So I went to a CU in my home city yesterday, they were so incredibly nice! I set up a checking account (that earns me interest) while I was there I asked about refinancing my car as well as overdraft protection. The woman said "we will use the same credit report for both so we don't waste inquiries on your credit report, cause that can really hurt your score." My old bank could have cared less. Anyway, I did the car loan in just my name and not hubbys cause he has recent CA's (paid) but they are all from last year, and the CU woman said it's not based on score, but the overall report. So she calls 2 hours later, said I was denied but not because my credit report (little victory), my debt to income ratio is 51%, I need to be at 40%, she suggests putting hubby as joint, seeing as my debt is his, and he doesn't have any debt of his own. I hate jumping the gun and posting here before I find out the final results, but the CU woman couldn't really answer my question, will my credit "offset" hubby's credit, like his income would lower my Debt to income? Basically are they just asking for him to be on it to add his income? Or are they going to really consider his credit? I sooooo need this, my payments would drop by $140 a month, and my interest would go from 11.99 to 6.5. OH YAY!!! They pull EXP, which visibally is his best report, he has only 1 CA that is from 99 PIF, and a few late pays from 99 from his ex wifes car. Worst score *I* see, but thank goodness they aren't going by score!!!!
I know you guys can't give a "definate this is how it will be" response, but can anyone offer some insight. I really need to work on that patience thing....
I'm keeping my fingers and toes crossed for you!! LOL I'm suspecting it will go through. Like you said they look at the whole report. If he only has 1 paid ca then that shouldn't count for that much. What may hurt you is the late payments on his ex-wife's car loan. That probably would be the biggie but it could be offset by the current payments on the car loan you have now. It also depends if the late is a rolling late or individual late payments. What that means if the lates were back-to-back. Then it is usually counted as 1 late. If they have skipped months then late again then current then late then that might hurt you. But I am keeping my fingers crossed for you!!
Betacredit- Thank you! Unfortunately they are individual late pays. 5 total all 30 days. If push came to shove, we could prove she was awrded the car and the late pays came after the divorce. the first one was 97, the most recent was 10/99, but the car is PIF so we don't have to worry about the ex.
Most credit unions will consider the income and debt of both parties for the debt/income ratio. But, if your hubby has no debt, that will obviously lower the ratio because he has only income and no debt. Credit Unions usually will work with you and deal on a personal level. Good Luck
Why are you even thinking about this and not already doing it? The upside is a HUGE decrease in interest and payments... what's even the downside? 1 inquiry on his reports??? Quit thinking about this and do it. Do it today and get the answer
Marie- I DID do it, they are waiting for the underwriters to review it. I just can't handle the thought of rejection again. In fact I sent them the info via fax last night, she called to confirm receipt at 9 am this morning and said I would hear something by noontime, I called at 1pm and she has left for the day, someone will call me by 5pm......UGH!!!
GOOD FOR YOU The most difficult thing in the world to do is to face your fears and then storm right through them and take action anyway. I'm really happy for you. This way, whatever happens, you can sleep very well knowing you did your absolute best by the way, in the hall of humiliation... I have such gems of memories as... I have been told no to a cd secured loan by several local banks... a cd secured loan... ugh. and in person no less. I would give these types of loans to anyone... but couldn't get them 2 years ago... I was told no by Cap1 3 out of 4 calls, if not more... for line increases and for apr reductions. More so by Providian... now I don't even use my Providian cards anymore I was approved for a Household subprime card (as a second card) and I told them no... this is after I'd rebuilt... was nice I had choices, irritated they didn't recognize my credit had changed so much... I was told no on overdraft from my bank and I had a good amount of money there at the time... I was told no by the Toll Booth operator... that they didn't have any burgers or fries and definitely no milkshakes (Oh wait, that one was funny and not humiliating)... anyway, after my bk my ego left the building... and in rebuilding I've decided to get as many "no's" as I can because that just brings me closer to the "yes's" You did exactly the right thing. When told no, you either bump it to a supervisor and/or ask "what do I have to do to get approved"... their answer was add the husband's income... now we'll see what happens I truly am happy for you, regardless of the result. The more focused and tenacious you are, the more successful you will be in everything
Marie - that's a VERY sweet post. To add to that, KHM, here are my no's. May they cheer you up... Car loan at "buy here/pay here" #1 1998: "Miss, I can't help you at all. Not even with a down payment. Your pastor standing here next to you can't persuade me to, either. Bye!". Car loan at dealership#1 1998: "No miss, you have R9s straight down your credit report". Car loan at dealership#2 1998: "No ma'am. We don't even sell cars that you can afford." Car loan at dealership#3 1998: same as #2 + "you need to go to a buy here/pay here place" Car loan at "buy here/pay here" #2 1998: "no, not that 2 year old car, but look at this 6 year old car with the HUGE dent in the passenger door. That's the best you can do, miss" Then I got a car loan at 23.99% with CPS and a Toyota dealership. Awful rate; awesome car. More no's: Discover 1999: "No can do" Household cl increase for $25 1999: "wait for 6 months, maam" Nextcard 2001: "No" Chase 2001: "No" My university credit union (three times in 2001): "no maam. Your score is not 650 - I don't care that your balances are obviously reflected twice. We are purely score driven" Southtrust 2001: "No, we can't refi your car. You need a $4000 down payment". Discover 2001: "No" Discover 2002: "No" (then I scaled up to a supervisor...) Discover 2002 (credit supervisor, in ebonics): "HELL NAW!!! And *don't* call back!" And here are my final no's as of January 2002: to Wells Fargo - no thank you, I don't need the Christmas loan at 21.99%. to Household - no, I'll pass today to Action Bank - no, I'll shred you today to Futurecard - no, you go to the shredder, too to Cap One Auto Finance - no, don' t need to refi the car ar 15.99% You get the picture, KHM. Whatever happens, hold your head up high. You're worth it. And the rest will all come in it's own sweet time.
Marie & Marci- Thank you soooo much for those much need posts. I called them and they haven't even pulled hubby's report yet. They said they would call by 5 pm, but I guess it's looking more like tomorrow or Monday. Regardless, you're both right! If they don't want my money then I don't want them, if they can't realize that I've been a good girl and learned right from wrong, then too bad for them. Ladies, thank you so much, you have made my rotten day turn for the better!
