jbh Tracker

Re: Could we qualify for $125k-$160k FHA Loan?

jbh — Sun, 25 Jan 2009 19:47:03 GMT

Thanks, guys. My worryw as that $60k or so combined income was not going to get us anything.

This means a lot to me, thank you and enjoy the weekend

Re: Does paying your credit card down to a zero balance hurt your credit score?

jbh — Sun, 25 Jan 2009 16:35:31 GMT

I agree. Money > Fico. The points only matter if they are the difference between 'mortgage apr' rates.

Could we qualify for $125k-$160k FHA Loan?

jbh — Sun, 25 Jan 2009 03:54:39 GMT

I'm Self Employed, prior 2 tax returns avail to show $30k income

She's making average of $27k the last 2 years

We're looking next year to 2 years from now and have scores in the 700's

GF might have one collection hit as the O.C didn't send a final bill but it hasn't reported yet

Even if it does, her score will be over 660 by then.

We're looking or FHA and by that point could cover 10% down. We don't want one more than $160k

and are looking $120-$150k range.

Thanks

PS. I have no debt other than small cc payments, not even $300/m outside of our $1400/m rent

Her debt is only (outside of rent) $228/m for her auto.

Re: Should my GF recon? Interesting situation

jbh — Sun, 25 Jan 2009 00:34:08 GMT

The app she was denied with was just recently denied a few days ago. TD = TD Waterhouse

I just thought she might have a shot since her 'too many accounts' and 'too many inquiries' seemed odd

since she hasn't even applied for more than 3 cards in the last 2 years.

Sorry for the confusion. It's hard for me to articulate this correctly.

Re: Should my GF recon? Interesting situation

jbh — Sat, 24 Jan 2009 19:22:13 GMT

Sorry ;)

July she received the car. 0 credit inquiries in the last 2 years

Thing is, a lot of inquiries hit in the process of this approval

September, she tried for a chase disney but they said no

Ok, that was her first credit inquiry in eons. That was on her TU file

November was her 2nd credit inquiry - approved by Boa (hit her tu file I believe)

She just received a denial for her 3rd credit app, which hit EX, and was denied

In the last 2 years there were 3 credit apps (within the last 6 months)

and 2 new accounts (july 08 - car and 11/08 - boa)

I hope this helps. She NEVER looks for credit but the darn auto inqs on EX/Tu

make it seem like she does. I never thought 2 new accounts in 2 years (or within the year even)

would cause a problem. I wonder if CITI or Chase or a friendly CU would be more helpful to her.

Should my GF recon? Interesting situation

jbh — Sat, 24 Jan 2009 18:15:56 GMT

Basically, her scores were close to 800 and then she received a Boa card in November

Due to her registering her car the balance is high. When she applied for TD a month ago

her total # of new accounts in 12 months was 2 (one boa and one car loan with TD)

She never applies for credit either. She has 1 bank inquiry on EQ and 2 at most for Tu/EX

Her issue was car loan inquiries when she applied one day during last July

So, her denial letter states:

Too Many Inquiries (Experian, I think only TD car loan was the non car loan inquiry)

Too many new accounts in 12 months

Balance

No baddies and she never applies. Her only bank applications in the last 2 years

were Chase in September (denied, file too young)

Boa (approved)

Does she have a chance or should she not bother?

Thanks

Re: Crazy AU Question - Regarding Dating of Account

jbh — Sat, 24 Jan 2009 15:39:08 GMT

I'd feel pretty stupid asking them that esp. as I do not have an account. They would not go out of their way

to answer that for a non customer, probably.

That's why I want to confirm if the AU should come first or after I get my own first amex

Thanks

Re: Crazy AU Question - Regarding Dating of Account

jbh — Sat, 24 Jan 2009 06:27:19 GMT

Thanks. I'll see i I can have it passed on, if anything it might help as I apply for biz credit later on

Have a great weekend.

Re: Crazy AU Question - Regarding Dating of Account

jbh — Sat, 24 Jan 2009 06:07:44 GMT

Anybody know for sure if the au would allow me to keep the history?

Re: Amex on the prowl

jbh — Sat, 24 Jan 2009 01:44:31 GMT

It's for those who had Amex previously

What confuses me is why other users have stated that oasis does not introduce the age of your original card. How long ago, Concord, did you get into Oasis where they did this for you?

Thanks. My gf was considering this but I had to triple check that it'll date her back and help her age. (Otherwise it would be a massive waste of time for her)

Re: Amex on the prowl

jbh — Fri, 23 Jan 2009 21:04:41 GMT

Really? They back-dated your card? She'll keep her history? WOW

I was not aware of that. (It doesn't report as of this moment, it fell off for her)

Re: Amex on the prowl

jbh — Fri, 23 Jan 2009 20:38:41 GMT

I assume it doesn't back date to when she first had the card, right?

Re: If I cancel my Orchard Bank card will I be able to get an HSBC card?

jbh — Fri, 23 Jan 2009 20:24:23 GMT

Bumping this for you. Seeking the same answer.

Re: Amex on the prowl

jbh — Fri, 23 Jan 2009 20:05:17 GMT

Same with my gf. They soft pull her Experian often and asked her if she wishes to join the Oasis program.

Crazy A.U Question - Regarding Dating of Account

jbh — Fri, 23 Jan 2009 19:47:26 GMT

Hey,

If I get an amex A.U account that is over 20 years and then I get one on my own later on, does it date back to the date of my AU account? I was told that it does but I am skeptical of this.

Thanks.

Re: How Does One Qualify For A Line Of Credit?

jbh — Thu, 22 Jan 2009 18:58:21 GMT

Thanks, Fused.

Re: How Does One Qualify For A Line Of Credit?

jbh — Thu, 22 Jan 2009 17:22:31 GMT

Well, just to clarify I never tried for LOC before and, as for cc's, I might just

go with credit unions in the future.

How Does One Qualify For A Line Of Credit?

jbh — Thu, 22 Jan 2009 17:06:26 GMT

Are the approval requirements the same as a credit card? My bank is BoA and they

denied me a credit card because I had too many new accounts (not enough that are a year old)

I was able to land a citi business but I know boa hates me. So, I wonder, would a LOC

application also lead to the same results? For those that have both cc's and LOC's, have you noticed

a difference in lending requirements for each unique offering?

Thank you very much.

Re: Discover Motiva approved!

jbh — Thu, 22 Jan 2009 15:46:47 GMT

If you ever go out to the movies, use cap 1
For dinners, use another
And another for bills

That can make life a lot easier

This way they all get usage and you are able to PIF as these are things we
can handle if we had to use cash, all things being equal. Do not close it.

When you are 30/31 and you have multiple 10 year tradelines you will thank me

Re: Would this help improve Fico Score?

jbh — Sun, 04 Jan 2009 22:17:03 GMT

Be careful, because adding a new account *might* affect his average age of accounts negatively. It all depends on the lengh of his accounts and the one you will add for him.

Worst case, you still qualify for a great rate and, if you do not add any inq's/new accounts in a year, you should both be sharing the same threshold one would think. (or at least the late would not hurt as much over another year). Therefore, maybe you can re-finance? See if that is at all possible or at least try Planet Feedback (.com) and try to goodwill the company with the late payment.