OT: Credit question

[SleepingTiger]

I just managed to close on my first home this past Friday. I then went to purchase some appliances this Saturday at the Great Indoors. I wanted to do the 18months no interest deal. I picked out my fridge and washer/dryer and surprisingly I got declined on my credit! This shocked the crap out of me.

I got high 770 on my credit score and besides my mortgage payment, I only have about $350 monthly payment on my car. My income to debt ratio is ok. Does anyone here know anything about this?

I think it is because of credit inquiries in the past month. I applied for a home loan from a broker and they did like 8 inquiries on me within a few days. The builder told me that he will give me a great rate on my loan if I went through their company. I end up going with my builders mortgage company, but in doing so I had to write a letter explaining to why I had so many credit inquires within a few days. Could this be the reason?

I know of people closing on homes and never had trouble making purchases after.

I have a beautiful house with no furniture now :(

Should i wait for like a month and try again?

[Conklin]

inquiries won't decrease your score by more than 5 points per, it is more than likely your debt to income ratio, or length of time with current accounts.


EDIT: Also, when you say a high 770, alot of times, loan officers will tell you something to this extent(oh you've got great credit, we'll definately get you approved) which will increase your attachment and excitement in the purchase, making you more likely to do whatever it takes to complete the sale as credit reports can EASILY be interpretted as higher than they really are

[SleepingTiger]

inquiries won't decrease your score by more than 5 points per, it is more than likely your debt to income ratio, or length of time with current accounts.


EDIT: Also, when you say a high 770, alot of times, loan officers will tell you something to this extent(oh you've got great credit, we'll definately get you approved) which will increase your attachment and excitement in the purchase, making you more likely to do whatever it takes to complete the sale as credit reports can EASILY be interpretted as higher than they really are

hmmm, my debt/income is .625 of course that doesn't include my insurance and utility bills.

I actually saw my credit score when my broker showed it to me. I really don't understand this. When I got my car, Honda gave me the rate they were advertising at the time. I heard that its very hard to get those rates when unless your credit was nearly perfect.

Any other suggestions would be great. My house is like a empty warehouse right now. Its depressing the crap out of me. I can't move out of my sisters house until i get atleast some furniture and appliances.

[Florida_Bronco]

Have you pulled your credit reports and checked for any negative marks? Sometimes if you get financed for a house it can pull old debts out of the woodwork. Collection agencies do this to try and force you to pay them, so they may have just been late to the proverbial party.

When you get declined, they should send you a letter stating why and with that you can get a free copy of your credit reports.

[Vegas_Bronco]

Get use to the old way credit was established....so Mr. Smith, you've been banking with us for over 10 years and show no defaults. I think we can extend you a $1,500 loan. There is no/little credit in the banking system anymore - too many defaults and banks don't trust anyone right now.

[SleepingTiger]

Have you pulled your credit reports and checked for any negative marks? Sometimes if you get financed for a house it can pull old debts out of the woodwork. Collection agencies do this to try and force you to pay them, so they may have just been late to the proverbial party.

When you get declined, they should send you a letter stating why and with that you can get a free copy of your credit reports.

I know, but its embarrassing that you got denied a credit application. I don't have any collections... I have the credit check thing with yahoo though. I just wish I knew why right now and not have to wait a month for a letter

[footstepsfrom#27]

I have a beautiful house with no furniture now :(
I got a futon and a card table I can let go cheap. ;D

[Vegas_Bronco]

Go to Craig's List and you will find some really nice stuff. Regrettably, there are a lot of people losing their home's right now and looking to quickly liquidate their personal property assets. Now is the best time to pay cash for anything you need!

My friend just bought a beautiful sectional down here in Las Vegas in a luxury home community and the guys first question to him when we went to go pick it up was, 'Are you just buying this to resale it?'

Needless to say, the arrogance and attitude didn't go over well!

My friend told him he was no longer interested and we left the sectional out on the guys front yard for being such an A-hole! It was pretty funny!

[Florida_Bronco]

Well without any collections, I can only assume that the inquiries are causing a problem. However, I was under the impression that any inquiries for mortgage made in a 30 day window would only count as one, allowing you to do some comparison when shopping for rates without taking a hit on your credit report.

Unfortunately my credit knowledge is based more on collection agencies and how to make them go away, but I really think the inquiries are whats hurting you.

Have you tried to finance somewhere else and see if you had better luck? It's also possible that your decline was a simple error.

[SleepingTiger]

I got a futon and a card table I can let go cheap. ;D

I already put down 3k at cantoni toward a sectional and dinning table. I still owe them another 7k when i order the stuff. I was going to finance the 7k but now i don't even know if i qualify.

You don't have a new fridge or washer/dryer for sale do you?

got a pix of the card table? i need one since i play poker every friday night.

