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About Watsonsbag

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    Impressive 100+ postings


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    Fighting for Consumers' Rights
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    New Jersey
  1. I love the creditors that don't ordinarily report to the bureaus if you pay on time, even for years. But just let something happen and you're late and BINGO! suddenly they put a negative on your report. Really fair, isn't it? I guess it boils down to what lenders report to what bureau--whether they do so to one or two or all three. We have two mortgages and one of them has never shown up on Equifax, while another is on Transunion, but under a different name. The second is on two out of the three. I was just looking for some kind of trend as there seems to be the most complaining against TU and EQ and the least against EXP. Guess it does come down to an individual thing.
  2. Most people know my feelings about Household, so I won't repeat them here. The places you mention should be your last resort. Firstly, they usually don't report to any credit bureaus, so it won't help your credit. Second, if you were to pay them say, $50 a week, that's $200 a month--not a small amount for the type of cars they usually carry. You know, old models with very high mileage. On another board, someone posted that if you miss a payment by a day, the repo man is there that night to get the car. Don't know if it was meant to be a joke but may not be far from the truth. Have you looked at any ads from legit dealers? Some of them specialize in loans for people with really bad credit. One Chrysler/Jeep dealer near me claims a 99% approval rate. If you can get through to him (and it's not easy) you want to talk to the Finance Manager, not the salesman. He's the one who works his a** off to get loans approved. Or go on the web sites of various dealers and see if someone is designated the person who helps those with bad credit. It's worth a try. Credit Union is an excellent idea. Good Luck! This is tough because a car is something we all need. Where I live there is basically no public transportation unless you want to walk 3 or more miles to a bus stop. And if you want to go shopping you always have to be mindful that you don't buy too much because it may be impossible to lug all those packages home.
  3. I think they are considered a sub-prime lender, so you might want to do your homework very carefully on them. In fact the type of loan you are looking for is the prime hunting ground for the worst of the worst when it comes to lenders. Be extremely careful. DO NOT under any circumstances go with Household or Beneficial, it will be the mistake of a lifetime. To be honest, without a home I've never heard of anyone getting a loan for that kind of money unless there was something very expensive that the borrower had for collateral. But then if there were, the borrower would probably sell the item rather then do business with someone whose terms would probably be very harsh and treading the thin line of legality. Did you try a search on Google for Non-homeowner loans or something like that? But again, be extremely cautious. Personally, I don't believe a loan of that size is possible, at least not by an honest and reputable lender. Good luck.
  4. I was just wondering if out of the big 3 does it seem if one of them stands out as giving the lowest scores more then the other two. For some reason, it seems to me that EQ is the most stingy, EXP gives the highest points with TU somewhere in between. Or is it my imagination? Probably is, because in looking over my reports not all accounts are reported on all 3. So that probably has a lot to do with how their rating system appears to me and why my scores and hubbys seem to fall within this tier. Anyone else feel that one bureau is more lenient (or harder) then another?
  5. Called our bank and the loan officer said the same thing. Call the dealership and ask to speak to the Finance Officer. Do not talk to a salesperson. Go right to the one who works with the numbers. Well, I sat on the phone until I talked to the right guy (got his name off the website, though I didn't tell them this). Was upfront about the BK, said we only needed a second car for around $4000 and Mr. Finance actually mentioned the exact same vehicle that I had in mind. When I told him about the $7500 (not mentioning that previously one of their salesmen told me they don't go lower on that) he said that wasn't true. It depended on the lender and the situation BUT....he has two lenders that do loans down to $2500. One won't do people with recent BKs but the other will. The "other" is GMAC, and their dealership is considered a "platinum" one which somehow works out to the effect that this lender will do lower end as well as upper end loans for them (guess they package a bunch of them together). He said he recently got one approved for $3200. Since this car is $3595, with the tax etc. it will come to near $4000. With $1000 down, that would mean a loan of $3000. Payments on that amount certainly should be OK even if the rate is high. What's nice is that once the balance is reduced to half or less we can just pay it off. But it will have served its purpose and helped us re-establish our credit. BTW, here are our scores as of today: Me: TU 627 EQ 618 EXP 686 Hubby TU 676 EQ 659 EXP 695 We'll see what tomorrow brings. It's just that hubby only has one open tradeline since the discharge, a credit card with a $300 limit. I of course have none since with my income nobody will give me anything on my own. So the car loan should help. Thanks so much for helping. We've gone through a lot and in fact are still struggling. It's just that I feel so isolated and vulnerable out here alone without a car after Jim goes off to work. He's 26 miles away and if an emergency happened it would take him about 45 minutes to get home. I remember how helpless I felt when our poor dog had one of her seizures and there was no way I could get her to the vet (Jim was out of town) and it was a really scary experience. Guess we really do depend on our cars though I don't like to admit it.
