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Loan denied ?

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Old 01-24-2005, 08:24 AM
  #41
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Default Re: Loan denied ?

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Originally Posted by h2owarrior
I thought 850 was the max

i was waiting for somebody to catch that....
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Old 01-24-2005, 08:29 AM
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Default 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?
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Old 01-24-2005, 08:33 AM
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Default Re: Loan denied ?

Are there any sites where you can get your credit rating number, without a fee?
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Old 01-24-2005, 08:41 AM
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Default Re: Loan denied ?

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Are there any sites where you can get your credit rating number, without a fee?
They will all give you one freeby..
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Old 01-24-2005, 09:08 AM
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Default 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.

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.
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Old 01-24-2005, 10:03 AM
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Default Re: Loan denied ?

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Originally Posted by MILD THUNDER
Here's a scenario. You have a guy that takes home 5000 dollars a month. No mortgage, no child support, no kids. Just a car payment and about 2000 dollars in credit cards. Credit score is 575. Looking to borrow 25k on a 40k boat.

I knew a guy that had excellent credit. He had a business. He racked up about 3 million in credit in two years span, he bought a big home in florida, a 50ft sea ray, some fancy cars, and guess what, he filed bankruptcy.

I appreciate the advice, I really do. I am working on getting these credit problems of mine fixed. But as we know, it takes time. I found a good deal and would like to jump on it. And to dish out 25g cash right now isnt practical for me.

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.
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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Old 01-24-2005, 10:43 AM
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Default Re: Loan denied ?

I brought in a 6oz. can of Chunk Light Tuna for lunch today. No brown bag though.
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Old 01-24-2005, 11:16 AM
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Default Re: Loan denied ?

Damn Chart YOU GO!!!!

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
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Old 01-24-2005, 11:48 AM
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Default Re: Loan denied ?

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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Old 01-24-2005, 12:04 PM
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Default Re: Loan denied ?

Quote:
Originally Posted by MILD THUNDER
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.
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... )
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