Wednesday, September 16, 2009

Personal Loan Update :(

They turned us down due to debt to income ratio being too high.

Well, crap.

In reality, this loan wasn't creating new was helping to reshuffle what we have. But they don't see it that way. When we receive the official letter (I was turned down on the phone), there will be info on contesting it. So, it may not be dead in the water just yet...but that is being drastically hopeful and optimistic (and trust me.....I am not good at playing Miss Mary Sunshine.)

Spoke to the FA, and he is bummed. This was a lynch pin in the plan....and now he has to figure out a way for us to come up with $7,000 to pay off the retirement loan so we can keep working the other steps. I told him I am concerned that if this was a NO, what else will be a NO. Plus, I don't want our FICO score to take too much of a beating.

There is a few other things we can do to come up with the money....none of which are good. Sell my engagement ring is one. Parents.....that is iffy.....I know my parents really can't do it. I know his mom can...but I hesitate to ask.

I can continue to sell off extra stuff we have, but I doubt we have $7,000 worth.



  1. I am so sorry for what feels like a set-back. But I wouldn't concern yourself with your fico score... After all, only people who apply for debt need a good one!

  2. But alas....we want to refinance the house, so our FICO needs to be good.

  3. Mysti, Don't want to keep beating the Dave Ramsey drum..but you gotta sell something :) Take a look at our blog, We sold our beautiful Lincoln Navigator and applied $12,000 of that to the debt. I know your husband may not want to, but as a husband - I would do whatever would make life easier on my family. Second, have you considered the option of selling the house and renting until you get on your feet? These are drastic guys seem like you are working as much as you can, and still not gaining traction. If you sell the house and the car, get a beater and rent a little something...that gives you traction! I would do it in a heartbeat if I knew I couldn't be done with this thing in less than 24 months!

  4. Melissa and Jeff....

    Kudos to you for selling the car!

    Selling our car would take some major convincing. I have tried, and he just isn't willing to go there. We have 2 yrs left on the car (unless we can do the reshuffle), and he just won't do it.

    Selling the house.....nope. We took a hit when the housing market busted. We would not make a profit from the house (let alone even have enough to move, even doing it ourselves), and we would lose the tax credit.

    Plus, rent in this area (moving out of the area isn't an option due to the location of both of our jobs in opposite directions) is equal to our mortgage payment. So no gain there.

  5. Well...we'll keep givin' our thoughts and maybe one will stick. You know what they say..."Opinion's are like 'rear-ends', everyone has one!" I niced it up for this blog :)

  6. even I have one!