  6. Wow, didn't think I'd hear so quickly from someone, let alone 3 people! I've been looking around and there isn't even a credit union near us. My husband does agency work (he's a nurse) and doesn't get a steady weekly check, per se. For instance, last week he did but this week he won't because the very severe weather prevented him from going to the job site on the two days he was scheduled to work there. So this week he will have only 2 days. Thank heavens his pay rate is decent ($28.00 an hour) so it is livable. Usually he does get a full week in. His check is automatically deposited in our checking account. So I don't know how that would work if a CU takes a payment directly from the check. Also, Jim works for a number of agencies, not just one. He might work one day for agency X and 3 days for agency Y, all in one week. It gets complicated. And a horror around income tax time! Regarding a personal loan I am already assuming the car will be the collateral for the loan. You're right, I don't want them to pull reports for nothing if we don't have a chance. We had gone to a branch of our bank last year and asked about a loan but it was very soon after discharge and the manager there was really clueless, as in DUMB. I had to explain what certain terms meant to her, and why pulling credit reports were bad for your score. When she asked "how about these buy here pay here places I then had to explain to her why they weren't the best in the world to do business with. And this was the bank manager???? Given it was a small branch tucked away in the remotest part of town, she didn't have much experience with anything out of the ordinary. She did say that loan decisions are made at the local head office, I said to myself "Thank God" because hopefully those people were a bit more on the ball then this woman. Saturn does offer financing as does any dealer but it's the same old "minimum loan of $7500". The car they have is only $3595. Checked the Black Book and Edumunds and the price is right where it should be so nothing fishy there. And one of those rarities--an older car with low mileage yet still with a lot of the power and safety items found in later models. I checked loans on line and the same is true--$7500 minimum loan. We don't want or need to go into that much debt as there are other priorities as well where the money can be spent. My medications, even with the doctor's help with samples, easily go over $300 a month. And we need to definitely move out of this house we are in now as the landlord is a real dunce. Last week he almost incinerated both himself and me because he thought he knew how to fix the heater. We were only saved from certain death by the arrival of the heater repairman who said if the landlord had somehow jump started the heater it would have exploded in our faces. And this isn't the first time Mr. Know It All has endangered our lives or property. Sorry, but had to get that out of my system. It was one of the scariest things to happen to me in the past year. Anyway, seeing these two nice cars come along at a decent price is why I'm looking for ideas and appreciated your suggestions and any and all thoughts on the subject. A good day to you all and may your heaters run smoothly!
  7. We have just about cleaned up our credit as best we could. Had a BK 7 discharged in April 2003 and our scores went from the 500s to between 611 -689. We are now in need of a second car but don't want or can't afford to pay too much. All car loans set a minimum amount at $7500. I only want something to go to the stores and doctors' appts. with, and have found two good prospects. One is a 2000 Kia with 12000 miles for $4000 and the other is a 1995 Saturn with 44000 miles for $3595. The first is at a used car lot with a buy here, pay here financing. The Saturn is at a Saturn dealership and from experience I know they won't do any financing for such a small amount. My question is does anyone think we would have any luck with our bank for a personal loan? We've used this bank for about 6 years for checking and opened a savings account this past summer. We only need $3000 at most after the downpayment and probably less then that. It would be automatically deducted from our checking. I know banks are tough on people with bankruptcies. But I can't figure anything else out. As stated, lenders won't go that low with the loans and the buy here pay here people don't even report to the credit bureaus. My hubby made about $42000 last year and I get $10000 disability pension. Any suggestions would be most appreciated. Thanks in advance.
