DH and I went over to the store today and put in a credit application for the bikes.
The short answer is "no".
Therefore, no new motorcycles in our carport. We did get very good reasons why we didn't get approved for anything (even with our "home bank") - that reason is, we have no recent credit history.
See, back when DH and I first married, we got into a bit of a...let's say, a credit scrape. We overextended ourselves BIG TIME and didn't know what to do about it. After a lot of time and a lot of hard work, about six years ago, we managed to pay off all the debt we had accrued in our early years of marriage. Vowing not to ever get "in that shape" again, we didn't open any more credit cards or take out any loans. If we wanted something, we paid cash for it. If we couldn't pay cash for it, we either did without it or figured we didn't need it bad enough anyway.
This is what's gotten us in this predicament. We haven't borrowed any money, so we have no recent credit history, therefore we can't get any credit. Stupid, ain't it? We're a "risk". Add to that the fact that someone stole DH's SSN off some stolen compensation records, a subsequent credit freeze, and you've got the perfect combination for not being able to get even the smallest of loans.
Ahh, well. Things come, they go. Guess we didn't need 'em that bad after all.
Thursday, June 5, 2008
Wednesday, June 4, 2008
Update to the Last Post
With the morning light comes revelation, or so they say. Anyway, here's where we stand:
#1: We did some math last night (I neglected to put that in the last post) and I think we can swing both bikes and the insurance to cover them. With the right financing, me working now and with DH's child support ending, we'll have a little extra cash to throw around on something.
#2: My credit score isn't bad necessarily, but it's not great. I have an option that I might consider, though; I won't have my bike or my husband's bike this summer, but it will allow us to get a better rate next year if we want to wait. I could go out and buy a TV or something on credit, pay it off in six months and up my score a little bit, which in turn will maybe give us a better rate. That would work well in either situation we're considering (see below).
#3: I called dad last night and asked him why our current mortgage doesn't appear on our credit report. It's because we pay THEM the mortgage payment instead of a bank, and thus it doesn't get reported to the credit bureaus. We pay the mortgage on time and in full every month (and have for four years), but that does not impact our credit score at all, either good or bad.
#4: I called dad this morning to see what he thought about our idea of buying the bikes. He suggested that we, instead of buying the bikes, we look into trading in one of our cars (which we don't owe anything on) in favor of a more gas efficient hybrid car. That's a good idea, but because of the aforementioned low credit score (and my experience in the auto industry) I know that when trying to finance that amount of money (about $25,000 or so) for a new car with my credit score, we're going to get a really HORRIBLE interest rate (I'm talking upwards of 25%), the payments will be WAY more than we can afford per month ($300 on average) and although it will probably be more practical, we'd be getting in WAY over our heads on a new car when our current cars are in good working order. I can't even find a gas / electric hybrid locally - I'd have to go at least an hour away to even test drive one, and I don't like the only one I've found in the state so far (color is icky, and it's a hatchback - yuck). Conman's too young to ride the bike now, but by next summer he ought to be able to ride (I hope). If we need to transport him, we'll still have the cars.
#5: I asked Dad if he'd cosign for a car if that's the direction we decide to go in (he'd have a better credit score and perhaps help us get a better rate) and was told, unequivocally, "no". I think the exact phrasing was, "I'm not cosigning for anything". Okay, thanks Dad. Don't gripe (or you, Mom) when we end up with 2 motorcycles instead of the more practical car to help with the gas crunch. Beggars can't be choosers, and in this case, we're beggars.
That's the way it stands right now. I'm still waiting for the store manager to log into his instant messenger so I can discuss prices on a second bike, and see if it's even possible to finance two bikes on one deal (I'm pretty sure I can, we've done it for other customers before), and to find out exactly what paperwork we'd need for them, stuff like that. Just kinda get stuff down so I can get it rolling (pardon the pun).
Cross your fingers for me - something's got to give. I'm up to my ears in gas (i.e., car fuel) bills, and either option would help with that a little.
#1: We did some math last night (I neglected to put that in the last post) and I think we can swing both bikes and the insurance to cover them. With the right financing, me working now and with DH's child support ending, we'll have a little extra cash to throw around on something.
#2: My credit score isn't bad necessarily, but it's not great. I have an option that I might consider, though; I won't have my bike or my husband's bike this summer, but it will allow us to get a better rate next year if we want to wait. I could go out and buy a TV or something on credit, pay it off in six months and up my score a little bit, which in turn will maybe give us a better rate. That would work well in either situation we're considering (see below).
#3: I called dad last night and asked him why our current mortgage doesn't appear on our credit report. It's because we pay THEM the mortgage payment instead of a bank, and thus it doesn't get reported to the credit bureaus. We pay the mortgage on time and in full every month (and have for four years), but that does not impact our credit score at all, either good or bad.
#4: I called dad this morning to see what he thought about our idea of buying the bikes. He suggested that we, instead of buying the bikes, we look into trading in one of our cars (which we don't owe anything on) in favor of a more gas efficient hybrid car. That's a good idea, but because of the aforementioned low credit score (and my experience in the auto industry) I know that when trying to finance that amount of money (about $25,000 or so) for a new car with my credit score, we're going to get a really HORRIBLE interest rate (I'm talking upwards of 25%), the payments will be WAY more than we can afford per month ($300 on average) and although it will probably be more practical, we'd be getting in WAY over our heads on a new car when our current cars are in good working order. I can't even find a gas / electric hybrid locally - I'd have to go at least an hour away to even test drive one, and I don't like the only one I've found in the state so far (color is icky, and it's a hatchback - yuck). Conman's too young to ride the bike now, but by next summer he ought to be able to ride (I hope). If we need to transport him, we'll still have the cars.
