someone had asked me why I had jumped all over this kid and you summed it up ..
The story with all the holes in it is what gets me ..
Paid 30K cash for a trans am :rolleyes:
Paid god no's what for a king ranch :rolleyes:
Makes 5K a week :rolleyes:
Retirement fund :rolleyes:
Yet has lousy credit and cant swing a 25K loan for a boat ..
How many of you were born yesterday , raise your hand :chimp:

Re: Loan denied ?
 

No. Again, no. And finally, no. :D

Re: Loan denied ?
 

Fix your score yourself! Take some of the suggestions by me and the others on this thread and go for it! The score will go up quicker than you think. If you want to see your report, login to Equifax.com, Transunion.com or Experian.com. Those sites are great. Order your report WITH score, and go from there. As to which one is best, it depends on your locality.

Re: Loan denied ?
 

not to be confuse with the other Mild Thunder
But keep the boat you got. pay off the cards, try again next fall.
only time and payments on time will fix your credit.

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Fred, thanks for the info.

For the guys who are quick to knock ME, if you read my post about the car salesman, you would see that he insulted me first. He made the fact of me getting declined a joke. He insulted ME. I did not buy the car to spite him. I wanted the car and I worked for it.

I am not claiming to be wealthy. I did make some mistakes on my credit, but I was 21 years old and to be honest, I was stupid and I did not know how important credit was, and how long it takes to fix.

I dont have a bad attitude, and I dont knock anyone for having less money, or cheaper boats, or cars, or whatever. I know what its like to get my hands dirty, I was a car mechanic for 5 years, and I worked doing concrete work for six years.

The way I look at it, everyones circumstances are different. Some better off than others. DOes that make them a better person, no.

You guys are the ones saying I am a liar, that I live off mommy, daddy, and my girlfriend. All cuz I asked a loan question. I thought these forums were for exchanging info and help. Maybe I am wrong. Shame on me, the spoiled, degenerate loser, who is full of it.

Re: Loan denied ?
 

At least you have a boat!! I sold my new boat in '03 because I wanted to finish the house, and also set a path for me and my wife financially for our later years. I don't realistically think I'll be into another boat for 2-3 more years. Trust me, this is killing me, this is the first time in 35 years I've been without a boat, I don't even know what to do in the summer anymore, I have no idea what the rest of the non-boating world does with their lives in the summer :eek: The point is, get yourself on track first, the boat will come eventually and you'll have a greater appreciation for it when it comes. Hang in there :D

Re: Loan denied ?
 

You cannot get the banking business to re evaluate the way they have been doing things for years all in one thread. These are the facts. Good credit means the bank will trust you to pay back a loan... Thus, they will loan more money at a lower rate. If your credit "Slips" that means somebody didnt get paid back per the terms agreed... thus, a bank will now loan less money at a higher rate (Look at the rate as the banks risk level). Now if you really havent paid your debts, or, you just haven't borrowed money before... The bank will loan very little money at a high rate. Its never personal... just numbers. I would suggest a credit union or even a sub prime lender at a high rate. Dont miss or be late on any payments, and you will raise your credit, then re-fi and you are exactly where you wanted to be in the first place... In a boat, lower rate, borrowed money. Best of luck to you!

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Im guessing multiple personality syndrome here.. Pay your bills !

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So instead of tellin him how he could get a lower rate in the future, they should have just said NO - you cant get a low rate with a low score?

I didnt get that people were perfect. I got that people learned how to fix their scores. You might wanna do something about that chip on your shoulder. It will only grow. :(

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Same thing they do during the winter, resort to alcohol and OSO.

Roby

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Dude, who the hell do you think you are? Get off your soap box, the kid asked a simple question.

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Its a little more than that ..did you read the thread ? :rolleyes:

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When I was 21 I bought my first house with a score of 780. Now (33) I refinanced my current house to a 15 yr note and had a score of 815. I was lucky that in my youth I managed to keep my credit clean. Notice this is my first reply in this thread, and I admit alot of people in their early 20's mess up their credit. Just wanted to point out that you can believe SOME of us have had perfect credit their whole lives.
Russ C.