[SleepingTiger]

Well without any collections, I can only assume that the inquiries are causing a problem. However, I was under the impression that any inquiries for mortgage made in a 30 day window would only count as one, allowing you to do some comparison when shopping for rates without taking a hit on your credit report.

Unfortunately my credit knowledge is based more on collection agencies and how to make them go away, but I really think the inquiries are whats hurting you.

Have you tried to finance somewhere else and see if you had better luck? It's also possible that your decline was a simple error.

Like I said, I had to write a letter explaining why I had 8 credit inquiries within a 24hr time frame. I really don't know what to do now. I wish it was a simple error, but its not. I applied for a sears credit card and was approved for a small amount. Definitely not enough for a fridge and washer/dryer.

When you count the debt to income ration, do you count bills like cellphone, utilities, insurance? Or do you just count the ones like mortgage, credit cards, school loan?

Since your knowledge is on keeping the creditors away. My fiance has a collection agency that is after her. She refuses to pay it because Sprint over charged her $2000 for long distance calls back in 2001. Anyway to get them off her back and off her credit report?

[Florida_Bronco]

Since your knowledge is on keeping the creditors away. My fiance has a collection agency that is after her. She refuses to pay it because Sprint over charged her $2000 for long distance calls back in 2001. Anyway to get them off her back and off her credit report?

I can help, just need you to answer a couple questions.

1. What state do you live in?

2. Did she leave in a different state when the debt was incurred?

3. When was the last time she made any payments or signed any agreements with the creditor/collection agency?

4. Is this listing currently on her credit report?

[Atlas]

I just managed to close on my first home this past Friday. I then went to purchase some appliances this Saturday at the Great Indoors. I wanted to do the 18months no interest deal. I picked out my fridge and washer/dryer and surprisingly I got declined on my credit! This shocked the crap out of me.

I got high 770 on my credit score and besides my mortgage payment, I only have about $350 monthly payment on my car. My income to debt ratio is ok. Does anyone here know anything about this?

I think it is because of credit inquiries in the past month. I applied for a home loan from a broker and they did like 8 inquiries on me within a few days. The builder told me that he will give me a great rate on my loan if I went through their company. I end up going with my builders mortgage company, but in doing so I had to write a letter explaining to why I had so many credit inquires within a few days. Could this be the reason?

I know of people closing on homes and never had trouble making purchases after.

I have a beautiful house with no furniture now :(

Should i wait for like a month and try again?

You know new furniture is the biggest waste of money. Check your classifieds. You can get just like new complete sets (expensive) for a 1/4 of the cost.

[SleepingTiger]

I can help, just need you to answer a couple questions.

1. What state do you live in?

2. Did she leave in a different state when the debt was incurred?

3. When was the last time she made any payments or signed any agreements with the creditor/collection agency?

4. Is this listing currently on her credit report?

1) Texas
2) No
3) Not any type of arrangements or payments with the collection agency. She refuses to make the payments and I agree with her. Sprint screwed her over. She made a payment along time ago to sprint before it went to a collection agency.
4) Yes

[Beantown Bronco]

I applied for a sears credit card and was approved for a small amount. Definitely not enough for a fridge and washer/dryer.

Something's definitely not right. I know plenty of people with credit scores well under 700 that got approved for $5,000+ in credit at stores like Sears, Best Buy, etc. 770 should get you waaaay more than enough for what you're looking for....in theory $2,000 should do it.

[SleepingTiger]

You know new furniture is the biggest waste of money. Check your classifieds. You can get just like new complete sets (expensive) for a 1/4 of the cost.


I kinda agree on this to a certain degree. It is a waste of money, but its new. When I had my sofa, I did lots of things to it and on it and I am a pretty clean type of guy. I just can't imagine other people having sex on a sofa I am sitting on with giz all over it. People these days are nasty too.

I just can't imagine me lying on a sofa and where my head is, some guy busted a nut and dribbled it right there.

If they had dogs, cats, babies.... you never know. I just rather not take my chances and pay the extra money.

[SleepingTiger]

Something's definitely not right. I know plenty of people with credit scores well under 700 that got approved for $5,000+ in credit at stores like Sears, Best Buy, etc. 770 should get you waaaay more than enough for what you're looking for....in theory $2,000 should do it.

You should of seen the look on my face! The only thing I can see is my debt to income ratio. Then again, I calculated it out and after taxes its around .625

Maybe its because the house i just bought was fairly expensive for a first time home owner and its scaring away the creditors?

If I got approved for $2000 it would of been ok. I just got denied all together. Could it be my credit activity? I just closed on my house this past friday and was trying to get new appliances on saturday.

[DarkHorse30]

You should of seen the look on my face! The only thing I can see is my debt to income ratio. Then again, I calculated it out and after taxes its around .625

Maybe its because the house i just bought was fairly expensive for a first time home owner and its scaring away the creditors?

