Getting the Runaround?

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Kris

Getting the Runaround?

Post by Kris » Sun Mar 02, 2003 11:58 pm

Hello!

Recently, my boyfriend (of 7 yrs) applied for a mobile home loan, from one of the more reputable dealerships in our area. We were not able to deal with the salesman of our choice, however. His credit is good, but with 3 credit cards showing past due for 4 months. We did not think this would be a big deal, as everything else is paid, and the car payments have been on-time for just over 2 years. (If this helps, he scored 520 points for a home loan, and needed 570).

I sold mobile homes years ago, when almost anyone with a paycheck could qualify. I understand that things have changed since then, but I do not believe that Bruce has that bad of credit. I also do not understand why people advertise that they can find financing for people with credit "problems" when they obviously do not.

It took almost 6 days to find out we were "approved." Minus 2 severe weather days, this is still 3 days longer than what they advertise (less than 24 hours for a decision.) When I attempted to call back to find out what to do next, I was put on hold, and the sales rep was not available until almost 3 days later. When I finally got ahold of him, he said we were "approved" to take over payments on a bankruptcy home that the previous owners are still living in, or purchase a repo from one of their storage yards. He said he could not give out the address of the first one, and when I asked about seeing the one in storage, he kept repeating that it was in a storage lot. (I assumed this to mean that we could not view this one, either.) The payments on both of these would be in the neighborhood of $400, with a nominal down payment.

I asked what our other options might be, for instance a doublewide, or even a singlewide. He said that was "a whole other ball of wax that we did not want to get into," and that we did not have "other options." We only qualified for the bank repo, or the one in storage. He kept pushing the bankruptcy home, which is in a park which does not allow dogs. We have 2, and they are considered "large," both over 40 lbs, and are well-behaved, and 10 years old, and I have raised them from pups. He suggested we get rid of our animals. I then asked him why he thought we might be interested in owning our own home instead of renting. He then tried to push a nasty park that is on top of a hill. He attempted to explain to this "transplanted" Iowa girl, (who, by the way, would not put a brick house on the top of a hill, and survived the 5 Texas twisters that destroyed Jarrell, TX in a mobile home at the bottom of a hill, while my neighbors homes and belongings became part of my yard), about tie-down standards and tornado direct hits. It is very simple; you do not put your property in an area where direct hits are likely, then you don't have to worry about it.

When I said we would like to come down, he said that would be a waste of time.

We do not want a million inquiries on our credit. We are not going to purchase anything, much less a home, sight unseen.

Does anyone know why he would act this way, and what we can do about it. We do not understand why Bruce would be approved for an over-priced repo, but not a new home; as chattel property or a land-home package. We could easily afford a combined payment of around $550, either for a home, or a home with lot rent.

Is there any place that could finance us? And are there dealerships that treat you like human beings? We live in Central Texas, and any help with this would be greatly appreciated!

rmurray

Re: Getting the Runaround?

Post by rmurray » Mon Mar 03, 2003 8:11 am

Now we understand why the industry is hurting so badly...you mentioned that being 4 months behind on 3 credit cards used to be ok to get a home...
This is not "GOOD CREDIT"...actually it is about as bad as you can get...Think about it...you cannot pay 3 little credit card payments.,...yet you are asking some bank to trust you with tens of thousands and far higher payments...they would have to be stupid...
Of course the dealer is trying to get you to take his problems and transfer them to you....All that will do is make it worse for you,,,,I am glad you have enough sense to understnad this is not good for you...
The best thing you can do now..is take that "nominal" downpayment money and pay up the credit cards...Get the payments up to date and keep all of your payments that way for a year...Then you might qualify for an FHA loan which will be for any new home you can afford....
You need to get your financial house in order...Good Luck

P.S. a thousand inquires hurt you less than 1 credit card 30 days late..

Bill Fry

Re: Getting the Runaround?

Post by Bill Fry » Mon Mar 03, 2003 5:18 pm

FYI most lendors will also score you on well how you pay your credit cards.Everyone will come up with their rent and car payment when they are behind because you have to live somewhere and you have to get to work.Folks let their credit cards get behind because they feel they arent as important.If you're over extended,the first place it will show is late payments in credit card balances.
Like murray says 3 cards 120 +days overdue is almost as bad as you can be.Thats approaching charge off time(R-9's) which means you pretty much wait out 7 years and keep everything clean in the meantime.
You might want to get a copy of your credit report to see exactly where you stand.If you've been turned down for credit recently it won't cost you anything.
Heres one link you can use:
www.econsumer.equifax.com

You can also access the other 2 major credit
reporting agencys from thereif interested.

