Some brief background info: I already did not have a good credit history, but on top of that I have been a victim of identity theft/fraud over the past 2 months. I rent a place. Income is $21K gross. I applied for a Line of Credit with a regional bank Maryland Bank and it was rejected. Now I am looking for a loan of $2,000. The reason I need a loan is to help me get back on track with my living situation. I’m in this problem because of theft (some of it cash) which caused all sorts of chain reactions. Also my roommate, whose ‘friend’’s names was on some of the checks is refusing to pay her half of the bills.

Now my question is, what is the best strategy to reapply right away? Does it matter whether I apply at the same bank or a different one? Will a good friend co-signing help? She’s my age and our combined income would be 35K + net or about 50 K gross (do you use net or gross income when applying for a loan?). What sorts of places are lenient with credit loans?

I’m just not in a good situation at all.

Answer: The loan amount I’m asking for is $2,000. Thing is I need it RIGHT NOW. To cover August expenses, and get utilities back up to current. In reality I only need a little more than $1,000 but I’ll use the rest to start paying back the loan monthly or in whatever increments.

I’m still unclear as to wether to report gross income or net income when applying for loans.

Thanks for your response,

In the DC, the HOA fees are usually around $100/month and include all sorts of things, from trash to sometimes all utilities (some even include cable).

Just goes to show you: YMMV. If you live in an area where the HOA fees are outrageous and cover nothing substantial, you don’t want to buy a condo, that’s for sure. If it’s otherwise, though (probably Houston is an exception) then buying a condo might be more reasonable.

Answer: Believe me, I have searched the avenues of first time homebuying in our area. We have good income and spotless credit, although we ARE in credit card hell!! Because of our outstanding debt, we do not qualify for a home in this area. We know what we have to do. I just last week bit the bullet and took some money that was set aside and paid off an entire cc bill!!! It really stung, and I have three more to go!! But that is our goal, thus my reason for reading the frugal living newsgroup!

We qualify for a home in other areas, inland, but I have two boys, and I really don’t want to move them away from the only community they have ever known, their church, their schools, their friends, etc. I didn’t mean to come off sounding like I want everything handed to me in a nice, trendy area. The beach is nice, but I’d move in a minute elsewhere if I didn’t raise children here. They both do so well in school. I just don’t want to take a chance on an upheaval. Then there are gangs to think about, or unsavory people who live in the less expensive areas. So my plan is to tough it out until the boys are out of school, pay off the debt and see what’s available to us then. Or perhaps my husband’s company will really take off and we’ll be in a better position sooner. (I can hope! =) It is my opinion that the homes in my area are seriously overpriced anyway. That starter home in my area is around $275 (low end) to $400k and up. I really should have given more thought to moving to such an expensive area when the kids were little.

I understand that there is little incentive for sellers to opt for creative selling when there are so many good loans out there. But just a couple of years ago, for sale signs were up all over the place and sellers were begging to sell whatever way they could. We weren’t ready at that time, unfortunately. It’s got to go back down. I’m wondering if people here are going to be able to keep up with the mortgages, with the going price today in SD.

I would *never* live in Imperial Beach. It is a nasty part of town…I’ve been there once and that was enough for me. It’s not a safe neighborhood and so close to the border. I’m sure I wouldn’t have this computer to type on for very long if I lived there!

I don’t have a boat and as far as a new car, I don’t even have *one* car, let alone a new one….well, for myself that is. We have one car and hubby drives it during the day. I have sacrificed so that we can get out of debt hell, and will *not* go deeper in debt any longer unless the slate is clear!!

On another note…I have heard that there is a new program going around now where you can consolidate your debt at the time of homebuying and add it to your home loan. My initial thought is that it would be insane to spread out your debt over 30 yrs.!! But I don’t know a thing about it…….has anyone heard of this????

Thanks for your note and suggestion…..but I guess I’m just not ready to move the kids!!

Thanks for any input,

Answer: Not necessarily true, depending on the amount of interest being paid. Also if the little bit of payment being made doesn’t pay off the interest accrued each month then the card could become over limit. Also many places will penalize you for not paying at least the minimum.

To the original poster – a consolidation loan can be a very good thing (with apologies to Martha) IF you can do the following things: make sure that the interest rate is lower than the lowest rate you’re currently paying on any of your debts, make sure that you can pay it off in 3 years or less, make sure that the payment you would make will be less than the sum of your minimum payments, and cut up or cancel all of your other debt sources.