If I got approved for $2000 it would of been ok. I just got denied all together. Could it be my credit activity? I just closed on my house this past friday and was trying to get new appliances on saturday.

Do you have a criminal record?

[rugbythug]

My credit is only around 720 and Home Depot gave me 10K. Maybe you should try there. Although My debt to income is quite a bit better. Never Know.

[MrPeepers]

.625 D/R is huge... 62.5% i'm assuming.

btw the 8 inquiries were for the purpose of a home purchase and were within a 30 day window, they are supposed to reflect as 1 credit pull. key word "supposed"

I concur with the craigslist deal. lot's of bargains to be had for the first time home owner.

[SleepingTiger]

Do you have a criminal record?

no

[Beantown Bronco]

.625 D/R is huge... 62.5% i'm assuming.


You have to consider that Tiger is also calculating that based on an "after tax" basis, so it seems worse than it actually is. I believe credit agencies are supposed to calculate it based off of a "pre tax" basis, so that would lower the number (and look better for him on future applications) significantly.

[Bronco Jamus]

Creditors are also being more frugal these days. Craigslist and scratch and dent sales are good places to go.

[SleepingTiger]

.625 D/R is huge... 62.5% i'm assuming.

btw the 8 inquiries were for the purpose of a home purchase and were within a 30 day window, they are supposed to reflect as 1 credit pull. key word "supposed"

I concur with the craigslist deal. lot's of bargains to be had for the first time home owner.

my 62.5% is after taxes though. Before taxes its roughly around 43%.

I don't know about the 8 inquiries though. I just know I had to write a letter explaining why I had so many inquiries to the mortgage company.

I just bought a set of speakers from craigslist and I just arranged to pick up a refrigerator tomorrow. Its brand new, but I have to pay cash :(

[Florida_Bronco]

1) Texas
2) No
3) Not any type of arrangements or payments with the collection agency. She refuses to make the payments and I agree with her. Sprint screwed her over. She made a payment along time ago to sprint before it went to a collection agency.
4) Yes

I was soooo hoping you'd say Texas. Beautiful, just beautiful. :giggle:

Luckily you live in "debtors haven" as TX is very protective of consumer rights. I'm not sure how much you know about credit and collections, so let's start from the top. Bear with me, as this will be a long post.

First, there are two timelines you need to be concerned with. First is the statue of limitations, which is the length of time you have a legal obligation to repay the debt. The next timeline is the 7 year reporting period established under the Fair Credit Reporting Act (FCRA) which means that negative items can only be listed on your credit report 7 years from the date of first delinquency.

It's important to understand that the SOL can usually be reset by making a charge, payment, or written agreement to pay on the account...but that is totally dependent on state law. Now the 7 year reporting period can NOT be reset under any circumstances. It's important to remember that because many people as misinformed and believe that making payments or the debt being sold to different agencies will restart the 7 years...not true.

Now like I mentioned, TX is a debtors haven, and the SOL there is 4 years so Sprint has already lost their right to sue her for this debt. Basically they are a barking dog with no teeth as they can only attempt to harass/bully/intimidate her into paying and continue reporting this to the credir bureaus. Now you said this debt was from 2001, so the listing will be dropping off her report this year, and with the debt being that old it's having very little effect on her score anyways.

I also forgot to ask if they were pursuing this debt and how aggressive they are being about it. If your fiance wants, she can send them a cease and desist letter stating that the debt is past the SOL and they are not allowed to contact her about it in any way and by law they must abide by that or they are guilty of FDCPA violations and can be sued. We like to call this the FOAD (eff off and die) letter. :P

One important reason for sending this letter is that it proves (if you send it certified mail, return receipt) that the creditor was aware the SOL was up, so if they attempt to file a lawsuit against her, not only will the case get thrown out, but the creditor could be charged with fraud.

Beyond that, have her pull her credit reports and make sure the date of first delinquency and other information is correct. Being so old, I'm sure this debt has been sold to a junk debt buyer and they are notoriously sleazy and will sometimes attempt to illegally re-age this debt to keep it on her reports longer and/or show it as a more recent debt.

So anyways...here are the cliff notes.

- SOL in TX is 4 years.
- Fiance does not have to repay debt
- Listing should be falling off credit report this year
- Send Sprint/Collection agency a FOAD letter

Let me know if you need any more help or info.

[SleepingTiger]

I was soooo hoping you'd say Texas. Beautiful, just beautiful. :giggle:

Luckily you live in "debtors haven" as TX is very protective of consumer rights. I'm not sure how much you know about credit and collections, so let's start from the top. Bear with me, as this will be a long post.

First, there are two timelines you need to be concerned with. First is the statue of limitations, which is the length of time you have a legal obligation to repay the debt. The next timeline is the 7 year reporting period established under the Fair Credit Reporting Act (FCRA) which means that negative items can only be listed on your credit report 7 years from the date of first delinquency.

