The first week of February I wrote a post about how I ruined an opportunity to be featured in a major publication.
I found out last Friday, that I was wrong.
I was totally shocked and surprised to find, in my inbox, an email from the author letting me know that the story had FINALLY been published.
This was about a month and a half after sending him an email letting him know of my conversation with my wife. I didn’t hear from him so I thought maybe I had committed a major no-no in the media world by wasting someone’s time which obviously was never my intention.
Now I’m not so sure he received the email and I even went back through gmail history to make sure I wasn’t losing it to see if I had actually sent the email. I did so either he is extremely busy and it got buried in his inbox or it’s possible it hit his spam folder for whatever reason.
Regardless, I actually really enjoyed the story and found myself wishing I could write as well as him. It was a great story indeed so I hope you get to check it out!
[ Read: Life in the Credit Basement: When Low Scores Are a Source of Pride ] (I have definitely taken my “extreme” stance with great pride and passion!)
As you know, I struggled deeply with the conversation my wife and I had about temporarily getting a credit card in order to give me some credit history and make sure we’re able to buy this house from my in-laws.
Here’s the deal.
We were looking for “the perfect” house over the summer. In doing so, the mortgage guy informed us that I had no credit score due to a lack of active debt history and that my wife would have to try and get the house only in her name. The problem is that because of the crazy mortgage we got on our last house — and the bad neighborhood we found ourselves in — we did a short-sale. Summer of 2014 will be three years since the short sale which is when banks will consider giving a mortgage to my wife again.
We moved on, and figured we’d start looking again in the summer of 2014.
Then my in-laws found “the perfect” house with everything we were looking for and then some. (3 bedroom with one and a half baths with a partially finished basement on a 2 acre lot close to town.) BTW, we’re making some improvements to it now and when we’re totally done we’ll have 5 bedrooms 3 baths on 2 acres, an awesome new kitchen, and new floors.
So they put an offer on it. They knew our plans, so when they told us about it the plan was that we would buy the house from them this summer. No problem we thought.
But, with this new family element, I started to seriously worry about the what ifs. What if we can’t get a mortgage and they end up stuck with this house — their 3rd house?
That’s when my wife approached me with her “temporary” solution — the credit card idea.
I’ve often written about manual underwriting and even tried pimping out eCredable as an option but when you find yourself in the situation suddenly those options seem less of a reality. I’m not saying they are not real options, just that it’s much easier to write about them when you have no personal experience using them.
We were unable to find anyone who does manual underwriting in my town and it makes me a little nervous doing mortgage paperwork across state lines.
eCredable sounds like a great option and according to what I understand, lenders are supposed to take information obtained from eCredable into account but aren’t necessarily required to give you a loan even if the information obtained is satisfactory.
And that’s where my worrying came into play and why I considered my wife’s solution. I know for a fact that if I play the stupid game long enough to show some activity then I will likely have a score long enough for me to get a mortgage. I guess the problem is that I do not really know how long that takes which is why I considered “selling out” in the first place. If I wait too long then it would all be for nothing.
I haven’t made a move yet, and I honest to God DO NOT want to. I’d rather use the alternatives available but like I said, when you find yourself in a real life situation, suddenly everything you’ve written on the subject isn’t so cut and dry anymore. Generally speaking the people who push the alternatives already have a mortgage, which means they also already have a credit score.
With that said I am planning on speaking with someone from eCredable to discuss the real possibilities. Maybe when I do, reality will be more clear and I totally acknowledge that I could be wrong. We’ll see.
I may even call Churchill Mortgage just to see what that process looks like across state lines.
Until then, all options are on the table.
Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net