mellowtigger | not gonna happen (Reply)

A year ago or so, I talked to two banks about home loans and they both told me on the phone that they didn't work with loans "under $100,000". I've had more success this year on that point, but I've now been turned down twice because I don't have enough debt. It's bad to live by the goals of simplification and self-sufficiency when applying for a big loan. You have to be in debt (and paying religiously) in order to qualify for more debt. I was told again this morning that my credit score is good, but there's just not enough involvement/history for anyone to offer a loan.

It's really a shame too. That $35K house really would've been a nice small place for me to retire someday. The mortgage (even with taxes and insurance) would have been cheaper than my current rent. It needed a few repairs, but none of them sounded expensive. Oh, and just 3 or so houses south of it, there was this nifty little urban garden that I could have used too. All that, and only 1 mile from work.

I am disappointed that it's not going to happen. :(

Meanwhile I was told that I should try to build more "alternative lines of credit". Paying car insurance each month would count. So would paying a store credit card. The pet store is always on my case to get a card when I buy cat litter. I may have to take them up on their offer. That would get me the last line of credit that I need. I could someday quality for a house loan because I buy cat litter on a pet store credit card. That's how messed up the American financial system is. *facepalm*