Called their rep and asked about what my chances would be with a bk7 from 97 on my credit report with my current TU score of 680 fico and he said that they would not use something that far back for immediate denial. So i applied and i get this Thank you. Your application has been received and sequence number xxxxxx has been assigned to it. Please keep this for your records. We will contact you within one business day if your application is approved. All other applicants will be contacted by mail. I suppose this means denied.. I believe the rep lied.
not necessarily. They do manual underwriting. It is not automated. A real human being will look at your info. and make a decision. I was informed via e-mail and snail mail when I got mine.
let me know what happens. my tu is 685 with all the three baddies left from two years ago. should I try?
At the time we applied with them we had about the same score probably. They turned us down not because of credit but because of our debt to income ratio. they counted rent even dangit. Our mortgage guy said we have a super low ratio so it is hard to understand why they did so.
There was a post on the requirements for Generations, it was very straightforward. I believe the min score was 680, a paystub is required and the CL is based on a formula. Do a search and I'm sure you'll find it. It was 3 or 4 months ago. I thought that I had it bookmarked, but I can't find it. Sorry! Charlie
They told us the debt to income ratio had to be 33% or lower which includes all debts such as ccs,rent,car,ect.
Pic, Tho I don't doubt a bit that this was what you were told this is silly. If indeed all your bills are factored into the expense portion of your ratio you'd be at 95% of your income and that would assume you live well within your means and have 5% disposable income left over AFTER expenses. (Most Americans live hand to mouth as it is) Or looked at a different way, are we expected to believe that we all must expend only 33% of our income on all our bills (all debts such as ccs,rent,car,ect.) and have 66% left over before we can quailify? Shoulda called this person a Moron right to his face. Come to think of it, what's his name and number, I'll do it.
Butch, This stuff sounds pretty standard for bank loans, I remember reading some of the rules of thumb for making mortgage loans and generally they want to see that your mortgage payment is less than 28% and that your total debt payments(including the mortgage) are less than, I think the figure was, 36% of your monthly income.
Well sure, if their just using DEBT to income, that I can accept. I saw Picantel refering to all outgoing expenses when he said: Car, Rent, CC's etc,. I thought he was talkin about Food, Healthcare, Baby formula, yada, yada, yada,. I just misunderstood him. OK ... I concede.
Sorry I haven't replied. I haven't been on in a few days. It only took a couple of days (I think) before I got the e-mail. I did have to fax in a pay stub too.
No worries, Butch I've been wrong more times than I can count....And since I've learned a bunch from your posts I'll look the other way and call it a muligan
