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Officially time to garden in prep for mortgage!

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Anonymous
Not applicable

Officially time to garden in prep for mortgage!

Discharged 9/26/19 Ch7

Income has gone up, and after taking care of some neglected needs in our household, we are finally getting money in savings!

So far, we've had decent luck on rebuild.

I had to replace my car fresh put of DC. I had near 300k miles on the old one and it was starting to fail. Got lucky and got a great deal on an inexpensive car, in really good shape. Unfortunately, got with with a high interest rate. But, I owe so little ($7k on a car that boom at $12k), should be an easy refinance at our CU after a 6 month post DC cool off.

Wife has C1 Plat and CreditOne both at $400 each. AU on my C1 Plat for $400 as well. Util is a little high right now on C1, at 40% after repairing her aging minivan. Will be paid off end of February.

I have a student loan with a very low remaining balance. Payment is a whopping $27/month.

Fast forward to yesterday. Following my wife to help her with her side gig. Her van starts smoking terribly. Engine lost oil pressure too. Nearly 280k miles on it, it was toast.

So, made it to the dealership and confirmed kill.

However, we were thinking we were hosed. We can afford another payment and still have plenty to put in savings, but not a crazy one. My Jeep payment is under $200/month.

Found a car that would work but we thought no way we were getting it. Interest rate would be nuts.

They came back at us with 7.9% with $1500 down (which we could do). I was floored! How??? So we ended up getting my wife a car she loves, that will last us many years, at what I would consider a decent rate for a used car, especially out of CH7.

So we're officially in the garden! We both have solid, reliable, easy to maintain rides, money going in savings, and everything paid.

Next stop, converting our land contract to an FHA loan!

It's been a wild ride, and I cant thank the people in here enough for their advice! CS was low 600's for both of us when they pulled them (610_625 range).

As a bonus, my OT this year is going to be insane thanks to tons of new business and demands from existing customers. Looking forward to a nice score and a big chunk of savings ticked away by the end if the year!
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Officially time to garden in prep for mortgage!

Congratulations!!! Looks like you've got nice rides and are set to garden a while. 

 

My only thought here is, what about paying off that student loan? Now that you have an auto loan, don't need the student loan anymore. Unless you are keeping it for AAoA.

Message 2 of 5
Anonymous
Not applicable

Re: Officially time to garden in prep for mortgage!

Keeping it for AAoA. It's on an income based repay and is old enough it will graduate out in a couple years. But it is showing a positive reporting. 

Message 3 of 5
FireMedic1
Community Leader
Mega Contributor

Re: Officially time to garden in prep for mortgage!

Congrats! All fell into place. You can upgrade your Plat to the QS and get some cash back too.

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade  


Message 4 of 5
twono
Frequent Contributor

Re: Officially time to garden in prep for mortgage!

Even a paid off loan, or any closed acct whether good or bad, will continue to report to the bureaus for 10 yrs.

 

Just making sure you knew that a paid off loan, doesn't lose it's history and will add history for 10 yrs after it's paid off/closed.

Message 5 of 5
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