It's important to understand that the SOL can usually be reset by making a charge, payment, or written agreement to pay on the account...but that is totally dependent on state law. Now the 7 year reporting period can NOT be reset under any circumstances. It's important to remember that because many people as misinformed and believe that making payments or the debt being sold to different agencies will restart the 7 years...not true.

Now like I mentioned, TX is a debtors haven, and the SOL there is 4 years so Sprint has already lost their right to sue her for this debt. Basically they are a barking dog with no teeth as they can only attempt to harass/bully/intimidate her into paying and continue reporting this to the credir bureaus. Now you said this debt was from 2001, so the listing will be dropping off her report this year, and with the debt being that old it's having very little effect on her score anyways.

I also forgot to ask if they were pursuing this debt and how aggressive they are being about it. If your fiance wants, she can send them a cease and desist letter stating that the debt is past the SOL and they are not allowed to contact her about it in any way and by law they must abide by that or they are guilty of FDCPA violations and can be sued. We like to call this the FOAD (eff off and die) letter. :P

One important reason for sending this letter is that it proves (if you send it certified mail, return receipt) that the creditor was aware the SOL was up, so if they attempt to file a lawsuit against her, not only will the case get thrown out, but the creditor could be charged with fraud.

Beyond that, have her pull her credit reports and make sure the date of first delinquency and other information is correct. Being so old, I'm sure this debt has been sold to a junk debt buyer and they are notoriously sleazy and will sometimes attempt to illegally re-age this debt to keep it on her reports longer and/or show it as a more recent debt.

So anyways...here are the cliff notes.

- SOL in TX is 4 years.
- Fiance does not have to repay debt
- Listing should be falling off credit report this year
- Send Sprint/Collection agency a FOAD letter

Let me know if you need any more help or info.

Sweet! I didn't know of the SOL in texas is 4yrs. That means she doesn't owe them crap!
Her credit score right now is about 630 something.
The collection agency hasn't contacted her for over 2yrs now, but it still shows up in the credit report. Do I still need to send the FOAD letter?

Thanks Florida Broncos!

[TerrElway]

You should of seen the look on my face! The only thing I can see is my debt to income ratio. Then again, I calculated it out and after taxes its around .625

Maybe its because the house i just bought was fairly expensive for a first time home owner and its scaring away the creditors?

If I got approved for $2000 it would of been ok. I just got denied all together. Could it be my credit activity? I just closed on my house this past friday and was trying to get new appliances on saturday.

62.5% D/I is your problem. The most liberal lenders want to stay under 60% and most won't go above 55%.

With the credit crunch going on today, lenders are going to be much more careful about what kind of risk/debt they are going to take on. They want "good business" and high D/I isn't good business. You may always pay your bills etc. but too many with a high D/I don't so lending institutions have to treat everyone with those characteristics the same.

[Florida_Bronco]

Sweet! I didn't know of the SOL in texas is 4yrs. That means she doesn't owe them crap!
Her credit score right now is about 630 something.
The collection agency hasn't contacted her for over 2yrs now, but it still shows up in the credit report. Do I still need to send the FOAD letter?

Thanks Florida Broncos!

That's a good question, and you could handle this a couple different ways.

First, you could just wait and let it drop off her credit report and forget about it unless they contact her again, and then send the FOAD. The way FICO scoring works, most emphasis is placed on the last 24 months of activity, so the negative mark is having very little effect on her score now.

Of course, you can send the FOAD now as a pre-emptive strike. :pimp:

But, if you want to get it off faster (and I usually do, because I hate collection agencies and like sticking it to em' :~ohyah!: ) you can hit them with the debt validation/dispute "1-2 punch" trick.

Under the FDCPA (Fair Debt Collection Practice Act) you have the right to dispute any listing on your credit report and request validation of any debt listed. By law, if you request validation of a debt they must send you all documentation of the account including statements and a copy of the original signed agreement. If they fail to do so, they cannot report the account to the credit bureaus. The one loophole in the FDCPA is that it does not give a time limit in which the collection agency must respond, but TX has adopted their own version of the FDCPA called the Texas Finance Code, which states that they must respond within 30 days of receiving the validation request.

So what you would do, is send the demand to validate letter to the collection agency, and then a couple days later file a dispute with the credit bureaus. If the collection agency "verifies" the listing with the credit bureaus before they have validated the debt, this is a violation of the FCRA and they've just set themselves up to be sued.

Below is a sample letter that you can send to the collection agency. The one change I'd make is instead of asking them to prove the SOL has not expired, I'd TELL them it has expired and demand they prove otherwise. Usually when you do this, the collection will think "OK, this person knows their rights, and they know it's past the SOL so even if we do have the records needed to validate this debt, we still can't make them pay...ahh **** it!" and they'll simply write off the debt and remove the listing.

http://www.creditinfocenter.com/forms/sampleletter9.shtml

Also keep in mind that collection agencies are notoriously bad record keepers, so they probably don't have the documents from that long ago. :yayaya:

I'd be willing to bet money that the validation letter will make them go away, but make sure to send everything certified mail and keep the delivery receipts, because if they try to jerk you around you can use that to sue them and in TX you WILL WIN. :thumbs:

[Tombstone RJ]

I just managed to close on my first home this past Friday. I then went to purchase some appliances this Saturday at the Great Indoors. I wanted to do the 18months no interest deal. I picked out my fridge and washer/dryer and surprisingly I got declined on my credit! This shocked the crap out of me.

I got high 770 on my credit score and besides my mortgage payment, I only have about $350 monthly payment on my car. My income to debt ratio is ok. Does anyone here know anything about this?

I think it is because of credit inquiries in the past month. I applied for a home loan from a broker and they did like 8 inquiries on me within a few days. The builder told me that he will give me a great rate on my loan if I went through their company. I end up going with my builders mortgage company, but in doing so I had to write a letter explaining to why I had so many credit inquires within a few days. Could this be the reason?

I know of people closing on homes and never had trouble making purchases after.

I have a beautiful house with no furniture now :(

Should i wait for like a month and try again?


Congrats on buying a house but let me give you a word of advice. You have two major debts right now, a house and a car. The last thing you want is more debt.

If you can't buy it with cash, then go without.

You really should have thought about the furniture thing WAY before you bought the house. IMHO, this is just ignorance on your part.

Payoff your damn car.

Don't acquire any new debts.

If you can't buy it with cash, then don't buy it at all.

In a few years, you'll be able to buy stuff on credit again. But by then, you'll probably have already acquired most of the furniture you'll need.

[garandman]

Hey just reading what everyone is saying "WHY" you got turned down, well I have a lot of experience with credit, I am a mortgage broker here in Fla.
First, your DTI does NOT matter when it comes to acquiring store credit, or atleast it shouldnt, they CANNOT verify what income you really make, do they ask for your w-2's, no. So they cant establish a DTI without you supplying income docs, which you never would for this type of credit. Most likely the excessive number of inquiries has dramatically dropped your credit score, temporarily. You can get a copy of your credit report from your broker, call the number of the 3 reporting agencies and ask for help in doing a rapid-rescore, make sure to tell them why you had all the inquiries, they will then help boost your score back up very quickly, then you should be ok. BTW, do you know all of your scores? Some stores may only look at one of the agencies scores, could be your low one, I have seen spreads from 760 to 580 before. Hope this helps..

-Gman

[SleepingTiger]

Congrats on buying a house but let me give you a word of advice. You have two major debts right now, a house and a car. The last thing you want is more debt.

If you can't buy it with cash, then go without.

You really should have thought about the furniture thing WAY before you bought the house. IMHO, this is just ignorance on your part.

Payoff your damn car.

Don't acquire any new debts.

If you can't buy it with cash, then don't buy it at all.

In a few years, you'll be able to buy stuff on credit again. But by then, you'll probably have already acquired most of the furniture you'll need.

Maybe I should put some background into so i don't sound so ignorant. I am saving for a wedding right now in november. I do have cash to pay for the items, but i don't have enough for the wedding. Like most asian weddings, I will get back at least all my money that i put into the wedding and maybe another 10-15k. I plan to use that money to pay off all the stuff that i have financed. The amount owed on the car is very low, I financed 7k for 60 months. Payoff on the car is not a high priority.

I am like most new home owners with very little furniture. You are told not to finance anything until you close on you home. I never anticipated financing would be a problem. Oh well....

[SleepingTiger]

Hey just reading what everyone is saying "WHY" you got turned down, well I have a lot of experience with credit, I am a mortgage broker here in Fla.
First, your DTI does NOT matter when it comes to acquiring store credit, or atleast it shouldnt, they CANNOT verify what income you really make, do they ask for your w-2's, no. So they cant establish a DTI without you supplying income docs, which you never would for this type of credit. Most likely the excessive number of inquiries has dramatically dropped your credit score, temporarily. You can get a copy of your credit report from your broker, call the number of the 3 reporting agencies and ask for help in doing a rapid-rescore, make sure to tell them why you had all the inquiries, they will then help boost your score back up very quickly, then you should be ok. BTW, do you know all of your scores? Some stores may only look at one of the agencies scores, could be your low one, I have seen spreads from 760 to 580 before. Hope this helps..

-Gman

Cool, just what i am looking for. I figured most store credit can't verify how much you make. So you can enter as much as you want. I will do a free credit report thing again and check all 3 of the credit reports. Your right about the 3 different scores... my fiance had a score of 630 on one and 570 on another. They report different things also. Thanks Gman and everybody else on their input! I might just take tombstone advice and just buy everything with cash and have a cheaper wedding.