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Lucky bastard! :D :D :D :drink: :drink: :drink:

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Well, I'll make my 2nd post on this as I posted right away to help answer the question. I never claimed to have had perfect credit. I too screwed up as a younger man, I now own 2 business's and can have a no doc loan done with a phone call. I posted what I did to help you rebuild it. I also mentioned that you may have to pay a little more to have someone take a chance on you.What ever the reason was, YOU must rebuild the trust, and that can only be by making payments on time and building a history. The example of a the guy with the family not getting it is a mute point as he has proven himself. BUT, no loan officer is going to let someone go that far, their job is to protect the interest of the bank, dont for one second think that somoen that rubber stamps loans will not be caught, look at the Mcdougals and the clintons during whitewater, not to mention the S&L scandal that was here in MD. Banks arent making the huge profit from loans that they used too, interest is how they stay in business. Yes, they have to make profit, cursing the darkness does nothing. Make contacts with the people that reported you delinquent, they legally have 30 days to respond, if they dont, then you have the right to have that debt exsponged from your report. If you must have the boat, then take the higher rate, pay on it for 12-24 months and then refinance it, then you have accomplished two goals. BUT, when it comes time to purchase a home, the bank may look at your income and what you own and request more down. Each action has a reaction, think it through and do what suits you best...Rob

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Thanks again for the help and advice. I was starting to think I deserved this kind of abuse!

I have convinced myself to wait till my score comes up to get a loan. I have a cool boat now with a sweet 540. I just want to do some upgrades before the summer.

And again, for the guys who are sincerly offering their advice and knowledge, I really appreciate it. If you were here, I would buy you a few drinks at the local bar, as soon as I pay my bar tab off. Just kidding :drink:

Re: Loan denied ?
 

You cannot get a decent loan with a crappy credit score (and you have a crappy credit score).

Even with a decent credit score, your debt to income ratio could still keep yu from getting a loan, or at least one with preferred terms.

Period.

*************************************************

Now, you mentioned that you carry a balance on your credit cards. To lenders, this is a sign of immature paying habits. Pay only what you have to and then spend the rest... I suggest that you start paying off your card balance each and every month. It is a credit card, not a line of credit. Start treating it that way.

You mention crappy pay history "a while back". Why do you think that a lender will ignore that? You didn't get a crappy score just for fun. You earned it. Maybe you've changed those old sloppy pay tendencies. So show it.

How can you get your credit score up?
1) request a free history from all 3 credit bureaus. They won't come with scores, but they'll come with details. Examine all the details and see if there are any entries that are incorrect. You can dispute them and get bad ones removed. The process is laborious but the end result is worth the time.

2) "Be" a lender's favorite guy. Consistently mail your payments 5 days before the due date.

3) Meet a banker. Get a small loan for something. Pay it back like the world's best borrower.

Look up ways to raise your credit rating on the Net.
Follow the advice.

************************************************** **

Now you've gotten some static from some board members.

I say you deserved it. Dropping in here and copping an attitude (yes, you did, and I have no dog in this fight, nor do I have any reason to tell you anything other than my opinion.. my opinion says you copped an attitude).

But you've clearly posted enough about it that I am convinced that you didn't mean to cop an attitude. So it's all good...

mc

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I get p'd off when people try to make you feel like your stupid, or a deadbeat because your credit is bad. I remember when I bought a 2001 Pontiac Ram Air T/A in 2001. I wanted the car. It was about 32k. I figured I would throw a few grand down and finance the rest. The salemen was an older guy, he ran my credit, came back with a snicker, and said, Joe, I dont think we can get you in this car, your credit is too bad. He started giving me a lecture on paying bills, and he was being a smart a$$ while doing it. He was puttin me down indirectly. So I told him, ok forget it. I came back the next day with a check for 29k and dealt with another salesman. The same guy who was lecturing me about paying bills, and making fun, was sittin in the dealers coffee room with his bagged ham sandwich lunch and driving his 10 year old ford taurus. He must have felt like a jerk when a 21 year old kid buys a 30k dollar car cash.