  8. Best Buy is Household Retail Services, be very wary. Educate yourself and make sure you do nothing to give them any excuse to pull a fast one on you. Sometimes it seems like they don't even need an excuse. Anytime you are dealing with Household in any way, shape or form, you MUST scrutinize your bill every month. Please do not be late for any reason, and if you have to call about a problem, if you don't get your response in writing, it will be like it was never said. I don't mean to spoil anything for anyone, but only to prevent possible future major problems. I hope everything goes smoothly for you. Those TV sets sound really cool!
  9. I've been receiving several offers a week from them. Today I was very tempted to do what you did because who is going to give me a card? Have disability pension income of just over $10000 a year and had a BK 7 discharged in 4/03. They say the minimum amount credit line is $500 which would be OK with me as a starter. Were you offered the 0% APR and then it goes up to 12.9%? Did your annual fee say $59? I too thought it was automatic. According to my flyer, it said you may even be able to access a portion of your credit line right away. Guess it's all a "come on". Please keep us posted as to what happens. These days one really needs at least one card for emergencies. I know their reputation but as long as I can make payments online and don't charge much there shouldn't be a problem.
  10. I am on disability @ $10000 yearly, but my hubby makes about $40000+ a year. We have no debts per se, other then $50 owed on a secured credit card with a limit of $300. On a good week, he can clear about $600. Since he does agency work (he's a nurse), he's sent to different places, but right now he's commuting 24 miles. But it's a very easy drive, with only 1 red light. Mostly just woods and farmland roads. You're right about NJ. The cost of living is staggering and anyone trying to recover from a BK will find it almost impossible, especially if they wish to become a home owner again. For instance, I found a property in Missouri with a nice rancher and 8 acres for $100,000. North Carolina--rancher with 9 acres--$98,000. Taxes ranging from $300-800. (NJ taxes $2800-$3500 in South Jersey-North MUCH higher). Similar places here in South Jersey go for over $200,000 and farther north would easily run near $300,000. Which is why it's 2 years and out. All we need is a bit of a break. Thanks for answering. No one to "talk" to and going out of my mind.
  11. I have been posting here in desperation lately because of various bad events involving my health and my husband's job, health etc. I don't know where to put this post (again) but here's part of the story: You are not going to believe the following: the only people who were willing to rent a house to us so soon post BK were -how can I put this --a couple with IQ's that might total about 100 if added together. The house turned out to be a piece of junk but how poorly it was constructed (by the husband, of course) didn't become clear until we lived in it for a while. After a number of incidents, some of which could have resulted in injury like broken steps etc., the heater suddenly gave out with the outside temp around 18. We have a cold snap going with temps ranging from 24 down to 10 at night. (we want to move South in about 2 years). Anyway, Mr. Landlord "I know how to do everything myself, don't want nobody here who will charge money" tried to repair it. To sum up, I ended up calling a repairman from the company who serviced the heater at our former house. Mr. Dork landlord had just brought some kind of gadget that he was going to jump start the heater with. Now, if the serviceman arrived about 10 minutes later, I probably would not be writing to you now. After five minutes looking over the heater, he turned to Mr. Dork and angrily said "If you had fired up this unit, it would have exploded into flames and the house gone up in fire. The whole unit is flooded with oil. Your only problem was a clogged filter. But you've flooded the whole unit. I'm not touching this thing. Your only recourse is: get a new heater. This one is old and on its last legs anyway. Or not recommended but you could have someone competent clean up all the oil and then hope for the best. But I wouldn't recommend it." Well, the landlord and his wife, who had arrived by this time after I had been freezing for 8 hours, were talking about a new heater. Next morning, but having Mr. Dork install it (!). Mr. Cheapo Dork arrives and says some heater guys were coming to clean up the oil cause a new heater costs too much, yuck, yuck (his wife told me about her new microdermabrasion treatments for just $500 which smooth out the fine wrinkles on her face). Well, now we have heat but everytime it runs the smell of fuel oil