Today ~ I am officially a...

Discussion in 'Credit Talk' started by kim, Feb 16, 2001.

  1. kim

    kim Well-Known Member

    HOMEOWNER!!!

    I'm so excited.

    And of course I did the thing I said I would as soon as I closed. APPLY FOR CREDIT CARDS. LOL! I couldn't wait to get home.

    Citi AA - $1k (I hope when they actually send the cards that it's more, but that's a start)

    Target - $200 (typical start)

    BestBuy (for appliances) - Sorry

    NextCard (or whatever it is) - Sorry

    Juniper - We will review and reply in the mail

    Lowe's - We will review and reply in the mail

    My feelings aren't hurt because of the denials ~ I really don't need too much credit too fast. I don't need to get in trouble again.

    Thanks everyone for all the advice you put on the board.
     
  2. Chet

    Chet Well-Known Member

    RE: Today ~ I am officially a.

    Nice :)

    Best of luck!

    chet
     
  3. Newcomer

    Newcomer Well-Known Member

    RE: Today ~ I am officially a.

    Congratulations, girl!

    God Bless
     
  4. Momof5

    Momof5 Guest

    RE: Today ~ I am officially a.

    How long was the process to get your home Kim, what was your credit like when applying? We own land and want to build as soon as I build our credit back up to par. I would like to know how your credit was/is when applying for your home.
     
  5. Top

    Top Guest

    RE: Today ~ I am officially a.

    Congratulations!!!!!! Happy for you....I am a bit jealous!!!!!!!
     
  6. kim

    kim Well-Known Member

    RE: Today ~ I am officially a.

    Thanks.
     
  7. kim

    kim Well-Known Member

    RE: Today ~ I am officially a.

    Thank you. And yes God Bless, he's been very good to me.
     
  8. kim

    kim Well-Known Member

    RE: Today ~ I am officially a.

    My credit was HIT!

    I had plenty of negative items on my report when I first applied for my loan. The thing was I went and put a contract on a home before I even had a lender. Then I got with my lender, HomeBanc, and my LO told me everything that I needed to do to get myself in position for a loan.

    My score was something like 544 when I started in March 00, I needed to get it to 580. I also had to pay off some collection accounts. Last time I checked my score 10/00 it was 599. According to qspace or one of those my score was 640 or something close to that in 1/01.
     
  9. kim

    kim Well-Known Member

    RE: Today ~ I am officially a.

    Thanks, but don't be jealous ~ it'll happen for you too. It took me a long while, I didn't think the day would ever come, but it is worth the wait.
     
  10. on the go

    on the go Well-Known Member

    RE: Today ~ I am officially a.

    congradulations!!!! :) I just closed on mine about 6 wks. ago. My lender said give it about 6mo. of on time payments and you will have no problem getting cards or any loans .
     
  11. Momof5

    Momof5 Guest

    RE: Today ~ I am officially a.

    Your credit was "hit?" What does that mean? You mean you were told you only had to get your FICO scores up to 580 and you could get a mortage? I thought they had to be well into the 660s, close the 700 mark to be able to get a house. If my scores are now around the 580 mark and I started with Junum soon, I wonder if I could get a loan by the end of the year?
     
  12. Momof3

    Momof3 Well-Known Member

    Mom

    My friends were 3 years post BK, scores range in the LOW 600's. I believe they were were 610-620 and they got FHA loan last year at 8.25%, they plan to refinance soon. Most lenders anything above 680 will be considered an A+ loan.
     
  13. mother2

    mother2 Well-Known Member

    RE: Today ~ I am officially a.

    I can't wait until my day comes. Congrats to all of you!
     
  14. Momof3

    Momof3 Well-Known Member

    RE: Today ~ I am officially a.

    Congrats to you. It must be feel so good that it is now "official". Best of luck to you in your new home:)


    Mom
     
  15. Erik

    Erik Well-Known Member

    RE: Today ~ I am officially a.

    Contgrats on being a homeowner. I hope to get there someday myself.

    One point though, I hear in some parts of the country the BestBuy card is backed by a finance company and can actually count against you on your credit report. Same thing with the Circuit City card I believe. Getting rejected there may have been a good thing.
     
  16. Momof5

    Momof5 Guest

    RE: Mom

    Thanks, I'd even go higher on the interest rate and refinance later if I had too..sick of throwing money away. I have not joined junum, don't know what's holding me back, nerves I think. I keep thinking the worst might happen to me with my luck. I really should do so though, too many success stories here.
     
  17. Momof3

    Momof3 Well-Known Member

    RE: Mom

    If you have too many items that you just can't do on your own and you can afford Junum, then you may want to try them out and see what they can do for you. There are others that have taken on the task of doing this themselves. It is alot of hard work and you will hit some stonewalls and it is very frustrating and time consuming. If you don't have the time or the energy than you may want to try Junum. As you have said there have been alot of success stories here. It may be worth it to you to give them a try. I am not pushing you either way it's up to you. I myself one had one negative on my hubby's report and one incorrect late on mine, it took me NINE long months to correct my late if you can believe that and I have not had success with his collection removal, but if I had several items that were hurting me I probably would have taken the Junum route. Time is my only problem now, I just need my account to age some. But whatever you decide good luck to you and keep us posted.

    Mom
     
  18. Dani

    Dani Well-Known Member

    RE: Today ~ I am officially a.

    Kim, congratulations on your new home. That's wonderful news. Can anybody tell me what I need to do to get preapproved for a mortgage? I know that is probably a silly question, but my husband and I are planning to purchase a home this summer. Right now I am straightening up our credit - paying off credit card balances, saving $$, etc. Do I just go from bank to bank with our W2s in hand when we are ready? How does this affect my credit report with the additional inquiries? Thanks for your help.

    Dani
     
  19. kim

    kim Well-Known Member

    RE: Today ~ I am officially a.

    Hit ~ terrible, bad.

    Don't be afraid to check out mortgages. My loan is also FHA. It's very reasonable. 3% down, 6.5% ARM. That's not too bad. The only downfall is that I have to pay Mortgage Insurance Premium (MIP) at least until I refinance.

    By then there should easily be 20% equity in my home and I won't need to pay the MIP.

    For those of you that may ask why I think there will be that type of equity so quickly ~ there is a major mall going up within 5 miles of my home and the tax assessors have already been around estimating the effects of it's opening. I'm definitely hoping that their assumptions are correct.
     
  20. kim

    kim Well-Known Member

    RE: Today ~ I am officially a.

    Thanks for the advice on waiting. That'll be my plan of action. I made 5 inquiries last night, so I'll wait until those have minimal effects on my score and try again.
     

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