[Tombstone RJ]

Maybe I should put some background into so i don't sound so ignorant. I am saving for a wedding right now in november. I do have cash to pay for the items, but i don't have enough for the wedding. Like most asian weddings, I will get back at least all my money that i put into the wedding and maybe another 10-15k. I plan to use that money to pay off all the stuff that i have financed. The amount owed on the car is very low, I financed 7k for 60 months. Payoff on the car is not a high priority.

I am like most new home owners with very little furniture. You are told not to finance anything until you close on you home. I never anticipated financing would be a problem. Oh well....

I understand now...

Listen, until your wedding is a done deal, don't acquire more debt outside of financing the actual wedding. If your wedding goes well, and you make some $, great! However, unless you have definative proof that you'll be getting that money, don't plan on it being there. In other words, don't count your eggs before they've hatched.

I'm not sure how Asian weddings work financially for the bride and the groom. But, it sounds like your gonna be going into more debt to finance the wedding and the Honeymoon as well. Your counting on wedding gifts to retroactively pay for the wedding expense, but you don't really know how much $ you'll end up with after it's all said and done.

Listen, one thing can be very universal about weddings and IN-LAWS. Both can be expensive.

If you acquire cheap in-laws, then the financial burden will fall on you primarily.

Good luck buddy!

[SleepingTiger]

I understand now...

Listen, until your wedding is a done deal, don't acquire more debt. If your wedding goes well, and you make some $, great! However, unless you have definative proof that you'll be getting that money, don't plan on it being there. In other words, don't count your eggs before they've hatched.

I'm not sure how Asian weddings work financially for the bride and the groom. But, it sounds like your gonna be going into more debt to finance the wedding and the Honey Moon as well. Your counting on wedding gifts to retroactively pay for the wedding expense, but you don't really know how much $ you'll end up with after it's all said and done.

Listen, one thing can be very universal about weddings in IN-LAWS.

its a sure thing. I already know how much my family is giving me. LOL, they tell me that they are saving up for MY wedding. They have been saving up since January and I didn't make the announcement until Febuary. Its a trip when i first heard them say it, but its true. I had to save up for my older brothers wedding. I gave him like 5k in gifts and cash and another 2k and speakers for his open house. ofcourse, he will get all that back to me at my wedding.

here is the worst case scenario, i end up not getting married. with all the money not going toward the wedding, i can pay off all the furniture i financed.

With asian weddings, I can't finance anything. Everything is cash! Reception, band, limo, ring, jewelery, flowers, camera guy, video guy, cake. I need about 30K to make it all work.

example: i bought her a 1.5 carat, princess modified brilliant diamond. vvs1, color d, excellent cut, excellent polish, medium girdle, laser inscribed certified diamond with a platinum setting. All for the price of (drum roll please) $9500. I went to places like Jared or Kay and they don't even carry a diamond in that quality. The best diamond they had at that size cost around 18k without the setting. The problem with places like the ones I go to is they don't take credit cards and definitely don't finance! Cash only!

So you can see my cash flow is very limited and has to be saved for the wedding.

[Beantown Bronco]

here is the worst case scenario, i end up not getting married.

Actually, if you listen to over half the guys here, that might be the "best case scenario." :)

(Go check out the "Divorce" thread in the off topics forum.)

[bronco militia]

Actually, if you listen to over half the guys here, that might be the "best case scenario." :)

(Go check out the "Divorce" thread in the off topics forum.)

ha ha

no doubt

why buy the cow when you're getting the milk for free?

:spit:

[SleepingTiger]

Actually, if you listen to over half the guys here, that might be the "best case scenario." :)

(Go check out the "Divorce" thread in the off topics forum.)

the single guys only look at tomorrow and not next week. while the married guys look at the past and not the future.

anyways, im tired of (cough cough) girls using me for sex.
i want emotion behind the love making, the ability to care for another. to feel their pain and joy. and also, its because she makes more money than i do.

my friend married into a family of dentist. his wife and the rest of her family are either dentist or married a dentist. anyways, he quit his job after the wedding and became a professional poker player. He won like a 20k tournament 3 months ago, but he lost somewhere between 50-100k.

[That One Guy]

the single guys only look at tomorrow and not next week. while the married guys look at the past and not the future.

anyways, im tired of (cough cough) girls using me for sex.
i want emotion behind the love making, the ability to care for another. to feel their pain and joy. and also, its because she makes more money than i do.

my friend married into a family of dentist. his wife and the rest of her family are either dentist or married a dentist. anyways, he quit his job after the wedding and became a professional poker player. He won like a 20k tournament 3 months ago, but he lost somewhere between 50-100k.

That's because we enjoyed the past but have no future!!!