My point to this story was that the guy was puttin me down as a person at the moment. He made a joke of it that I was trying to buy a hot car like that one and I was 21 and had little to no credit. HE insulted ME. Im not saying he felt like a jerk because he was eating a ham sandwich, but because he lost the deal due to HIS attitude. I live in a area that is very "keep up with Jones" type of area.Everyone knows everyone. It is full of people who talk about what this one has, or what that one does, or what he owes, etc, etc. Personally, I dont care what the next guy thinks of me, my car, my boat, or my house. I buy the things I want because I enjoy them. I was raised by middle class parents, in the inner city, living in a 3 bdrm apartment. I was not raised to put people down.Everyone gets jammed up sometimes. In those times we are supposed to turn to our freinds and family for help, at least thats how I was raised. If my remark came off like I was a cocky kid, please disregard it. But just because I had a few late payments before, and a unpaid 700 doctor bill I didnt even know was on my credit until recently, does not make me a loser, a deadbeat, or deserve to be called stupid for my mistakes.

As nice as it would be, I really dont think paying cash for everything is the best answer. There are what, 25000 members on oso. I would guess at least 10-15 thousand do not hold the title to their boat. I agree we have to live within our means, but just because you dont make 300k a year doesnt mean you have no right boat shopping. I have lots of boater freinds around here. 90% are middle class working guys with familes puttin in some extra hours so they could have the boats they enjoy so much.

Re: Loan denied ?
 

have worked with credit repair companies for a long time magic % is
actually 30% if you really want to get score to raise.
never go over 30% of your max avail credit line.

alot of good advice here on this thread. i would listen as next time its gonna be a 150k or 300k deal and you will wish u had.. belive me ihad a long road to recovery.. doh,
mid 400;s to mid 700;s was not an easy task..
and i am a mortgage broker!!!,, its easy to say and tell what to do but the follow up and the work involved to raising scores is horrendous..
get your installemnt loan make sure reputable company that will report so u can get credit for it,, literally..
also get a copy of a trimerge credit report so u can shop with your credit report and be able to discuss before they have to pull credit. this way they wont sink u completely before u have a chance..

Re: Loan denied ?
 

1. You are going to let a brown-bagging ancient-Taurus-driving car salesman run your life for you? You are going to carry revenge in your heart forever about this?

Since you are still young, it's not too late to understand that there will always be unreasonable or vindictive people in this world who *can* make you mad. There will also be helpful people trying to assist you, when you take their message wrong and assume that they are putting you down. I wasn't there at the dealership and do not know the attitude that this salesman was giving, but he might have been trying to help you out. Probably not.

And don't feel that you were "treated unfairly" at that dealership. The salesman JUDGED you by your age and credit score. YOU JUDGED the salesman by his brown-bag lunch and ancient Taurus. Seems plenty fair to me. Accurate? No. Fair? Yes. He judged you as in need of advice (or ridicule) - maybe he was wrong. You judged him as a loser smartass salesman - maybe you were wrong. The sooner you come to terms with this, the better.

I had an old beater a few years back (an '84 renault alliance I kept around to take the cats to get their shots once a year - they also lived in it in bad weather, as it had a rotted hole in the floor they climbed in thru - impressive automobile). I was going in to a friend's Lincoln dealership to check on a used Tracer for a relative. I had worn crap clothes that day and had been under a machine in gear oil and had been doing a ton of stick welding and I looked like hell. I couldn't even get one of the salesmen to TALK to me, much less be attentive. They saw me, they saw my appearance, and they JUDGED. So what? I've got nothing to prove to that guy. I know my worth, and couldn't give a rat's shaved @ss whether he "knows WHO I am" or not. I simply went to my friend's office and he walked me into the group of salesmen and told them to give me anything I wanted.

2. So just because "most" people don't pay cash for boats MEANS that it's the best answer? WTF kind of confused logic is that? If the masses started eating dogsh!t then that means that "eating vegetables isn't good for you"? Let's be clear here on something very vital to your financial growth:

Here is what is BEST.
You should: Pay cash for items that will depreciate significantly in value.
You may: Obtain reasonable term loans on items that will hold their value or appreciate in value.
And NEVER: Purchase something that you will not be able to liquidate for more than you owe on it.

That is pretty simple to understand. This is a free country and you are allowed to do whatever you want with your money, but don't blow your wad due to ignorance. If you're gonna do it, do it out of pigheadedness.