#5: I asked Dad if he'd cosign for a car if that's the direction we decide to go in (he'd have a better credit score and perhaps help us get a better rate) and was told, unequivocally, "no". I think the exact phrasing was, "I'm not cosigning for anything". Okay, thanks Dad. Don't gripe (or you, Mom) when we end up with 2 motorcycles instead of the more practical car to help with the gas crunch. Beggars can't be choosers, and in this case, we're beggars.
That's the way it stands right now. I'm still waiting for the store manager to log into his instant messenger so I can discuss prices on a second bike, and see if it's even possible to finance two bikes on one deal (I'm pretty sure I can, we've done it for other customers before), and to find out exactly what paperwork we'd need for them, stuff like that. Just kinda get stuff down so I can get it rolling (pardon the pun).
Cross your fingers for me - something's got to give. I'm up to my ears in gas (i.e., car fuel) bills, and either option would help with that a little.
Lotsa Stuff Going On
So, even though this week has been slow by comparison, there's still lots of stuff going on. Let's see...
Sunday
Heard from a good friend of mine that the rest of the tee-ball season has been canceled. No word yet from our coach, but my friend told me that her son's coach called and told them that they'd "called the season" because the big-kids ball teams need the tee-ball field to play their all-star games.
Monday
First, Speed Racer hell. It's not that it's necessarily a bad movie, just that it's a bit confusing in places even for me, there;s some cursing in it (and they're marketing this as a "kids movie") and the colors were so bright that I left with a bit of a headache. Before the movie I ask a second lady who has a son on a different tee-ball team about the season being called. She confirmed my friend's story, but I still have no word from our coach. At this point, I'm wondering if she's going to call us to tell us before game-time this evening.
I got home and called the coach's assistant to ask about the tee-ball. Finally I get "official" word - yes, the season is canceled, no there are no more games. The time I found this out? Ooooh, round about 2 PM - just a few hours before we were supposed to be on the field and playing. She also told me that I had to pay another $7 for a trophy for Conman, and no, my "Conman's Mom" shirt (that I've already paid for) isn't done yet. Yes, you read that right. The season's over, and I STILL don't have my damn shirt.
Tuesday
Went to work today. It was pretty normal, except for the torrential rain we suffered through. The building has a tin roof, and there are times when I thought it was gonna just come crashing down around our ears. I also have been looking, in a kinda passive way, at this little Harley Davidson Sportster that's for sale at the store. We took it in as a trade, and it's been teasing me ever since I started working over there. I've decided that I want this bike for myself. I asked for a price from the manager and he gave me a good deal (no, I'm not saying how much). I asked DH what he thought, and he's all for it (biker chicks do it for him) except now...he wants one, too. Except he wants a new Suzuki Boulevard (which goes for about double what "my bike" would cost). I'm going to see what kind of deal I can get on both bikes and see if I can get them both financed. They should be a lot of fun, and an added bonus is that they'll be perfect for commuting. Motorcycles average about 50 mpg, so that will put a significant dent in our auto fuel bill for the month.
Wednesday
Well, technically, as of this writing, it ain't here yet. I figure on doing about ten tons of laundry and some dishes, and getting the manager at the store on the phone to try to work out that deal. Wish me luck - I really want "my bike" and I'd like to get DH one too. I hope we can get something worked out that's agreeable to everyone.
Sunday
Heard from a good friend of mine that the rest of the tee-ball season has been canceled. No word yet from our coach, but my friend told me that her son's coach called and told them that they'd "called the season" because the big-kids ball teams need the tee-ball field to play their all-star games.
Monday
First, Speed Racer hell. It's not that it's necessarily a bad movie, just that it's a bit confusing in places even for me, there;s some cursing in it (and they're marketing this as a "kids movie") and the colors were so bright that I left with a bit of a headache. Before the movie I ask a second lady who has a son on a different tee-ball team about the season being called. She confirmed my friend's story, but I still have no word from our coach. At this point, I'm wondering if she's going to call us to tell us before game-time this evening.
I got home and called the coach's assistant to ask about the tee-ball. Finally I get "official" word - yes, the season is canceled, no there are no more games. The time I found this out? Ooooh, round about 2 PM - just a few hours before we were supposed to be on the field and playing. She also told me that I had to pay another $7 for a trophy for Conman, and no, my "Conman's Mom" shirt (that I've already paid for) isn't done yet. Yes, you read that right. The season's over, and I STILL don't have my damn shirt.
Tuesday
Went to work today. It was pretty normal, except for the torrential rain we suffered through. The building has a tin roof, and there are times when I thought it was gonna just come crashing down around our ears. I also have been looking, in a kinda passive way, at this little Harley Davidson Sportster that's for sale at the store. We took it in as a trade, and it's been teasing me ever since I started working over there. I've decided that I want this bike for myself. I asked for a price from the manager and he gave me a good deal (no, I'm not saying how much). I asked DH what he thought, and he's all for it (biker chicks do it for him) except now...he wants one, too. Except he wants a new Suzuki Boulevard (which goes for about double what "my bike" would cost). I'm going to see what kind of deal I can get on both bikes and see if I can get them both financed. They should be a lot of fun, and an added bonus is that they'll be perfect for commuting. Motorcycles average about 50 mpg, so that will put a significant dent in our auto fuel bill for the month.
Wednesday
Well, technically, as of this writing, it ain't here yet. I figure on doing about ten tons of laundry and some dishes, and getting the manager at the store on the phone to try to work out that deal. Wish me luck - I really want "my bike" and I'd like to get DH one too. I hope we can get something worked out that's agreeable to everyone.
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