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Established Contributor
Posts: 540
Registered: ‎01-09-2008
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I need a car really bad... anyway of financing a car without them reporting the the CB's?

I need to purchase a car something 10,000 or under.  I am buying a house at the end of the year... is there anyway around them not reporting to the CB's?  Or anyway around now showign that I have a loan out?
 
My mortgage lender said it would look bad if I purchase something right now... but Im desperate.  We are down to 1 car and if something happens to the car im in now I have no way to work.
 
Please help!

Starting Score: 501
Current Score: EQ609/TU630/EX665
Goal Score: 700


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Super Contributor
Posts: 6,697
Registered: ‎07-03-2007
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Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

Whether it reports or not..... You would be committing Mortgage Fraud if you didn't disclose the new debt.
Remember, you have to sign the loan application to certify it true & accurate.
Are your scores borderline? Or is this a debt ratio issue?
Is your loan officer worried about the new account and how it affects scores?
Or are they coaching you into fraud?
 
* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Contributor
Posts: 540
Registered: ‎01-09-2008
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Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

ok OMG... no not at all.   they are just telling me to not buy anything until the house but i am stuck.  I am not trying to commit any kind of fraud.  I just thought i saw on here there is a way around it. 

Starting Score: 501
Current Score: EQ609/TU630/EX665
Goal Score: 700


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Frequent Contributor
Posts: 473
Registered: ‎03-06-2007
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Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?



glamchick wrote:
I need to purchase a car something 10,000 or under.  I am buying a house at the end of the year... is there anyway around them not reporting to the CB's?  Or anyway around now showign that I have a loan out?
 
My mortgage lender said it would look bad if I purchase something right now... but Im desperate.  We are down to 1 car and if something happens to the car im in now I have no way to work.
 
Please help!


Your best bet is one of those buy here pay here places.  Usually they dont report to the cb's
New Contributor
Posts: 101
Registered: ‎10-10-2007
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Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

We bought a car in October and are closing on our house this week... Not the best situation, but our broker never had a problem with the newness of the purchase (dti, scores, etc are in good shape).
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
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Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?



glamchick wrote:
ok OMG... no not at all. they are just telling me to not buy anything until the house but i am stuck. I am not trying to commit any kind of fraud. I just thought i saw on here there is a way around it.





Why can't you wait until after the house purchase before buying a car?
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
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Super Contributor
Posts: 6,697
Registered: ‎07-03-2007
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Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

Depending on your profile, you may be able to buy a car now and it not affect your mortgage loan one bit.
I have alolowed some clients to buy things before mortgage..... but others, I advised to not buy.
Most loan officers tell you to not buy because it is safe.
* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
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