The Wonderful world of Credit! - TCCoA Forums
 
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post #1 of 16 (permalink) Old 03-07-2006, 01:28 PM Thread Starter
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The Wonderful world of Credit!

You know this credit thing pisses me off...

I am in the process of going through the pre aprovel process for a morgage. I was told I dont have enough credit...
I have never been late on any bills I have on credit card that I pay off at the end of every month and a small personal loan through my band and a car loan.

I have never had trouble passing credit checks for leases but I prefer to buy things mostly with cash rather then finiance something. That has hurt me more in the long run then if I just finianced my self to the hilt when I was in collage.

My neighbor filed for banrupcy 18 months ago and just got pre aproved for a 250k morgage...

He files for bankrupcy and I have no marks on my credit no begitives always paid on time and I cant get one.

My bank told me to get two more credit card use them and try agian in 15 to 16 months...

I am really hating banks at the moment.....

Ok I am done ranting!

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post #2 of 16 (permalink) Old 03-07-2006, 01:58 PM
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Sorry to hear about your problems. I hate credit cards. I am 20 years old and do not have one yet, I refuse. I guess I should get one so that I can build some credit and don't end up in the same boat that your in right now.


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post #3 of 16 (permalink) Old 03-07-2006, 02:12 PM
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Sounds like you need to try a different bank.

It might depend on the mortgage amount you are trying to get approved for, but I bought my house when I was 25 with no problems, and I had only gotten my first credit card when I was 20. The only other contributing factors that I know of are that I am a college graduate, and had the same job for 2 years when I applied for the mortgage.

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post #4 of 16 (permalink) Old 03-07-2006, 02:25 PM Thread Starter
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I tried a few banks and they are only offering a FHA loan to me. My first credit card was two years ago.... thats what killing me...

I have had the same job for 4 years and lived in the sam eplace for 4 years..

Though I do currently hold a lease in Houston (almost moved there before Katrina)

I am just going ot have to rent here for another year or so and get a few credit cards and such... I always hated them and tried to avoid them little did I know they are mandatory in life...

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post #5 of 16 (permalink) Old 03-07-2006, 02:29 PM
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Here is the banks' thinking when it comes to credit:

If you pay your cards off each month, that gives them no proof that you will pay a long term loan. Silly, yes, but that is the reality. The best way to build credit is to get a small signature loan and take it to full term. You'll pay interst, but it will prove to the lenders that you are "reliable". AND they want you to take it to full term.... so they can get more interest!! It's all about them making money.

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post #6 of 16 (permalink) Old 03-07-2006, 02:32 PM
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Quote:
Originally Posted by 94 Daily Driven 4.6L
Here is the banks' thinking when it comes to credit:

If you pay your cards off each month, that gives them no proof that you will pay a long term loan. Silly, yes, but that is the reality. The best way to build credit is to get a small signature loan and take it to full term. You'll pay interst, but it will prove to the lenders that you are "reliable". AND they want you to take it to full term.... so they can get more interest!! It's all about them making money.

See... but once you get that small loand and take it the full term, you can F them in the future and pay stuff off prematurely. In CA, they cannot penalize you for paying off a loan early.


But you're right. That's why my credit is so good, I've had credit cards since I turned 18 and I'm always floating a balance. Heh. Might not be the best for my sanity, but it helps the FICO score.

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post #7 of 16 (permalink) Old 03-07-2006, 02:44 PM
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Quote:
Originally Posted by SanDiegoLXBird
See... but once you get that small loan and take it the full term, you can F them in the future and pay stuff off prematurely. In CA, they cannot penalize you for paying off a loan early.


But you're right. That's why my credit is so good, I've had credit cards since I turned 18 and I'm always floating a balance. Heh. Might not be the best for my sanity, but it helps the FICO score.
BINGO!!! Get the credit... and then stick it to them!

But credit cards can get you in trouble also... take that from a person who is working down a $60,000 credit card debt!! (Only $28K to go and I'll be debt free (excluding my mortgage) )

But I never missed a payment, nor had a late payment!!!

Just be careful, you don't want to have hosed credit!!

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post #8 of 16 (permalink) Old 03-07-2006, 02:50 PM
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No wonder the bankers seemed pissed when I payed my 3 year car loan off in 18 months. Every dime I made at my job in high school went to paying it off early so I didn't go into college with a negative balance. I still have a payment book with about 17-18 slips in it as a momento of my first major purchase.

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post #9 of 16 (permalink) Old 03-07-2006, 03:56 PM
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Quote:
Originally Posted by 94 Daily Driven 4.6L
Here is the banks' thinking when it comes to credit:

If you pay your cards off each month, that gives them no proof that you will pay a long term loan. Silly, yes, but that is the reality. The best way to build credit is to get a small signature loan and take it to full term. You'll pay interst, but it will prove to the lenders that you are "reliable". AND they want you to take it to full term.... so they can get more interest!! It's all about them making money.

I had no issues getting a loan last year for my house (at age 26), hell I go Pre-approved for 300k if I wanted it (umm no, why would I want 60% of my "take home pay" going to house payments)

Previous record
-Been at my job for 2 years (was on lay-off status before then)
-Been at my current address for more that 2 years
-3 year auto loan for my T-bird, payed off in 18 months
- ONE credit card for the last 5 years in which I ALWAYS payed it off when I get the bill.
-3 year loan for a new snowmobile, payed off in 2 years

As you can see I really didn't have much for "previous" credits stuff but my credit score (the ONLY think they really care about) was in the High 700 range. I went through Wells Fargo for my loan. The BIG factor was that I had a Full 20% of the purchase priceo of the home, they like that.

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post #10 of 16 (permalink) Old 03-07-2006, 04:44 PM
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Maybe try going to Wells-Fargo or Countrywide?? They managed to get me into my house at a good rate and were willing to loan me the amount I needed when 2 banks wouldn't loan me over 90K at an outrageous intrest rate. Just a thought if you really want to get into a house. And no, I did not use the FHA loan to get it.

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post #11 of 16 (permalink) Old 03-07-2006, 05:21 PM
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So I didn't do my homework... what's wrong with an FHA loan?

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post #12 of 16 (permalink) Old 03-07-2006, 05:59 PM
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post #13 of 16 (permalink) Old 03-07-2006, 08:05 PM
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Quote:
Originally Posted by 94 Daily Driven 4.6L
But credit cards can get you in trouble also... take that from a person who is working down a $60,000 credit card debt!! (Only $28K to go and I'll be debt free (excluding my mortgage) )
Damn! I thought my $12K in credit card debt was bad! Thanks for adjusting my references.

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post #14 of 16 (permalink) Old 03-07-2006, 08:13 PM
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post #15 of 16 (permalink) Old 03-08-2006, 12:32 AM
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heh... my credit union's shortest car loan is 3 years, I paid off my truck in 2 months. I paid less than $10 in interest.




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post #16 of 16 (permalink) Old 03-08-2006, 12:44 AM
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sucks to have a economy thats based on debt huh. makes you wonder how we get anywhere.

that being said, i have great credit, 768 is where it was when i got the stang. i just walked up and said "i want this car at this price with this down". just gotta start when youre young using those 200$ limit cards and keeping them at around 200$ maxxed out and pay 100/mo for a while. thats what i did. make the banks know you can afford a long term debt payment. i usually try to keep some sort of debt to my name, having everything payed off is a big no-no, banks will see that with a few open credit cards with large maximums, that youre a huge risk to buy a ****load of something big that you dont have the monthly income to pay even the minimums.

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