After a brief explanation of the old game show "Press Your Luck" (not really, but it makes a better story), I was told that the representative I spoke with yesterday had just stepped out to go to lunch, but if I gave them my SSN they would look up the loan for me. After a brief pause, I got the response, "Yeah, this just came in...!! Oh Sorry, you didn't qualify for the loan." Yeah, right, they had it probably most of the morning, just didn't want to call me and give me the bad news. (sigh)
I asked if I could qualify for a lesser amount, but was quickly told "No," because my credit score was below the minimum value for giving out a loan. I tried to once again express to the representative that most of the bad stuff on my credit was due to "Ex", whom I haven't been married to for seven years, didn't refinance debt "awarded" to her in the divorce settlement. I said that they should look only at the items that were new since our separation, and not the things that I was listed as a co-borrower on before my separation, and they would see that I have paid all of my stuff on time. I tried to argue that the bad credit score wasn't all my fault, and there should be someone alive to review my history other than a computer rating system, but I was told "Sorry, there is nothing we can do."
So basically the 30 minutes I spent on the phone giving my entire financial history was completely in vain, as all they did was pull my credit score, say "No", and move on. (sigh)
So, I guess I am going to either need a lot of baked sale items, or one really, really unique item I can sell on eBay? Any one have a rare old comic book, postage stamp, coin, or other collectible that I could buy cheap? I promise to not return it. :-)
Later Lou
Sorry about the Whammie. I just spent some time catching up here. Have you considered selling the house "as-is" for about $15,000 less than if you put the work into it? Saves you the up front costs, saves the buyer $5K, and most importantly, gets that albatross off your back.
ReplyDeleteALBATROSS!!!
Sorry. At a minimum, I'd look to get rid of the marital estate even if it was only enough to break even on the mortgage. Once you eliminate that bill, and the utilities and taxes that go with it, turn that income towards your credit bills.
I would not ask an employer for a personal loan under any circumstances. That's just got bad juju written all over it.
Good luck.
Yeah, I was "post happy" today. Sorry about that...
ReplyDeleteI have thought about selling it "as-is" but the realtor said it wouldn't move as quickly, if at all, in our area. The other alternative would be to take a loss and come to the closing table with a lump sum of cash, which is obvious, I don't have.
Yeah, it's a HUGE freaking, flipping bird... which is what I do everytime I see "Ex"... Show her my Albatross finger!!! (not that she cares).
I agree with the employer thing, but I am getting closer to doing it. Desperation is starting to set in.
Later
Lou
Lou,
ReplyDeleteHave you tried pleading your case to a local credit union? A credit union, with some prodding, is far more likely to actually review your credit history rather than make decisions based solely on the almighty FICA score.
Also, I think Limpy makes a strong point about selling as is and then using that freed up income to attack the credit cards. Have you ever heard of Dave Ramsey? http://www.daveramsey.com/ I listen to him on AM radio on my commute. His strategies may be of use to you in digging out of this hole.
Thank you for your kind words on my blog today. I'm constantly amazed by the kindness of strangers!
Shall I start baking pies?
I can't bake a cake for shit...but i have a lot of stock in Entemann's. Sorry about the whammie. That sucks. Ex's suck.
ReplyDeleteCP
tysgirl
ReplyDeleteI tried the Credit Union, and they said "Sorry." But at least they told me upfront rather than making me wait.
I had never heard of Dave Ramsey, although I have listened to many other financial people. Problem isn't my handling of my money, but the Ex handling hers and screwing me.
The good news is that there is nothing from this point forward left from the marriage that she can use to screw up my credit rating. She can still mess with my finances with child support, but that's a different topic.
CP
Ex does suck, and not in a good way. I appreciate your offer of Entemann's... But I decided to not do the repairs, and still try to sell it. Hopefully someone will want to buy it, it really will be a good place once it is cleaned up a little.
Later
Lou
Lou,
ReplyDeleteI didn't mean to imply that the problem is with your money management skills. I just think Ramsey has some good ideas that could help you did your way out from under the mess *she* created for you.
I wish ya lots of luck!
tysgril
ReplyDeleteThanks for understanding that the problem isn't me... Now how do I convince people with money that want to lend it of that fact?
Good news is Sweetie is thinking of loaning me the money, but I am trying desperately to avoid that. I don't want to get her involved financially if possible. The less risk the better.
Anyway, thanks for the reference, I have been reading Dave's site.
Later
Lou