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Why do you guys only want to hear bad news? I know the answer so don't bother answering the question.
Our mortgage group at my bank is on fire and it is not doing USDA loans. It might have something to do with all the folks that are moving to Houston for all the jobs we have though.
I have no experience writing mortgage loans, however, I do write auto loans. The best auto loans written (most profitable for the bank, least likely to repo) are loans written to credit scores in the 600-650 range with no prior repos and stable employment. The guy who takes pride in working for all he has, stumbles occassionally on a credit card or medical bill, but always gets the job done. That's the guy we like to loan money to. We can charge enough of an interest rate to make some money and he's very very likely to pay. This type customer rarely has a downpayment and is often "upside down" in his trade in.
On paper, you would think we would want everyone to be a 700+ score, less than 40% debt-to-income, with 30% down, financing for 36 months. The truth of the matter is... that loan will get repaid, but the profit is zilch.
Unfortunately, the economy has show no favoritism in job losses... we have seen higher repo rates with both types of loans... making the low interest rate loans even less attractive.
(subprime loans are still being written... make no mistake....with enough money down, anyone and I do mean anyone can still get an auto loan)
Good for you ARAY....In a world where someone who has a ding for a medical collection can't get a loan from a major bank for a car because they score below 700, it's good to know someone is looking at the reason for the lower score. The thing I look at is do they pay their bills on time. If the score is low because of slow paying, I don't want to chase them every month.
I recently got denied a debit card because of having a checking account closed on me when I was 18. This despite my only debt being a modest amount student loans and having an 810 credit score. I couldn't believe it lol. Seems at least some business are starting to look at Credit Score less these days?Quote:
Originally Posted by menmon
I need some tips on getting a good auto loan. when I went through my divorce, my credit was destroyed, and the credit report from things that she was supposed to pay are still kicking my tail. The divorce decree clearly stated which bills I was responsible for and which ones she was responsible for. Unfortunately the loan officers don't look at divorce decrees. How do I get this cleared up?
Campells soup closing 2 plants laying off 700 jobs the Presidents recovery plan is really working isn't it he sure knows how to get people working. Atwater Ca is the 4th Ca city to file for Bankruptcy we are booming, Obamas saving the economy
if you need a loan pretty quickly, the best place to start is your local bank (whoever you have a checking acct with) Take your current proof of employment (paystub) and a copy of your divorce decree. Be prepared to pay money down. (10% is usually good). Start with something inexpensive... don't go in asking for $40,000 for a brand new 4x4 with $500 down and a sad story. Be reasonable. Most small, local banks will be agreeable. They want to help. Be ready to prove that the bad accounts are indeed awarded to her.Quote:
Originally Posted by murral stark
What really sucks is, you agreed to make payments, not to stay married. It's something everyone should think about before signing for a loan or obtaining a joint account credit card. When you agree to pay, you agree even if you wreck it, the transmission quits, or you get divorced. Joint signatures create joint responsibility regardless of the situation. Same can be said of co-signing for a friend or family member. As a co-x, you are agreeing to pay for a loan.
As you have discovered, courts can award property and payments but that award does not alter your agreement with your bank. If you want to salvage your credit, pay the loans. When they are in repayment, go to court, prove you paid for it to salvage your credit, and have those items returned to your posession.
Thank you. That is sound advice.