Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Is $50 a "safe bet" for a max amount spending? I am literally scared to buy anything with debit for fear of being judged, but people gotta pay bills, buy groceries, and gas I guess...haha
Is $50 a "safe bet" for a max amount spending? I am literally scared to buy anything with debit for fear of being judged, but people gotta pay bills, buy groceries, and gas I guess...haha
I wouldn't worry about groceries, gas, utilities and rent etc. In fact don't change those usual spending as it could trigger more questions etc.
Large purchases are more like appliances, cars, clothes shopping sprees etc. Don't apply for store credit cards. I knew someone that applied for a lowes credit card and a furniture store credit card. She then bought an appliance package, living and bedroom furniture on an interest free deal they were offering. Couldn't close on her house as it messed up all her figures. She was so upset.
Also no deposits other than paychecks. Unless you want to explain them. I learned that the hard way, so annoying how they nitpick every penny going in the account. (My mom used to deposit $50-$100 for me to get this or that for my kids. Easier than trying to mail me a check. Had to explain all those little cash deposits in writing)
Also no deposits other than paychecks. Unless you want to explain them. I learned that the hard way, so annoying how they nitpick every penny going in the account.
I ran into this as well -- had a one-time $3000 deposit that I had to explain in excruciating detail to the lender. Why do the lenders care?
I ran into this as well -- had a one-time $3000 deposit that I had to explain in excruciating detail to the lender. Why do the lenders care?
...from the lender's perspective any "borrowed funds" other than the mortgage that are used toward the purchase of the home are bad. Those borrowed funds potentially would be used as a claim against the lender's position as the #1 creditor in the event of a default.
It seems silly to have to demonstrate that in fact mom gave you a "no strings attached" gift but there have been legal cases when relatives try to "claw back" money lent to a home buyer when there is default and the whole mess is in front of a judge for the foreclosure...
...from the lender's perspective any "borrowed funds" other than the mortgage that are used toward the purchase of the home are bad. Those borrowed funds potentially would be used as a claim against the lender's position as the #1 creditor in the event of a default.
It seems silly to have to demonstrate that in fact mom gave you a "no strings attached" gift but there have been legal cases when relatives try to "claw back" money lent to a home buyer when there is default and the whole mess is in front of a judge for the foreclosure...
Oh I can understand why and I also realized just how much my mom spoiled my kids. lol There were a lot of deposits! Now I have a separate account that I don't use except for her deposits. And my oldest has a debit card for it. No more explanations if I ever buy again.
I never carry a balance on my credit card and there was a time where I would rack up charges for my employer and at the end of the month submit for reimbursement.
Anyway... I was about to close and the lender said I had $400 and change on my card... I did... just bought and new pump for the field station...
Lender said I had to bring separate funds to escrow to pay it off so I told the company I needed a check to my credit card company and this also raised eyebrows...
I ran into this as well -- had a one-time $3000 deposit that I had to explain in excruciating detail to the lender. Why do the lenders care?
I had to explain an $8 charge/deposit/I can't remember anymore to the lender.
Good luck OP.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There is always a possibility it is a "loan"....
