[Rupeviv]

Today I found the true meaning of the phrase, “You cannot be logical in an illogical world”. I was denied on my home loan today because my credit is, “too good”. In other words, I spent years building my credit to a score of to almost 800 and eliminating all of my debt. A few years ago, that would have made me a prime potential home buyer (you know before the housing market went to shit), because that is how you used to gain credit, by building it up. In short, you gained more credit by showing you were responsible. That’s logical. Would you loan $500 to a guy who you know won’t pay you back, or to someone who can show you they are capable of paying you back? Logically, you’d say the second guy. Illogically, you’d say the first guy because he can’t pay you back, but now that’s how it is. My home loan was denied because I have no current debt. So by paying off all of my debt and being responsible, I have become unreliable to creditors. Yet, people can now walk away from their home, have it foreclosed upon, and buy a new home two years later because their foreclosure is forgiven. In other words, creditors CANNOT loan me money because I can actually pay them back, but they MUST loan it to people who can’t pay them back. So now this is the world we live in, where the financially irresponsible are rewarded, while those who are fiscally responsible are punished. Thank you so much Mr. Obama.

[puzobok]

Today I found the true meaning of the phrase, “You cannot be logical in an illogical world”. I was denied on my home loan today because my credit is, “too good”. In other words, I spent years building my credit to a score of to almost 800 and eliminating all of my debt. A few years ago, that would have made me a prime potential home buyer (you know before the housing market went to shit), because that is how you used to gain credit, by building it up. In short, you gained more credit by showing you were responsible. That’s logical. Would you loan $500 to a guy who you know won’t pay you back, or to someone who can show you they are capable of paying you back? Logically, you’d say the second guy. Illogically, you’d say the first guy because he can’t pay you back, but now that’s how it is. My home loan was denied because I have no current debt. So by paying off all of my debt and being responsible, I have become unreliable to creditors. Yet, people can now walk away from their home, have it foreclosed upon, and buy a new home two years later because their foreclosure is forgiven. In other words, creditors CANNOT loan me money because I can actually pay them back, but they MUST loan it to people who can’t pay them back. So now this is the world we live in, where the financially irresponsible are rewarded, while those who are fiscally responsible are punished. Thank you so much Mr. Obama.

It has been that way for a long time. You have always wanted some debt to show you are responsible. Even if you pay it all off every month. If you closed old accounts that will also hurt you because you loose all the history except for the bad stuff go figure.

[cliceperperIa]

I listen to Dave Ramsey and he said that if you eliminated your debt and closed all your accounts; your score should be at 0 which is a good thing to get a loan. Did you close your accounts? Do you have a substantial down payment? Are you going to use your VA loan?

IMO, POTUS has nothing to do with the home loan being approved.

http://www.daveramsey.com/home/

http://www.churchillmortgage.com/dave/

[xtrudood]

Today I found the true meaning of the phrase, “You cannot be logical in an illogical world”. I was denied on my home loan today because my credit is, “too good”. In other words, I spent years building my credit to a score of to almost 800 and eliminating all of my debt. A few years ago, that would have made me a prime potential home buyer (you know before the housing market went to shit), because that is how you used to gain credit, by building it up. In short, you gained more credit by showing you were responsible. That’s logical. Would you loan $500 to a guy who you know won’t pay you back, or to someone who can show you they are capable of paying you back? Logically, you’d say the second guy. Illogically, you’d say the first guy because he can’t pay you back, but now that’s how it is. My home loan was denied because I have no current debt. So by paying off all of my debt and being responsible, I have become unreliable to creditors. Yet, people can now walk away from their home, have it foreclosed upon, and buy a new home two years later because their foreclosure is forgiven. In other words, creditors CANNOT loan me money because I can actually pay them back, but they MUST loan it to people who can’t pay them back. So now this is the world we live in, where the financially irresponsible are rewarded, while those who are fiscally responsible are punished. Thank you so much Mr. Obama.