[Ramathorn]

I work at citifinancial and deal in personal loans and mortgage loans. First of all you need to go to annualcreditreport.com. It is the best site to go to. There are no hidden charges and if you can answer a few questions about your past, you will have access to all 3 CB at once. Debt to income has something to do with it as well as inquiries into your credit. I have had to turn people away because of too many inq. into their creidt. The only things counted in your ability to pay are your mortgage or rent payment, a set amount for utilitiies which is usually 175 to 250 and all your credit card payments, loans and so forth that report to the cb.

Also, if you were co borrowing with your wife and she has that delinquent account, that will affect you. I have seen many times where someone owes sprint 1000.00 and they will mark the CB as 1000.00 balance with 1000.00 monthly payments, which affects ability to pay. Also, if you settle with a company of any kind, like a credit card company says balance is 3000 and you ask what is the least they will take and they say 2000.00, they will mark your account as P+L or profit and loss. THis is really bad. Also public records might show up that you dont know about, like medical collections. Start with annualcreditreport and go from there.

[Broncos_OTM]

sleeping tiger congrats on the house and getting married here in the future i hope all works out well for you..

[Mountain Bronco]

Its your debt ratio. I saw on here that someone said lenders won't go over 55%. What I have been told lately is 40% is what they are looking for (after taxes) right now, so you are way over that limit. Also if the loan on the house was more than 80% you are a huge credit risk right now given your debt ratio. Hope you get is sorted out though as 770 is a good score.

[SleepingTiger]

Its your debt ratio. I saw on here that someone said lenders won't go over 55%. What I have been told lately is 40% is what they are looking for (after taxes) right now, so you are way over that limit. Also if the loan on the house was more than 80% you are a huge credit risk right now given your debt ratio. Hope you get is sorted out though as 770 is a good score.

Ok, my debt to income ratio is 43%. The other number is after taxes and no lenders calculate the number after taxes.

[UboBronco]

my 62.5% is after taxes though. Before taxes its roughly around 43%.

I don't know about the 8 inquiries though. I just know I had to write a letter explaining why I had so many inquiries to the mortgage company.

I just bought a set of speakers from craigslist and I just arranged to pick up a refrigerator tomorrow. Its brand new, but I have to pay cash :(

I am a mortgage broker in Wisconsin, and I will tell you that if you applied only with a mortgage company all 8 times, it only counts as one inquiry...
However, if you applied with a bank, credit union, etc, since they also give other types of loans, those can count as other requests for credit.

You also just took out the biggest loan of your life, and your score will have dropped since you have not yet made a payment, showing that you actually have the ability to repay the note. With today's roller coaster guidlines changing daily, this will correct itself in a few months, and your score will actually increase over your 770 at the time you applied for your mortgage.
You will just have to prove you can pay as agreed.

Colorado may have different rules, with all of the credit and foreclosure problems there.

Also, if you inquired with other appliance stores, all of those hits will count. The type of loan you want, with no payments for 18 months, on top of you just taking on the new mortgage, without any history of ability to repay, does make it look to the lender that you could now be over-extended.

I hope that helped a little.

[Broncoman13]

I already put down 3k at cantoni toward a sectional and dinning table. I still owe them another 7k when i order the stuff. I was going to finance the 7k but now i don't even know if i qualify.

You don't have a new fridge or washer/dryer for sale do you?

got a pix of the card table? i need one since i play poker every friday night.

For what you're willing to pay for "stuff"... HELL YEAH, I have a very nice Washer and Dryer. I'd let it go for 2k, would prefer 3 but will settle for 2k. I have a very nice table that you can use for poker or (I'm a trend setter) even eating! It's yours for another $1500! Don't mind the drawing on it, the kiddos art work is priceless. I'm practically giving it away to you!!!


ARE YOU FREAKING INSANE??? $10k for a sofa and a card table...

Do you have open credit cards? Even if they have a 0 balance they are AVAILABLE CREDIT. The available credit will get you every time. Limit your available credit and for crying out loud, quit buying $10k furniture!

[bronco militia]

For what you're willing to pay for "stuff"... HELL YEAH, I have a very nice Washer and Dryer. I'd let it go for 2k, would prefer 3 but will settle for 2k. I have a very nice table that you can use for poker or (I'm a trend setter) even eating! It's yours for another $1500! Don't mind the drawing on it, the kiddos art work is priceless. I'm practically giving it away to you!!!


ARE YOU FREAKING INSANE??? $10k for a sofa and a card table...

Do you have open credit cards? Even if they have a 0 balance they are AVAILABLE CREDIT. The available credit will get you every time. Limit your available credit and for crying out loud, quit buying $10k furniture!

no doubt!

and don't get married!

that **** is REALLY EXPENSIVE!

:welcome:

[Sassy]

Even one missed payment kind of messes up your credit.
(and it wasn't intentional on my part! LOL...it caused my insurance to go up~still not quite sure how that worked!~!)
I always pay my insurance on my car/house in full every year..

