A silver lining story

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A silver lining story

Postby djrez4 » Thu Jun 27, 2013 10:30 pm

We're about to close on a house.

Lessons learned -

  • Inquiries don't matter unless you're right on the cusp of a rate category.
  • Banks want to know everything, even your high school English grades. (not really, but close)
  • Stay in constant contact with your broker. Hound him to the point of annoyance. Anything to make sure the loan closes on time.
  • There will always be "one more thing" the bank needs to review. Be ready for it. Get it to them within 24 hours.

Now, on to the silver lining.

My wife's verification of employment listed her salary lower than her actual take home pay and the bank decided that the salary listing was more reliable than the tax returns, W2s, or paystubs we had already submitted. This reduction in income put us over the 45% DTI limit. With my total income, we're actually under 20% DTI, but we're not allowed to claim any of my profit-sharing from the firm, only my base salary. The underwriter asked us to close her main credit card and pay off the balance, the thought being that eliminating that monthly payment would push us back under 45%.

Ok. Fine. That's what she gets for carrying a balance.

So, my wife will be without a credit card and will need to apply for a new one as soon as we close. She has never been comfortable with the idea of applying for bonuses, but has always enjoyed the free travel. I've planted the thought that she will not be applying for the same reward-free card again. While she's already an AU on the UA Explorer card, I see a Chase Freedom in her future. She will also become an additional member on the Platinum card as soon as we close, so they can pay for our Global Entry. I think we should get her one more card with a good bonus - CSP, maybe - and that'll be enough for now. I hope this will put her a bit more at ease with the game so we can both play in the future.

Thank you, mortgage underwriter, for creating a situation in which my wife is forced to apply for cards.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]

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Postby MemberSince99 » Fri Jun 28, 2013 6:19 am

Thanks for sharing and congratulations. They sound like an employer, they literally in some cases do seem to check back to your grade school records. I find it creepy as to me it's a job not joining a cult, but that's what they do. So I can relate to the ultra scrutiny. Do they randomly drug test you too? (Just kiddiing!)

Boy then your wife is lucky and doesn't even know it. CSP is a great choice if you want a great card and a nice sign up bonus.

Anyway, they did your wife a favor I think. Awesome!

By the way I am not surprised about inquiries. In my findings, they don't really matter with credit cards either. If the lender wants to approve you, and inquiries is the only negative, it won't get in the way. If inquiries is the biggest negative they can find you're in pretty good shape.

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Postby Z06Biker » Fri Jun 28, 2013 12:39 pm

djrez4 wrote:Thank you, mortgage underwriter, for creating a situation in which my wife is forced to apply for cards.

I love this. Any way you quarter it, your spouse is bound to get drawn in...
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

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