hangs in the air. This place is disgusting and is making us all sick. I won't even go into the kerosene heater Mr. Dork brought to get us through the night and really stunk up the place.... Around here houses are too expensive to rent and I'm a person who needs her space. Most of the apartments are located in pretty bad areas and anything more then 1st floor is out because of my disability. I WILL NOT give up my pets. They are my only friends. I've been looking at mobile homes but none are for rent. There are some for sale ranging from $15000 and above (there's a nice one for $20000 in an "adult park" if I can bear living that hemmed in-has all appliances-central heat, air, W/D, Dishwasher etc.) but wouldn't it be impossible to get a mortgage and even an approval with a post BK discharged in 4/03 on our records? We do not intend to stay in this state any longer then 2 more years. In fact, if we had been able to save the money after the BK as we originally planned and had been able to do so if we had not rented this piece of junk we would have already been gone. So it's not like we're going to hang around. IF we bought a mobile home we would buy land in another state eventually and maybe take it with us to at least assure a roof over our heads no matter what. The only way we found this present place was to advertise in a local horseman's newspaper for a house with land with pasture to rent. I doubt if we could find another place again for less money. The most important thing is to check out the IQ of the landlords. This one almost incinerated me and the house two days ago, and it's not the only thing these people have done in the 8 months we've been here. I know this is long but any advice, suggestions or anyone know of the right person to speak to, including a psychiatrist would be most welcome to know what the most viable option would be--please post. Last time I looked scores were from 621-687 hubby Me 610-655. Hubby's probably higher now as several hard inquiries were due to drop off from 2001. Thanks in advance.
  12. We want to avoid a foreclosure on our credit.
  13. We have a chance to do a short sale on our property post discharge of our BK 7 which was in April 2003. Lender #2 is giving us all kinds of grief. Lender #1 had no problem giving a payoff figure, but #2 wants all kinds of stuff-income tax copies for last 2 years, last 3 paychecks, bank statements, hardship letter etc. etc. A lot of this stuff is still in boxes from our move and I am too ill to dig out a lot of what they want. With hubby constantly looking for a job and coming home exhausted you can imagine how hard this is. Sheriff's sale is coming up soon. Lender #2 is probably shooting themselves in the foot. Buyer is offering an amount which would leave them a nice chunk of their original loan even though the house was way upside down with negative equity. Why are they doing this? They are acting like we are applying for a mortgage. We need to be doing other things like looking for another place to live (this dump is way overpriced and full of all kinds of creep crawlies, steps are ready to cave in and I am sick of calling the landlords). I heard from a guy who knows about short sales and he says if a BK 7 is discharged there's no reason for them to hold up a short sale because of this paperwork. Any ideas, suggestions, past experiences etc. Please help, am losing my mind!!! Thanks in advance. My muscles are screaming from copying close to 50-60 pages of the junk this lender wants and we still don't have everything. Sale is set for 3 weeks and lender says it takes them 5 weeks to figure out if they will "accept" a short sale. Being they stole this house from us in the first place (wait until I tell you guys that story--you won't believe it) they have a lot of nerve.
  14. I'm so glad things are now over for you. Good luck! And don't feel guilty about anything. Just pick up the ball and start the game over again. It's a bright new day for you and a new future awaits. Happy that you could do the BK 7. The BK 13 would drag on seemingly forever and leave you living just on the edge. You did good!
  15. Wow, the article itself is priceless! It contains a wealth of information, including the lender knowing at the time of the loan that the borrowers would not be able to repay it. The attorney you mention is sort of far being that we are in the southern end of NJ. The drive up in northern NJ is the East's equivalent of LA. No, wait, LA is actually an improvement. Why oh why is there no direct public transport link between AC and NYC? But if he's willing to help us we will find a way. Many, many thanks. Now, the trick is to get an attorney to call back. Good luck to you and we will certainly give it our best shot as well. D*** if we will go down without the best fight we are capable of!