LOL yeah, its called building up a credit history. That's why after I paid off my car, I took out a $3,000 personal loan from my bank - at the time I needed some extra $$$ but also so I could build my credit.

[sitescools]

[QUOTE=Grease Monkey;508554]Today I found the true meaning of the phrase, “You cannot be logical in an illogical world”. I was denied on my home loan today because my credit is, “too good”. In other words, I spent years building my credit to a score of to almost 800 and eliminating all of my debt. A few years ago, that would have made me a prime potential home buyer (you know before the housing market went to shit), because that is how you used to gain credit, by building it up. In short, you gained more credit by showing you were responsible. That’s logical. Would you loan $500 to a guy who you know won’t pay you back, or to someone who can show you they are capable of paying you back? Logically, you’d say the second guy. Illogically, you’d say the first guy because he can’t pay you back, but now that’s how it is. My home loan was denied because I have no current debt. So by paying off all of my debt and being responsible, I have become unreliable to creditors. Yet, people can now walk away from their home, have it foreclosed upon, and buy a new home two years later because their foreclosure is forgiven. In other words, creditors CANNOT loan me money because I can actually pay them back, but they MUST loan it to people who can’t pay them back. So now this is the world we live in, where the financially irresponsible are rewarded, while those who are fiscally responsible are punished. Thank you so much Mr. Obama.[/QUOTE

Interesting! I sort of felt the same when I heard my neighbor's 14-year-old daughter's made $1498.00 this year but owes $160 in taxes. What is our country coming to when it is MORE rewarding for a kid NOT to work.

[we0MA4MI]

Today I found the true meaning of the phrase, “You cannot be logical in an illogical world”. I was denied on my home loan today because my credit is, “too good”. In other words, I spent years building my credit to a score of to almost 800 and eliminating all of my debt. A few years ago, that would have made me a prime potential home buyer (you know before the housing market went to shit), because that is how you used to gain credit, by building it up. In short, you gained more credit by showing you were responsible. That’s logical. Would you loan $500 to a guy who you know won’t pay you back, or to someone who can show you they are capable of paying you back? Logically, you’d say the second guy. Illogically, you’d say the first guy because he can’t pay you back, but now that’s how it is. My home loan was denied because I have no current debt. So by paying off all of my debt and being responsible, I have become unreliable to creditors. Yet, people can now walk away from their home, have it foreclosed upon, and buy a new home two years later because their foreclosure is forgiven. In other words, creditors CANNOT loan me money because I can actually pay them back, but they MUST loan it to people who can’t pay them back. So now this is the world we live in, where the financially irresponsible are rewarded, while those who are fiscally responsible are punished. Thank you so much Mr. Obama.

I find it hard to believe a person with an almost 800 credit score and no debt being refused a home loan. Something tells me there's more to this story than you're letting on.

When I bought my house in Florida, I too had a very high credit score, near 800, and no debt whatsoever. I put 20% down and and was immediately approved. About a year later I bought a condo in California, worth more than 4 times my home in Florida, with 40 % down and was immediately approved. When I retired I sold my home in Florida and moved to California. About 3 years ago I refinanced my condo to a lower rate and was immediately approved and my credit score at that time was over 800.

[NKUDirectory]

Agreed, it does sound odd to me. The only explanation I can think of he doesn't have the cash for the 10/20% down. These days, even with a high credit score, you're probably still not going to be able to get a no money down deal.

[iqxdvjgmat]

yeah, I'm not buying it. Okay, so when you're turned down, I think the bank/lender is supposed to send you a letter with the reasons for it...if you can post that (names/info redacted) and it says "credit too good" I'll eat my hat.

Not sure why you were turned down, but am sure it's not because your credit is too good, and it's not Obama's fault.

[DrJonson]

it's not Obama's fault.

Nonsense. EVERYTHING is Obama's fault. XP