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It must be something people with bad credit came up with.
That term is something I have heard my whole life....and I am 56. My dad is 92, and has always paid cash for everything. He has no credit, doesn't understand how it works even.
Please, please, please be VERY careful if your landlord co-signs for a loan. I hate to be negative, but it sounds to me as if the landlord has learned of a great deal on some real estate in the area, the house you want to buy, and wants in on it.
Exercise CAUTION! Your landlord is a stranger really and may not have your long term best interests in mind.
You can have your landlord report positively to the credit agencies about your on time rental payments. You also should not be afraid to get a credit card. They give those out to anyone with a pulse....even a few dead people got cards before. Charge some groceries and pay the card in full each month.
Lol. Ok, thanks a bunch. I applied for a Walmart store card a few years ago (they were offering some kind of promotion, like $10 credit) and was denied - that scared me away from trying others. I'm looking into some today.
That term is something I have heard my whole life....and I am 56. My dad is 92, and has always paid cash for everything. He has no credit, doesn't understand how it works even.
Lol, I'm glad I'm not the only one who has heard of this! My mother always said it. She had (has) terrible credit. Always said she'd rather have her poor credit than none, though...
A distant family member passed away, and another family member has offered to sell me the home for $25,000.
A word of caution. Make sure that the estate of the deceased was properly probated and that the family member is authorized by the probate court to sell the house on behalf of the estate.
Or make sure that ownership was already transferred out of the estate by deed to whoever inherited the house and that the heir is the one selling it.
People tend not to pay attention to the "legal" stuff when doing business with family and end up getting screwed.
Quote:
Originally Posted by annrow
Current landlord is willing to cosign with me (she says her credit score is >750 - and of course her credit history is much more established).
I echo the previous warning. Make sure she only co-signs the loan without becoming an owner on the deed. Though why anybody would be foolish to co-sign a loan without ownership is beyond me.
and do get more credit cards. They can't verify income so you can say that you are self employed and make $50K.
You may need them when you have to make repairs on the old house since you will be on a very fixed limited income.
With SSI you can't keep much in savings so for closing costs you may need to use gift funds from a family member.
and don't put any cash in your account or do it now and wait a few months to apply, the banks scrutinize every dollar when they ask for the last 2 months of statements due to the Dodd Frank bill if it's still in place, anyway banks will still do it.
A word of caution. Make sure that the estate of the deceased was properly probated and that the family member is authorized by the probate court to sell the house on behalf of the estate.
Or make sure that ownership was already transferred out of the estate by deed to whoever inherited the house and that the heir is the one selling it.
People tend not to pay attention to the "legal" stuff when doing business with family and end up getting screwed.
I echo the previous warning. Make sure she only co-signs the loan without becoming an owner on the deed. Though why anybody would be foolish to co-sign a loan without ownership is beyond me.
Ok, thank you. I didn't even think about the legal stuff. I assume it's all in order, but will ask him about all of this ASAP.
and do get more credit cards. They can't verify income so you can say that you are self employed and make $50K.
You may need them when you have to make repairs on the old house since you will be on a very fixed limited income.
With SSI you can't keep much in savings so for closing costs you may need to use gift funds from a family member.
and don't put any cash in your account or do it now and wait a few months to apply, the banks scrutinize every dollar when they ask for the last 2 months of statements due to the Dodd Frank bill if it's still in place, anyway banks will still do it.
Thank you - I never thought to fib and say I was self employed, making 50K Lol, but I bet that would work!
Right - the closing costs and SSI rule about not being able to keep more than $2000 on hand at a time was another concern I've had. I'm hoping the owner/seller/family member will gift it, then allow me to pay it back over time. Just add it to the list of things I need to discuss with him. I don't know any other way to do it?
Do you know exactly what the bank/lender looks for when they're scrutinizing past bank statements? Large deposits, large withdraws? (Neither of which I have - just SSI deposits and withdraws for bills). Or are they literally examining every line (like, ate out at Taco Bell on 2/5/18? Lol). Just curious. Thanks in advance.
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