Credits and mortgage page 149
Question about paying extra payments towards the mortgage on a monthly basis.?
How much rent should I charge for a $25,000 house?
Buying land, what's the process?
Will paying off the only three inquiries on my credit improve my score?
What would be the best loan option?
inactive/idled credit cards automatically closed by company?
My credit union didn't approve my loan due to "too much debt". I create my cheking and savings account with the hope they approve my loan. It was rejected :( I went to see my credit report and my best was 749 and the lowest was 706. Well, I have a part time job at Target which I made $600 per month, and my best job is on eBay which I made $25000 the last year (2010). They told me to bring my tax return (I did), to prove my income on eBay. I made around $2700 per month which is good in my opinion. I have only 2 credit cards where I only use a 10% of the total amount, also I have a $10000 available in my Wells Fargo Bank. My plan is to put $3000 from down Payment for a $13999 Toyota Corolla 2010. It means I requested a $11000 loan. I still don't understand why is the rejection? I was thinking to go to wells fargo to request a loan since I have an account with them for more than 4 years. It is a good idea? Thanks I sent to them my 2009 and 2010 Tax Return, my 2009 income was 10000 on eBay and $10000 on Target. The last year I invest my time more on my eBay job because it gives more money. But thanks for all your answers, hope this can help.
They are concerned about your income. Making $600 per month probably doesn't provide you with the money for the car payment. Typically you need 2 years of self employment tax returns to qualify that for a loan. Do you have that or is the 2010 income tax return the only one you have? -- most likely they aren't counting the 2010 as filed, tax day isn't until April 18, 2010 (ie. there is no way to prove that you have actually filed this return). You can ask if providing IRS form 8821 will help you out = this allows them to get a copy of the tax return directly from the IRS so they know it is valid.
It means "too much debt" for your income.
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