Here's what we need on the board here: 1. A Lawyer 2. A Loan Officer What do you think? We could get some very valuable perspectives from either or both. A lawyer (especially a credit attorney) could give us some insight into what's legal and what will or won't work. A loan officer could tell us what will or won't help or hurt us creditwise. I don't happen to know any lawyers or loan officers, but I wish I did. Anybody know someone who would be willing to assist? For all it's worth, I'm a computer repair/networking tech and I'm willing to help any of you in that regard.
Struggler, Excellent suggestion although I doubt you could get a lawyer to post here but a loan officer just might. I'm going to talk to a friend of mine that works at the credit union. Maybe she would grace us with some words of wisdom. Manny
We do have people who are loan officers, mortgage brokers and the like post from time to time. Over the last year we have credit repair counselors (Kristi) and credit card company representatives(AMEX) offer free advise which was awesome. These people havent been around much lately. I dont know why. But if you post a question with the title Attn: Mortgage broker, lawyer etc, you probably would get an answer. ALOT OF DIFFERENT PEOPLE VISIT THIS SITE, even if as just lurkers.
Guidance from a lawyer might be helpful but you have to remember that we are dealing with federal law plus the laws of 50 states. Lawyers would be reluctant to post legal advice on a board like this for many reasons--they are licensed only in their home states and aren't necessarily competent to answer questions about laws where they don't practice. What someone posts to a board like this is frequently incomplete or misleading which results in bad advice (garbage in, garbage out). The lawyer isn't getting paid but if people follow advice that turns out to be wrong thinking that they have formed an attorney-client relationship, they might think that the lawyer was at fault and sue. Legal advice is best given one to one, not on a board like this. Anyone who reads legal advice on this board whether it be from a lawyer or not should not think that it is accurate but instead use the information obtained as a basis for discusion with a lawyer competent in credit matters in the jurisdiction where the person lives.
Excellent point Dave. Kristi was very careful to point that out anytime that she offered advise in the past. Where is she anyway?
Hi there! I guess this would be a good place for me to introduce myself. I have been lurking on this board for about a week or so. I am the Manager/CEO of a Credit Union - which part of that job is reviewing all loan applications that we get (we're not very big). I was also a Loan Officer for several years - so I have quite a bit of experience in lending. I should specify though that I don't have much experience in mortgage lending - just consumer lending (sig loans, car loans, cc loans, etc). I haven't posted before now because most of the posts that I have read so far just deal with disputes and how to get information deleted from credit reports. If I see a question that I might know the answer to, I'll try to help. Oh - I do remember someone asking about credit scores. The highest score (beacon, FICO or whatever you want to call it) is 950. Some people get worried when I tell them that, but I'd like to explain that further. In my many years of looking at many credit reports - I have NEVER seen any score in the 900's. I have seen a few in the 800's (maybe 50-75 or so), and I've seen quite a few in the 700's - which is considered very good/great credit. Most people w/ really good credit have a score from 650-700, and ok credit would be 600-650. Once you get below 600 is where you see "marginal" credit. A majority of the applications I review are in the 575-675 range. Ok - enough rambling for now - I apologize, I get long winded sometimes. Take care - Bingo
Hi, Bingo! Thanks for stepping up to the plate. I'm sure you will see questions. Matter of fact I have one, but I have to fix dinner first. breeze
WELCOME... I have a question...how can CITIBANK (I know you don't work there) give somebody a second card account with a F.I.C.O. of 603...AND DENY A CUSTOMER WITH A F.I.C.O. OF 685-698 OVER AND OVER AGAIN??? 10 YEARS OF PERFECT PAST HISTORY FOR 2 CARDS WITH CITIBANK (YEARS AGO).
Welcome, Bingo. Thank you for letting us pick your brain. I have a quick question. My hubby and I purchased a new truck in February of this year. We financed $28,000 @ 8.90% (kinda high, but that was the going rate at the time) through our local bank in Virginia. Our credit union (out of of South Carolina) sent us a letter in June that we could refinance through them and they would drop the interest rate another percent to 7.90%. Looking at this I don't think this would help us that much. Although we would receive a rate lower than what we are paying now we would have to finance over $30,000 (instead of the $28,000 initially) making the monthly payment almost the same and extending the loan another couple of months. I wanted to hear what you thought of it before I contacted either party. We would not be able to do anything until December (after we close on our home). Thanks in advance. Dani
You have to "LOAN" higher than you owe...that is no problem if you can make your first payment like $2,000 extra towards the principle...
There's one thing I don't understand, Dani; if you financed $28,000.00 originally, then why would you need to refinance $30,000.00? Granted, since you bought this in February, you haven't made a huge dent in the principal, but the payoff still would have gone down, not up.
107% loan? Maybe I'm dense today, but I don't get it. I thought the idea here was to simply buy out the loan at the payoff amount.
George, Humm....that seems strange. Perhaps they have another reason for denial other than payment history. I know I have rejected people who have higher scores and good payment history, but their income (debt ratio) wasn't what was required, or perhaps the overall debts were too high. I don't know - I'm just guessing here. Having said that though, most big cc companies don't deny that many people - which is why and how so many of us can get ourselves deep in debt. I would suggest to the person that was denied to call and speak to "the right person" who can give them specific answers - BUT - that is probably impossible w/ Citibank. I would just try somewhere else.
There used to be a mortgage broker that posted on Bayhouse quite a bit. He gave oodles of great information. Of course Bayhouse closed their board and I'm sure some other board is now getting the benefit of his expertise. I wonder if we could e-mail him and ask him to post here? I'll do some search on Bayhouse for an e-mail address for him.
