Lender recommends I get my credit limit lowered

[NRB525]

Discover is a Scrooge regarding credit reindeer games . Denied for SDFCU Secured? Harsh.

I thought the New Thing was testing AoYA at 6 months? A new SDFCU card would be fun for that, no?

[Anonymous]

---

@SouthJamaica wrote:

---

@Anonymous wrote:

My DTI is very low. 9000 a month gross with only about 600 in bills. How do I locate a good mortgage broker? How local do they need to be?

As far as the Farm Credit System, I believe that the people I've gone through (rural1st) ARE the Farm Credit System for my area. But I could have a misunderstanding of this.

---

If I were you  I would go to a credit union.

---

I agree with the CU option on a traditional mortgage but, they're not geared usually for a rural purchase.  I've had some CU's have problems even doing a condo finance in the past and that's in their wheelhouse.

Finding a broker can be easy... ask your realtor who they have worked with in the past.  Usually these people are the best for the type of transaction you're embarking on because they're familiar with the process and requirements already.  Then just for a 3rd or 4th opinion you can google for one or look them up on NMLS related sites.

https://nmlsconsumeraccess.org/

[Revelate]

Backwoods: oh 20 years ago (maybe) was admittedly a totally different time... before interest rates flatlined around 4% or lower they used to be great portfolio investment opportunities and I could see why some would be awkward about rates.

NRB: AOYA is kind of a sideshow for me personally but after Cassie found that fantastically interesting datapoint I’m definitely on board with helping try to nail that one down... and actually an installment loan would be good there too to see if it really is just revolving under FICO 8, or if they are tracked separately.

As is I may not be able to do much with EQ FICO 5 but I can absolutely nail TU FICO 4.

You are right though this is in another 4ish months probably before picking up a Penfed loan they keep shoving at me in both email and snail mail. Trying to keep EX and TU as clean as possible right now and my EQ is hopeless on it’s current scorecard for any reason code analysis and it is also my lowest mortgage score if I do wind up needing that heh.

[sarge12]

OP...One thing you might want to consider is this, if the lender is trying to get you to do that now, what might they request or demand in the future? I have in the past made the decision not to use a lenders services based solely on how they interacted with me before I actually became an account holder. I have to admit though that my total lack of any real need for credit affords me some freedom of choices others simply do not have. Credit approval is a much bigger deal for those who really do need it, rather than being just a cheaper way of handling finances. My last real debt was to pay off my goldwing that was financed with a 0% balance transfer offer, saving me a little on interest. I wound up paying that off in about 8 months rather than the 18 months the card allowed. These details are just to explain what I mean by a cheaper way to handle finances.

[sarge12]

---

@sarge12 wrote:

OP...One thing you might want to consider is this, if the lender is trying to get you to do that now, what might they request or demand in the future? I have in the past made the decision not to use a lenders services based solely on how they interacted with me before I actually became an account holder. I have to admit though that my total lack of any real need for credit affords me some freedom of choices others simply do not have. Credit approval is a much bigger deal for those who really do need it, rather than being just a cheaper way of handling finances. My last real debt was to pay off my goldwing that was financed with a 0% balance transfer offer, saving me a little on interest. I wound up paying that off in about 8 months rather than the 18 months the card allowed. These details are just to explain what I mean by a cheaper way to handle finances.

---

By the way...it was not as simple as I made it sound...the balance transfer was not allowed on the Bank of America card offer on a debt that is secured by a vehicle lein. I had to take out an unsecured personal loan...pay off the goldwing with the proceeds..and then transfer the unsecured loan from discover to the new card. It was a bit of a hassle but did result in real savings, and got me the title to the goldwing quicker.

[Anonymous]

OP  How many acres are you looking to buy? Timber land? Pasture, cow/calf    operation, feed lot , row crops, intensive row crops?

For a small purchase you MIGHT be able to go FHA possible 10 acres.  For large tracts and or farming operations some of  the banks

will loan on medium sized ie up to 320 acre farms IF you have a good farm presentation    including soil maps, yield history and  management  experience.