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Started By
Message
re: Question About PMI/Home Buying (Update on pg 3)
Posted on 4/11/13 at 12:32 pm to LSUTigers00884
Posted on 4/11/13 at 12:32 pm to LSUTigers00884
quote:have credit? or have good+ credit?
Pilot, how important is it for my girlfriend (plan on getting married with next couple years) to have credit? By that time, I will have good credit. Getting started now.
Is it important at all for her to have credit?
How old is she that she has no credit at all??
1
Posted on 4/11/13 at 12:38 pm to Pilot Tiger
She's 21. I'm 20. Will get married after college. Ill have good credit.
Is it important for her to have credit / good credit? (Either or).
Is it important for her to have credit / good credit? (Either or).
Posted on 4/11/13 at 12:43 pm to LSUTigers00884
quote:unless you have a trust fund somewhere with millions of dollars, I would say it's extremely important to have good credit.
She's 21. I'm 20. Will get married after college. Ill have good credit.
Is it important for her to have credit / good credit? (Either or).
By age 21, she should be at 3 years of credit history.
Do yall ever plan on buying a home? Or buying a car? Like I said, unless you have tons of money, you're going to have to borrow it from somewhere and these lenders are going to want to know if they're lending to responsible borrowers. By having no credit, it's going to be impossible
Posted on 4/11/13 at 1:01 pm to Pilot Tiger
Right. I guess my question is can everything be in my name?
ETA: sorry if dumb question lol
ETA: sorry if dumb question lol
This post was edited on 4/11/13 at 1:06 pm
Posted on 4/11/13 at 1:46 pm to LSUTigers00884
What are you trying to buy? You can't put everything under your name forever. I mean, you COULD but she needs to get her own thing going. I bought a truck and house before I was married and when my wife was done with school, we bought another vehicle in her name. She had no trouble, I guess because she made good money but she also got a credit card to buy gas with.
Posted on 4/11/13 at 2:35 pm to CQQ
Anyone want to give some insight on this letter I'm going to send to every executive address I can find? Will anyone actually read this 
quote:
I'm writing this in desperation and I hope you can help. I have been a Chase customer since I was 16 years old. I have enjoyed doing business with Chase so much that I decided to get my first mortgage through you all. That said, last January I made the biggest financial mistake of my life to date. I wanted to take my wife on an overnight trip and as a surprise, I put the hotel cost on my rarely used credit card. I very rarely used this card and I forgot to pay the balance. Now, I could have easily scrolled down on chase.com and transferred the $109 I owed from my checking account to this card but since I used it so little, it never occurred to me. What I thought were my normal monthly statements in the mail were actually late notices. Being that I did my banking online, I immediately shreded them. I have talked to multiple customer service representatives that say they called and left messages for me as well. Problem was, they had the wrong phone number in their database so I was not receiving these notices. As soon as I noticed this, I paid the balance on the card. It was too late, though, as the payment had been late for over 6 months.
All in all, this $109 charge for a hotel room has brought my perfect credit score down to 678 and that is after nearly a year's time of paying everything on time. This is literally the only financial mistake I have ever made and it's costing me tremendously. To Chase's credit, the late fees were all waved and the balance was paid immediately. I would have gladly paid those charges if it would have prevented my credit from taking such a hit. Now, my wife and I are looking at homes and I'm afraid I will have a tremendously hard time getting approved for a low interest mortgage with this hanging over my head.
My question to you all is this: Is there anything at all you can do to help me get this blemish off of my credit report? I would greatly appreciate your replies and I look forward to hearing your advice on this matter.
Posted on 4/11/13 at 3:32 pm to LETSGEAUX2
I guarantee you 100% someone will read it. I sent one to Jamie Dimon (CEO of Chase). I included my phone number and someone from his office called me the next day. Google his email address. I think it's jamie.dimon@chase.com or something like that.
