12-05-2013 12:13 PM - edited 12-05-2013 12:14 PM
Hi everyone. This is my first post on here. I am a long time reader though. I know there are a lot of experienced folks on here so I have come today with a question of my own.
I had an issue with my health insurance (preexisiting condition) and now they don't want to cover my back surgery. Its a lumbar fusion and you won't believe how much it cost-
Its costing $170,000 approximately. I have tried to just live with the pain but I'm on serious pain meds and its been difficult on my body. I don't want to be on this forever either.
I am able to pay $70,000 without tying up too much cash, but the rest I must find financing.
Here are my stats:
Student loan: $30,000 (two separate ones for 10,040 and 19439)
Credit cards: CL/Current balance
Chase sapphire: $50000 cl / 6000 balance
Fidelity: $50,000 CL/ using 7000
BOA: $20000 CL/ 4000 in use
Chase: $3300 CL / $0
Discover: $7500/ $500
Barclays: $7500/ $0
Amex Costco $1100/ $0
Citi AA $32,000/ $1000
Citi Divi $5000/ $0
Space coast credit union - $15000 loan (but paid that in full so it should update on credit soon).
I pay my cards in full each month for each card and I notice that the balance is reported with whatever the statement closes with. My income is $345000/yr and I do not have any mortgage. I want to apply for $100000 from wells fargo but I have quite a few inquiries on my credit from this past year with CL increases.
Also, I read somewhere that people get denied because of low credit balances, so I was wondering if I should not pay in full for when I go to apply? I have had balances as high as $120,000 on a my sapphire above the limit and I paid it in full before the statement closed so it wasn't reported as over the CL. I have seen my report where it says high balance of $81,000 before.
I really would like to hear what you all think.
Thank you in advance-
12-05-2013 12:31 PM
Don't quote me on this but doesn't pre existing condition problem suppose to be handle in obama care starting 2014. From what I heard and googled, It seem that health insurance are suppose to cover pre existing condition regardless of if they denied it before.
You might want to check on this. If this is true it might save you a lot of money by having the insruance pays for it. Research it abit. from what i understand come 2014 pre existing condition should be cover immediatly( according to some website). Might be worth the wait for 30 days.
12-05-2013 12:45 PM
I agree with the other poster. As much as I hate Obamacare, it will really help you out man. You will have a super high premium but you will pay alot less than that loan.
12-05-2013 01:05 PM - edited 12-05-2013 01:08 PM
I have two personal loans, a mortgage and a credit card through wells fargo. They pulled Experian for all of them and I have over 10 inqueries. I didn't have any balance on my credit cards when I applied and was approved for the two personal loans.
My two personal loans were rather small compare to what you're requesting.
12-05-2013 01:06 PM
Thank you both for the insight. I'd look into it.
I'd still like to know opinion on projections regarding my application, if I did need to do it.
12-05-2013 01:08 PM
May I ask what you were approved for in terms of loan amount? Also, I should mention I am in Florida, so not sure how that works with agency they choose to pull from.
All my scores are around 720. It took a little fall because I had recently allowed a statement to close with the card nearly maxed. Meaning $42000 balance on a $50000 CL.
12-05-2013 01:11 PM - edited 12-05-2013 01:15 PM
When I applied for the two loans 6 months apart, they were $6000 and my EX score was 698 at the time and $8000 EX score 710. I don't know what they'll pull in FL, but here in CA it was Experian. Hope that helps.
*I should note that I only had two credit cards and was denied Amex and Chase at the time of the first loan. I had over 5 new credits between the first loan and the second loan.
12-06-2013 08:40 AM
With your income, DTI ratio, and 10.5% utilization across over $176k in available revolving credit lines you may qualify for a loan of that magnitude with a clean history.
Also I would like to second what others have said about waiting until 2014 to consider purchasing different insurance that will cover the outrageous cost of your procedure for a fraction of the $100k you are looking to take out.
12-06-2013 12:35 PM
You got to enroll by Dec 23 to be covered for Jan 1 according to the website.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO