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Discussion Starter · #1 ·
Found great rate on rental property refinace. Since I purchased property before marriage, thought I would set wife up as co borrower. Plugged numbers into eloan.com website approved in 90 seconds :cheers:
Since my wife has been a student most of our marriage, she had no credit. I gave her credit cards in her name, purchased auto's, houses ect.
This morning I get a call from E-loan.com. We cannot approve your loan with your wife as co borrower, her FICO score is ZERO. When more than one borrower is used we rate loan by lowest FICO score. By the way you are approved if you donot include your wife on loan :crazy:
WTF wife been making big $$ in medical field last few years. You would think Eloan.com would love to have her tied to loan :nonod:
 

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V-Twin Moddin
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I didn't know anybody could have a zero rating! That doesn't sound right! I mean low but zero? :confused: :scratch:
 

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Discussion Starter · #3 ·
Gas Man said:
I didn't know anybody could have a zero rating! That doesn't sound right! I mean low but zero? :confused: :scratch:
Wife has nothing on her credit report.
I find it stupid that Eloan will approve me outright. But adding wife to loan who never has had credit, has great job they will decline loan :crazy:
What does Eloan have to lose by adding another borrower to loan? They already approved me outright. Seems to me Eloan would want to get as many people as possible on loan. If some reason loan went bad, more people to go after to collect.
 

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V-Twin Moddin
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I with ya on that! It don't make no sense... but then again, what do you expect from a online service!
 

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Get her some store credit cards so that she can built up her credit and then try again. :dthumb:
 

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I'm no expert, but you could have a million dollars in the bank and have a low credit score. Zero doesn't right to me, however.

Your credit score is based on a lot of things, one of which is having credit accounts and paying on them regularly; that's not tied to income. If you have a history of credit lines where you pay regularly, you're a lower risk and get a better rate. If you don't have the history, the risk is high (in the eyes of the crediter) since they have nothing to go on.
 

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WOW...a zero...the only time I have heard of this is when I had a friend got o Africa for 16yrs and came back. After 7 years...everything starts to drop off. And with being there for so long...everything droped off.
 

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When my buddy graduated from college he tried to buy a truck. The guy has a very good income and they would not loan to him cause he had no credit history, ended up having his grandfather cosign and pain some horribly high interest rate.
 

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Another thread bragging and gloating of a purchase? :bash: Does it ever end?

:flush:
 

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I agree with some of the above stuff...get her credit cards and start building her credit. Just have her open them and never use them or have her open one in her name and use it and pay it off each month. She'll build a high score very very quickly.
 

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Discussion Starter · #12 ·
Gas Man said:
I with ya on that! It don't make no sense... but then again, what do you expect from a online service!
True most times you get what you pay for. Eloan offer on fixed rate product 1/8 point lower, fee's much lower than anywhere else have found.
Paper work process seems to be streamlined, apprailsal then sign final papers.
 

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Discussion Starter · #13 ·
fatburg said:
Isnt' debt great :bonk:
At todays long term fixed rates load up all you can;) You will never see these low fixed rates again. If you consider tax breaks and inflation you are getting money for next to nothing.
DONOT get sucked into varaible rate products.
 

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That sounds pretty strange. I got my first CC when I was 18. Had NO credit whatsoever and got Discover with a 5,000.00 limit. Im not sure how I managed that one but hey I was happy. (wrong thing to do but happy) Just start her out with a dept store charge and that right there will help build her credit and the offers will start rolling in!!
 

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Discussion Starter · #15 ·
ShanMan14 said:
I'm no expert, but you could have a million dollars in the bank and have a low credit score. Zero doesn't right to me, however.

Your credit score is based on a lot of things, one of which is having credit accounts and paying on them regularly; that's not tied to income. If you have a history of credit lines where you pay regularly, you're a lower risk and get a better rate. If you don't have the history, the risk is high (in the eyes of the crediter) since they have nothing to go on.
Eloan approved me for loan on my credit. Do not see any risk for Eloan to add wife who has no credit history.
 

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This is really some great stuff.
 

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jetskifast said:
True most times you get what you pay for. Eloan offer on fixed rate product 1/8 point lower, fee's much lower than anywhere else have found.
Paper work process seems to be streamlined, apprailsal then sign final papers.
That hardly seems worth not having the personal attention that you would get from in person contact. At least not too me!
 

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Credit is a :crazy: thing!
Hard to get and hard to keep. (if you don't make your payments)
To many credit card will hurt your credit score. Even if you owe nothing on the accounts.
I was turned down for a auto loan a few years ago. After inquiring why. I found out that I had to mush credit available.
I drooped three CC's and tried again about two months later with success.
 

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:withstupi

I've heard that one before... too much available credit is because they're concerned that after they approve you, that you'll go out, bury yourself and debt and sink their ship with you!
 
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