Kris

Re: Getting the Runaround?

Post by Kris » Mon Mar 03, 2003 9:25 pm

Thanks! (We are paying them, one of them will be paid in full this week.) We have been busting tail to repair from some downfalls this past fall, and are "almost" there! The reason we are looking for a home is the home we rent would have burnt to the ground if I was not awake, thanks to faulty wiring. Our landlord could care less, and now we have no means of heating or AC, and with summer approaching....

We know it takes time to build a home, rent is outrageous in this town, and we don't want an apartment.

I have since visited some other dealers that think this salesman's behavior was abhorrable. He did not come straight out and tell us that our credit came back as poor; he just started in with what I described above. These dealers believe they can help us with the real down-payment that we offered this jerkweasel; my point is that he did not listen to anything we were saying, what we had to offer, or anything. We have also found a bona fide mortgage company that is willing to work with us.

Thanks again; we already know, and are working on it! We just don't have a year to make it look great.

JohnnyJ

And Still More Credit Trivia....

Post by JohnnyJ » Mon Mar 03, 2003 10:24 pm

As the credit card companies taketh away, so can they restoreth.

If you can, talk to some of the customer reps with the credit card companies
that you are in trouble with. Some will listen to your explanation of why you
were behind or late in making payments. If your story seems plausible to them,
and you have made like 6 of the last 6 payments on time, they can remove the
bad report from your credit record. Some will, some won't. It's worth a shot,
and may improve your beacon score.

good luck

Bill Fry

Re: And Still More Credit Trivia....

Post by Bill Fry » Mon Mar 03, 2003 10:38 pm

To use murrays word...sorry...
Once it gets to the credit reporting agencys it stays there.A lot of folks will tell you what you want to hear but it doesn't mean its going to happen.Getting derogatory info off your credit report is about as hard as winning a traffic charge in traffic court.The odds are stacked against you.

Dan F.

Re: And Still More Credit Trivia....

Post by Dan F. » Tue Mar 04, 2003 3:56 am

Actually it is qite easy to win a traffic decision in court. If you show up, you already have a 50/50 chance the officer will be occupied and not make it. In that case you win. I am in law enforcement, I always fight my tickets.(haven't had one since I have been in the field but did before I was). the worst thing that can happen is the judge will lower your fine for making an attempt. So If I were you i would take a shot and beg and plead for them to remove the bad history (the card companies) the worst they can do is say no. You have nothing to lose. Glass half full not half empty!

rmurray

Re: And Still More Credit Trivia....

Post by rmurray » Tue Mar 04, 2003 7:51 am

Kris.....times are tough for those in the industry right now...salespersons will tell you anything to give it a shot...
As I have said...there is NO lender out there that will finace you on the home of your choice....even with a downpayment...You would need tens of thousands down to make a lender turn his head...My guess is you are not offering this kind of down...As I said...take that money and pay up your cards...continue renting for 12 months...keep your nose clean and you will be able to buy the most home you can afford....

I am sorry to be so harsh...but all you are doing to yourself now is going to cause additional expense and heartache....better that you understand reality and move on...

Threnody

Re: And Still More Credit Trivia....

Post by Threnody » Tue Mar 04, 2003 8:17 am

Wrong Bill. Getting derogatory information off your credit report is as easy as DISPUTING it. If it's not verified within 30 days, it's outta there.

Kris, go to http://www.creditnet.com, sign up (it's free) and you'll get access to the dispute letters. (Look under "Discussions" for the forum). There's lots of great info there.

Bill Fry

Re: And Still More Credit Trivia....

Post by Bill Fry » Tue Mar 04, 2003 9:01 am

Let me clarify,getting accurate derogatory info off your credit report is not easy.Even getting unaccurate info cleaned up is hard if the company reporting it feels its accurate.I see so many folks getting ripped off by "credit repair" agencys these days.All they do is dispute it which you ,as you mentioned,can do yourself.That does not mean its automatically going to come off or go away as these agencys would have you believe.

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