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Loan denied ?

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Old 01-23-2005, 09:35 PM
  #11
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Default Re: Loan denied ?

I dont need to buy a home. I live in my fathers building. Its been paid for for 30 years. I dont own the building so I cannot borrow against it. I was asking for loan advice, not advice on how I should spend my money or live my life. By the way, since when was any boat a priority? Arent we all in this for fun? Its not a matter of that I should pay off my bills now, its the past that is screwing me up. Its whats on my credit from the past. Did I make the mistakes? Yes. I just want to know if there is hope for me or am I wasting my time? I know too many inquiries hurt the score, so I dont want to start filling out credit apps if all they are going to to is look at the score and say"no".
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Old 01-23-2005, 09:41 PM
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Default Re: Loan denied ?

i think i am at 851.....
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Old 01-23-2005, 09:42 PM
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Default Re: Loan denied ?

Quote:
Originally Posted by MILD THUNDER
I dont need to buy a home. I live in my fathers building. Its been paid for for 30 years. I dont own the building so I cannot borrow against it. I was asking for loan advice, not advice on how I should spend my money or live my life. By the way, since when was any boat a priority? Arent we all in this for fun? Its not a matter of that I should pay off my bills now, its the past that is screwing me up. Its whats on my credit from the past. Did I make the mistakes? Yes. I just want to know if there is hope for me or am I wasting my time? I know too many inquiries hurt the score, so I dont want to start filling out credit apps if all they are going to to is look at the score and say"no".
The banks look at home ownership as ..someone who can pay there bills ! And an asset they can attach .. When you write " I live at home with my dad" that counts as a 0..
You got some good advice here Take it or leave it ..
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Old 01-23-2005, 09:44 PM
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Default Re: Loan denied ?

Quote:
Originally Posted by Sean H
i think i am at 851.....
Aint it a good feeling when people want to give you money
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Old 01-23-2005, 09:53 PM
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Default Re: Loan denied ?

Quote:
Originally Posted by MILD THUNDER
I dont need to buy a home. I live in my fathers building. Its been paid for for 30 years. I dont own the building so I cannot borrow against it. I was asking for loan advice, not advice on how I should spend my money or live my life. By the way, since when was any boat a priority? Arent we all in this for fun? Its not a matter of that I should pay off my bills now, its the past that is screwing me up. Its whats on my credit from the past. Did I make the mistakes? Yes. I just want to know if there is hope for me or am I wasting my time? I know too many inquiries hurt the score, so I dont want to start filling out credit apps if all they are going to to is look at the score and say"no".
Just some more advice. I went through a divorce and at that time my priorities were paying the IRS on time and the items the court directed me to pay on the Bi*chs behalf. So I had to deal with some credit issues later. The best advice I can give you is to contact the creditors you owe and at least make a settlement with them. For the amount you will spend, it will within several months cause you to pay less down, but have lower payments. Also you will have improved your credit standing in a shorter period of time.

E.S.
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Old 01-23-2005, 09:53 PM
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Default Re: Loan denied ?

be nicer if they didn't want it back.....
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Old 01-23-2005, 09:56 PM
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Default Re: Loan denied ?

Someone will finance you with that score but it will be a 2nd rate finance company and your rate will be over 10%. But.. they will finance you.

Roby
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Old 01-23-2005, 09:58 PM
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Default Re: Loan denied ?

Quote:
Originally Posted by Sean H
be nicer if they didn't want it back.....
Hey I saw your money ..It said it didnt feel needed and was heading south
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Old 01-23-2005, 10:04 PM
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Default Re: Loan denied ?

Quote:
Originally Posted by MILD THUNDER
I dont need to buy a home. I live in my fathers building. Its been paid for for 30 years. I dont own the building so I cannot borrow against it. I was asking for loan advice, not advice on how I should spend my money or live my life. By the way, since when was any boat a priority? Arent we all in this for fun? Its not a matter of that I should pay off my bills now, its the past that is screwing me up. Its whats on my credit from the past. Did I make the mistakes? Yes. I just want to know if there is hope for me or am I wasting my time? I know too many inquiries hurt the score, so I dont want to start filling out credit apps if all they are going to to is look at the score and say"no".
I think that you got a lot of good advice but you have to piece it together. First off with a score as low as you have you will be lucky to get a secured card. A loan there is NO WAY. So now you have to look at how to fix your credit the best you can and get it back to good standing. I had real bad credit also when I started up my business. One month I would be swimming in money the next I would be broke. I still have a hard time smoothing out the highs and lows but make sure my bills get paid before I go out for a night on the town, buy toys, or anything like that. If you have ANY debt at this time of your life if you want to get your credit back up you have to get all but one of your cards paid off. Then you have to pay that down and NEVER miss a payment. You score will go up quickly at first. I purchased my truck and had to pay 13% on the loan. I made sure I paid it off in two years to keep the interest down and my credit went up BIG TIME. I am not over 700 and hope to take out a large loan to build a vacation home. I also got a lot of help from my wife.

Jon
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Old 01-23-2005, 10:14 PM
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Default Re: Loan denied ?

save money now and pay cash for your toys... or finance a boat and charge all gas and beer and hookers on credit cards for as long as you can. live for today!!! just don't piss daddy off or you'll be sol and homeless
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