Still being turned down for mortgages, time to lawyer up?

If you have zero debt you will not achieve an 800 credit score, sport

 

Says the guy coming on a truck driver forum for financial and legal advice. Maybe I was mistaken and you were just fishing for compliments or simply preening self righteousness. Neither is pretty.

Using your example:
A 30 year, $140,000 mortgage at 4% interest will cost $100,617.20 in interest over the life of the loan. That’s profit for the bank.

Assuming the appraisal was correct, you’re trying to sell us that a bank won’t lend you money on a 70% loan-to-value home where they make $100,000 on the loan and if you default, they keep your $60,000 and then resell the home for $200,000. Right.

 

Small town bank or credit union is your answer. Need the decision maker to look at your situation and leverage position. We had the same problem 10 years ago. A local credit union helped us out. As a result they now get all of our business.

 

Actually one can get a relatively high score while staying out of debt.
1) I myself have 1 MasterCard & 1 VISA. I routinely pay off the balances before they come due.
2) I try very hard to prepay rent anywhere from 1 to 3 months in advance, ($540 a month in rent being in the Midwest). Not only does this help with one's credit line, it helps with NOT having to worry about having a place to live, should unemployment come about suddenly.
3) My credit scores / FICO scores have been in the upper 700+ range.

NOTE:
1) Back in 2019, I bought a 2016 Kia Soul, 35,700 miles, excellent running condition, for $15,000 and some change.
2) I paid $10,000 and some change in cash, put $5,000 on my MasterCard. It took me quite a few years to come up with $10,000+ cash.
3) Within 30 days, I had the remaining $5,000 balance paid off. I did this by volunteering for & working a ridiculous amount of overtime to accomplish this. Within 60 days, I had the title to my car.
4) This was the 1st. time in my life that I ever had a DECENT running car that was fully paid off. The car still runs very well. I make sure the proper maintenance is done on it, HOPING to keep this car for a long time to come.

God bless every American and their families! God bless the U.S.A.!

The absolute sheer driving force of our national economy - without truck drivers, our entire national economy would come to an absolute standstill - if not outright be dead.

Over the mountains, through the woods, into the valleys, coast to coast, from sea to shining sea - truck drivers can and do go anywhere and everywhere, every day, every night, all year round.

 

I stand by what I said, You will not achieve an 800 credit score with zero debt. I said nothing about a high 700 score, sport

 

i was always told that credit card companies actually do not like people that pay off the card balance each month, as they cannot make any money, on the money that they "lent out" to the card user.

paying off each month, (to me) stagnates approval for more credit as there is no real history of regular monthly payments.

i always keep a small balance each month, and have great credit.

 

Lenders like to loan money to people who do not need it.

So, how will this work when looking at building a high credit score-
IT IS ABOUT AVALBLE CREDIT and on time payments. For example, Banks and CC Cos. have reported that you have open lines with an available credit limit of let's say $20,000.00 available and you have only taken out let's say $2,000.00 and pay on time and never missed a payment. This shows the lenders you have Self Controle not only that you pay on time, but you don't use up all you have available credit.
Now compare to someone who also has and pays perfect on time payments. with $2,000.00 available and has used up all of his available 2k in credit, it will not score as well. He will score very good but not in the 90% of our 800 plus guys. Funny thing is if he pays off his 2k at the beginning of every month he will cycle from mid 700s to the 800s as he uses up his available credit. Rember: Lenders like to loan money to people who do not need it.

Long story short, you want lots of available credit with very low balances and perfect on time pay. This is how you show a computer formula (fico score) that you don't need the money and have self-control.

 

I've been self employed my entire life and didn't ways have the most steady income. Never really had any trouble borrowing money but have been with the same small bank and loan officer for 20 some years.