Yep, even insurance companies are looking at credit...and my credit is good...It would have been even better but the credit card companies hate that I pay them off every month...and that I don't have any loans! lol! They even went as far to tell me I needed more credit! Why is that? I financed my house through an alternate source (private) and the bank never even saw a mortgage...and it's now paid off or my credit score would be even higher...on the other hand...I don't need it for anything. ;D

I have to agree on the cost of the Wedding/Furniture...are you crazy? Thats big bucks!

[Florida_Bronco]

Even one missed payment kind of messes up your credit.

Only if you're 30+ days late.

[Sassy]

Only if you're 30+ days late.

Yep...can't remember the circumstances...but I think I returned something and it was after the due date and it didn't get credited....anyway...

[Florida_Bronco]

Yep...can't remember the circumstances...but I think I returned something and it was after the due date and it didn't get credited....anyway...

If that is still on your credit report and causing you problems, there are ways to deal with it. :strong:

[Sassy]

If that is still on your credit report and causing you problems, there are ways to deal with it. :strong:

Nah...it's fine. I believe my credit score is over 700...what's it suppose to be? Like I said, I don't need it for anything really...my house/car are paid for.

[SleepingTiger]

For what you're willing to pay for "stuff"... HELL YEAH, I have a very nice Washer and Dryer. I'd let it go for 2k, would prefer 3 but will settle for 2k. I have a very nice table that you can use for poker or (I'm a trend setter) even eating! It's yours for another $1500! Don't mind the drawing on it, the kiddos art work is priceless. I'm practically giving it away to you!!!


ARE YOU FREAKING INSANE??? $10k for a sofa and a card table...

Do you have open credit cards? Even if they have a 0 balance they are AVAILABLE CREDIT. The available credit will get you every time. Limit your available credit and for crying out loud, quit buying $10k furniture!

lol

at $1500 and you're practically giving it away? I'm not the brightest crayon in the box, you gotta give me a break. even bob won't pay that price.

I'm not insane, I just have different priorities than you. You got kids, I don't. You probably have an expensive hobby (boat, cars), I don't. I just have expensive taste on a poor mans salary. ;)

[Florida_Bronco]

Nah...it's fine. I believe my credit score is over 700...what's it suppose to be? Like I said, I don't need it for anything really...my house/car are paid for.

If you're over 700 you are doing pretty good.

[BroncoBuff]

My lawyer apprentice from the late 90s has the worst credit horror story ever ... student loans horror story. He was badly injured in an auto accident in 2002, and couldn't work for about 7 months, and then wasn't mobile enough to practice for a few months after that - even went on temporary diability.

Anyway, he had already refinanced his student loans from law school, so he couldn't get any deferments on his loans ... and they ballooned so large in less than a year that he says couldn't satisfy them quickly enough and they defaulted him. Real cutthroat stuff. Now they are over $160k he says, and growing ... he has no chance to ever satisfy them short of winning the lottery ... and you cannot bk student loans :nono: Now THAT'S a horror story - he says he's forever gonna have bad credit.

[Broncoman13]

lol

at $1500 and you're practically giving it away? I'm not the brightest crayon in the box, you gotta give me a break. even bob won't pay that price.

I'm not insane, I just have different priorities than you. You got kids, I don't. You probably have an expensive hobby (boat, cars), I don't. I just have expensive taste on a poor mans salary. ;)

It was a joke... kind of. Listen, I have an expensive hobby alright. It's called Broncos football or just football in general. Besides that the kids (and their hobbies) take up most of our money. But we've found the only thing you really need to spend big on is your electronics. You may not have kids now but in a year or two who knows. I've had stuff that cost much less than $7k get tore up by the kids and trust me it has pissed me off to no end. I hate the thought of what would've happened had I paid that much money for something and it got ruined!!! Might want to keep that in mind. You can run a tight ship in your home. Keep kids away from the sofa with drinks and markers and what not, but no matter how hard you try accidents still happen!!!

We spent less than 1k on a table w/8 chairs on the internet. Regular price was $2500, no way could we or would we spend that much on a table and chairs. The $900 was doable though.

We spent about $1800 on a Sofa, Chase (sp?)Lounge and Chair. Microfiber so that it cleans up when the kids do kid stuff, and it looks nice. About 5 years ago in Houston we went down to the Dillards (or whatever it was) factory store. A leather sofa we had seen at the store in the mall was about 1/5th of the price. One of the legs wouldn't screw in (easy fix!) A 4K sofa ours for $800. And at the time $800 was a big pill to swallow.

Point being, you can furnish your house with really nice stuff without going to the high end stores. A few years from now when you have kids running through the house you will be worried sick about them damaging your nice furniture... that's an added stress that you just don't need!