Posted on 4/11/13 at 3:45 pm to JonTheTigerFan
Just got a response from the Senior VP of Communications saying he was going to have the executive team check it out and they may be able to assist in giving me someone to contact with the bureaus.
Posted on 4/11/13 at 3:46 pm to LETSGEAUX2
send that to every single exec you can find, SOMEONE will/should respond
Posted on 4/11/13 at 3:47 pm to LSUTigers00884
quote:does she work?
Right. I guess my question is can everything be in my name?
It wouldn't really help you out if yall both worked, but everything was in your name. DTI would be way too high
Posted on 4/17/13 at 10:26 am to Pilot Tiger
Just got a call from Chase executive office and it was the same damn lady that has called me before when I tried to beg last time. She basically told me I might as well quit trying because it's not coming off.
I think we are going to move in another direction, anyway. We are thinking of putting $10,000 into a 2nd bathroom/walk in closet. If we do this, we can live comfortably in this house for another 4-5 years, all while paying $670 a month, and saving for a 20% down payment on a $300,000 house by the time we are 30-31 years old. By that time, we'll have 4 more years of student loans and we'll be on our way. Thoughts?
ETA - I calculated it all out for days. If we take on a house payment for even $500 more, it will set us back years to get us into our dream house. The house we have now is small but great and has an awesome yard.
I think we are going to move in another direction, anyway. We are thinking of putting $10,000 into a 2nd bathroom/walk in closet. If we do this, we can live comfortably in this house for another 4-5 years, all while paying $670 a month, and saving for a 20% down payment on a $300,000 house by the time we are 30-31 years old. By that time, we'll have 4 more years of student loans and we'll be on our way. Thoughts?
ETA - I calculated it all out for days. If we take on a house payment for even $500 more, it will set us back years to get us into our dream house. The house we have now is small but great and has an awesome yard.
This post was edited on 4/17/13 at 10:27 am
Posted on 4/18/13 at 7:27 am to LETSGEAUX2
quote:there are always ways to escalate it further
Just got a call from Chase executive office and it was the same damn lady that has called me before when I tried to beg last time. She basically told me I might as well quit trying because it's not coming off.
keep trying
the worst thing is they will keep saying no
Posted on 4/18/13 at 8:28 am to LETSGEAUX2
quote:
I think we are going to move in another direction, anyway. We are thinking of putting $10,000 into a 2nd bathroom/walk in closet. If we do this, we can live comfortably in this house for another 4-5 years, all while paying $670 a month, and saving for a 20% down payment on a $300,000 house by the time we are 30-31 years old. By that time, we'll have 4 more years of student loans and we'll be on our way. Thoughts?
Solid plan but what's stopping you from buying the $300,000 house now? Is it the student loans? You said in another post that your credit score sits at 678? If that's the case, you should still be able to get a conventional loan with far less PMI than an FHA loan. That's assuming you don't have a lot more debt.
Posted on 4/18/13 at 10:35 am to LETSGEAUX2
quote:
Question is, although I'd like to put down the 20%, what are my other options? If I put down 10%, how much will I be paying on PMI? Once I hit 20%, will the PMI automatically fall off?
I personally would avoid pmi at all costs, I was in a similar situation as you with my last two houses and this is how I avoided it.
First house I put down 10%, I then setup a subordinate second mortgage with Pelican State Credit union in BR. Couple of things here, the 2nd mortgage is at a higher rate but the principal is a small amount so you can pay it off early to where it isn't a big deal. I had the option of fha or conventional going this route. I did this in 2010 so hopefully it is still an option for you.
The last closing, yesterday, I did a HELOC instead of the subordinate second mortage. It worked the same way, I just put whatever principal I needed to to avoid pmi on it. I did that through a local bank. If your not familiar with a home equity line of credit I can provide more details on what those are about. Of the two options I would suggest this one to you first. Bottom line for me though is I am never paying a bank pmi, just like I am never paying to lock in a rate for a mortgage. I'll spare you my rant on that though, lol.
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