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i cant belive IN 1 YR


sambabchip1
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My ? is how after , have a house @ 350k, all the credit i could want

i cannot get a loan to refi, 30 in cc.

house is now @ 330k , 236k 1st 30k 2nd an i cant get some f ing bank to refi me.

sam

can you just write out what you mean, Im sorry its hard to understand you.

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My ? is how after , have a house @ 350k, all the credit i could want

i cannot get a loan to refi, 30 in cc.

house is now @ 330k , 236k 1st 30k 2nd an i cant get some f ing bank to refi me.

sam

Right now banks are being very very tight with their lending and appraisals due to the down in the real estate market. I would also check your debt to income ration, and if your income supports your debts. I would then try to deal with a broker. I find that when the banks cant get the loans done the broker can usually because they deal with so many types of lenders , now on the down side you will pay a broker fee or some kind of fee for them getting the loan done. First of all check your credit report to make sure you score so you know where you stand from that point.

I hope this helps because I still not very sure what you are asking!!

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My ? is how after , have a house @ 350k, all the credit i could want

i cannot get a loan to refi, 30 in cc.

house is now @ 330k , 236k 1st 30k 2nd an i cant get some f ing bank to refi me.

sam

Okay...Your question is why after you were approved for a mortgage for $350k and all of the credit you could want, you aren't able to refinance? You've paid your mortgage down from $350k to $330k (mortgage in two parts, as you said)...Is there more background information?

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yesterday, i have a home est @ 330k, i have a 1st @ 236k @ 5.85 an a heloc @ 40k @ 6.00, i have 5 amex with has 10k each, 2 month ago

they amex droped the cl to the bal. about 5k on ea,

now i have 20k with amex, and another 20k in cc with different banks.

income is 70k, i was doing fine untill all this credit and housing mess.

i know what i neeed to do, pay down the cc, thats it.

i wanted to refi all into but the house doesnt have eq, init im @ 90% LTV

i dont fell BK for 40k IS WORTH IT.

what would YOU do,

sam

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Well first, I would stop smoking that gonja so I could see what I was typing and so people could understand it.

Amex dropping your limits to equal your balances definitely tanked your scores. You are now showing that your cards are maxed out which is very baaaaaad. I have a feeling that as you pay down your AMEX cards they will chase down your balance with lower and lower limits.

Why do you think they are lowering your limits. It really sounds like something else is happening here. Bad scores kind of feed off of each other also. Say you let a couple of cards slide, but you keep the good ones current and pay on time. You'll find your good cards will start dropping limits or even drop you all together based on new reports they pull.

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You have $40k in credit card debt currently? Ouch. It's no wonder why you're not getting approved for a refi. As has been already said, AMEX dropping your limits definitely impacted your scores...And I've heard that AMEX does this when your utilization is consistently high and you're consistently only paying their minimum.

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about cc anymore, i have lowes, homedepot, if something were needed at the house, my 3 cars are paid i dont think i will need one for a few yrs, only 2 problems

1. i have a 5 yr arm, due to adj in 2012 so i will need to refi,

2. 40 k in cc

but i do have a plan, pay off 1 cc a month, amex are 5k but i hav15cc total 20 k, i can pay 1k each month an dont use it so i do have a plan

an if they cancell me f them, as i pay my heloc that can be use as a cc also.

ps funny guy, i haven smoked in 35 yrs,,,,, hate it, think to much.

oh maybe i should start ,, thinking......

thx

sam

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my scores are not bad, 650 is middle. most of the people are saying it LTV is to high, house is not appraising as once was, only 330k

i need 310k something to do all cc , heloc, and 1st,

so heres my plan,

pay all 40k before 2012, i make 70k house bills 2k thats 1st 2nd and water, ele, cable,, so i have 2k to spend so i think its doable,

3.5 yrs, , even if i pay the 20k in 1 yrs, and keep amex going i dontg think they will drop me,

thx sam

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Concentrate on the cc's that is where your credit takes the biggest hit on the score. Try to keep credit cards below 30% of the cl. If you can pay down the cc's and still make the mortgage payments thats what I would do.

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i have 1 or 2 cards that have some $$$ but most are maxed....

i f'ed up, overused this cards, used up most of heloc

the only thing i did correct was i put 70k down on my house,

an @ 5.75 for 5 yrs it was a good deal.

if not im walking away today, like most in forcloseure.

but 40 k is not that much, i can do it,

thx

sam

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cards with o bal, about 10, lowes 10k cl, homedepoy 10k,,, macys, blooms, a few more i cut them up wifeeee likes on line shopping

but i cut them, a have a few gas, 3 or 4 @ 1k ea.

so its only the ones like

cap one 1500 cl

credit one 600

merrik 1k

hooters 1k

junper 300

ect,,,,,

i figure if i pay this off, an that just work the amex i should be ok,

sam

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sub prime b/4 amex.. so i kept them, an used them alot.

so as i said i will pay each one off per month, an cut or sock it.

but i have i ??? will a few dings now say 30 days hurt so much in say 3 yrs, when im ready to refi, because i may have to pay one an not the other, to all FYI

AMEX doent report until 90 days ,

sam

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