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Tuesday, August 14, 2007

Bikes, corn and home

Linda, the keeper of Raven's Roads is having a show and tell. What a biker! She walks around with a sign that says "SHOW ME YOUR. . . Bike!" Ha! She's not that kind of biker, so get that one out of your head. Got a motorcycle you want to show and tell? I brought mine in today.

On the homesteading front, my corn is burnt up. I watered and cared for it, yet it still didn't want to make it. This is the first time I have messed up on corn, and I don't know what I did wrong. There is a place a few miles from here that sells sweet corn, I will have to head there and by corn to can for the winter.

I fell through the floor of the laundry room on Saturday. I am tired of living this way. And am angry that credit scores are our only source of credit worthiness. I guess it is time I told you the story, I am sure some of you older readers are wondering why we haven't built our home yet.

We pay a company through our mortgage lender to watch our credit, they are to tell us when something negative has been placed on it. They didn't. We assumed everything was fine, and tried to push through our loan for the new house. Our credit score was too low and we were denied. What!?! So I looked it up. One bank marked us as a bad debt because we paid off a loan before it matured. So I fought it. It was only removed from one of the credit companies, not the others. But this didn't matter because we don't have credit cards and have paid off all our loans before maturity. This keeps are credit rating low. We stupidly thought that if we had no debt, that it would look good to lenders, everything was paid off in a timely manner. Nope, no go. So unless someone reading has $100,000US to loan me, it will be awhile until we can build our credit rating up to get a bank loan. Now we have to fix what is wrong with this house and hope for the best, like a plane landing on it for the insurance.

14 comments:

Bfitch said...

I also tried to get a mortgage and while I had no bad marks on credit I also was told I did not have enough revolving credit. Was told to get credit cards, furniture loans and such to equal 10,000.00 in revolving credit before I could qualify. All this time I was trying to be good and not have any debt but unable to get mortgage without debt and lots of it.
Needless to say I now have three credit cards and new furniture on credit.

maggie said...

I had a similar mistake, I paid off a credit card then cancelled it, bad move on the credit front. I had no idea. The credit rating is a bunch of manure and needs to be regulated.

Tim Appleton (Applehead) said...

what a pain in the ass.I feel for you.

Howling Hill said...

You're scaring Wolf and me.

We've paid off almost all of our debt (still paying on our mortgage and one small car loan) and have no credit cards (only debit). Our goal in doing this was to be debt free so we could buy land and build a home on it.

*sigh.*

alrescate said...

Too bad about your corn. Will you have to buy seeds now for next year?

I had heard that you should have some credit cards to help with your rating but I've never heard paying early is bad for your rating. That is messed up.

Cheryl said...

Oh my god, that's ridiculous! I've never heard of such a thing, I wonder if it's the same here in Canada?
I'm sorry to hear about your corn.

Linda said...

That's shitty on the loan. I had a similar kind of issue when I moved here because I had no credit history in the USA. I had to get a stupid expensive secured credit card and work up from there. It took a long time.

I love the "show and tell" thing! :) That doesn't exist in the UK but it makes me smile. And yes, it's exactly like that.

Renee said...

Ack! It's ridiculous that so much of the country lives in such deep debit, yet we also get punished by trying to be extra responsible and avoid any credit? Err...

Gardening related, my corn got such a late start that I doubt I will have any either. Just another reason to visit the farmer's market I guess!

Tish said...

I just posted your 10 Questions on BlogsWeLuv. :)

farm mom said...

My husband and I were lucky/stupid enough to have CC debt when we bought this house, and I too started paying them off and was told that would be a mistake, by the loan officer. Since then we have a great credit score, but that too comes with it's problems. I now have CC's with no balances and enough credit limit on them to buy cars and small homes!!! And if you ask them to lower your limit, you know what they tell you? If you do that it will lower your credit rating. So guess what I'm dealing with right now? Yup, identity theft. Someone decided if I wasn't going to use all that credit they would. $11,000 in fradulent charges on one of my accts. I've been dealing with this situation since the end of March and it still is not resolved!! Ugh! The only reason I don't pay everything off and close everything is that Eric and I too are thinking of buying someday. So, you're damned if you do, damned if you don't in my opinion.

Phelan said...

bfitch, we got our mortgage without all those things the first time around, but now. . . that stupid revolving credit!

Maggie, I agree

Tim, thank you.

Howling Hill, I don't mean to scare you guys. But you do need to think about this. Talk to a lending officer to see what you need to do so that things don't surprise you.

Alrescate, yep I will have to buy seed.

Cheryl, I hope not.

Linda, I love show and tell. It was my favorite time in school.

renee, as Farm mom says below you, you are damned if you do, damned if you don't. Sorry about your corn as well.

Tish, thank you.

Farm mom. ACK! I am so sorry.

Gina said...

Ironically, my husband was adversly affected on his credit history and the same thing increased my credit score. The one who said "damned if you do, damned if you don't..." is right! It is a crap system made to not be understood by anyone, but the people who make the judgements. In fact, up untill 1998 they were the only ones privy to the "score". Now you can buy it if you want to see it (that is the only thing lenders care about and it is based on things they value or devalue on that unknown system). I called FICO to ask about something listed as "bad" on my report and the girl on the other hand asked me what the score was on the report (sent by the bank we are getting our new mortgage through). I replied what it was and she said, "Why care about {blank}, those are excellent scores!" She said they shouldn't affect my credit, YET, they are listed as bad (and are incorrect). It's frustrating to say the least.

Hope things go better.

Celeste said...

I hate credit! I am getting out of debt and the hell with a new place. this one can fall in when I am old.

I also had no corn, lots of stalks, silk and what nots but no ears not even baby ears, just silk.

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