I took out a consolidation loan a few years ago to clear up my credit and it was the smartest thing I ever did. I saved $$$$ in interest, over limit, and late fees, made one monthly payment to my bank, and lived well within my means. I was actually able to pay off the consolidation loan early.

However, if you don’t have the willpower to not continue to spend after you take out the loan you can really be hurting yourself. I had a friend who took out the loan, kept his credit cards, and within a year was right back in the same position.

Answer: The BG Products 44-K works very well, but it also costs about $20. According to their representative, 44-K can be used for maintenance. If you are trying to remove injector deposits that are causing a P0300 misfire code to set, better results can be achieved more quickly using an injector cleaner that is more concentrated and is the sole fuel source to the engine during the cleaning process. That is available from BG as Part No. 210, or 3M has an “aerosol” type injector cleaner that works well also. Those are not really for maintenance, but more for repair. Both companies market these products in a “3-part kit” containing all of the chemicals for intake cleaning, injector cleaning, and decarbonizing the valves (to some extent).

You are smart to be thinking of maintaining injectors, since many problems can develop after deposits build up. Just ask anyone who works on the GM 3100 engine, they are great for this problem.

Answer: I had ants in one apartment and they were in the kitchen and one bathroom. The exterminator said that they were water ants, or they were looking for water or something along those lines. This was over 10 years ago so I’ve forgotten.

We call them grease or sugar ants. There are ant traps.Make sure you really clean the area well with hot soapy water. The ants tend to follow a scent trail. Put out little ant traps. LOL. Seriously. If they are not infested with them, ant traps may do it. I get those teeny ants in the spring; they like to get in the cat’s food dish, but usually I just set out a few traps and that does it. I hope their solution is that simple. Put out little ant traps. LOL. Seriously. If they are not infested with them, ant traps may do it. I get those teeny ants in the spring; they like to get in the cat’s food dish, but usually I just set out a few traps and that does it. I hope their solution is that simple.

Anyway, here we go….

PEOPLE ARE LYING TO YOU…AND IT’S COSTING YOU A FORTUNE! (The TRUTH)

Those are strong words, I know. But if you

Answer: Specific bankruptcy information varies somewhat by state. I suggest retaining a good bankruptcy lawyer ANYHOW, in hopes of keeping you from getting TOO reamed while making sure your rights are preserved.

Consumer Credit Counseling Service can help you _avoid_ bankruptcy and rescue some semblance of creditworthiness, no matter how high your debt. They can renegotiate most of your debts, make payment arrangements, and help with debt consolidation if possible. It’s paid for by the creditors so it doesn’t cost you. If you haven’t pursued this concept, look into it just in case. They have offices in most cities, check your phone book (or call your state consumer affairs office).

Then keep on reading here for help on recovering from your financial disaster through smart spending and non-spending. Best of luck!

I am using National Consumer Credit right now. I had several debts that I had been trying to pay small amounts each month. After a visit with NCC they explained that every debt I had should have been paid along time ago by my “credit protection insurance” which I had paid all along. It definitely pays to atleast talk with them before filing bankruptcy. Almost overnight I became debt free and as soon as each is contacted, my credit report should be cleared up too. It is such a strange feeling to suddenly be debt free but IT IS WONDERFUL. I now have a vow with myself to stay that way!

My 32 year old niece just got divorced from her husband. Her husband racked up a LOT of debt on credit cards, truck payments, etc.

My niece’s name is still on these credit cards and truck loan papers along with her ex-husband. As a result she is responsible for the payment and struggling to make them. She is treading water and just keeping up with the payments as the interest rate is high enough to never let her make a dent in the principle.

I know NOTHING abt declaring bankruptcy and she asked to me to chk on the Net and see if this is an option for her.

Or……. how can she get her name off these bills and make her ex-husband pay these bill since he racked them up?

Bottom line….. is declaring bankruptcy to be avoided at all costs…. or is it something she should look in to?

Answer: I would like to suggest an intermediate course Your neice can seek advice from crdit counseling agencies for free. They can give her an idea of how long it would take to pay off the debt. They can negotiate lower interest payments with the credit card companies. It may well be that bankruptcy is the eventual solution, but if it were me I’d want ot exhaust the other possibilities first.

Divorce decrees that state that an ex is responsible for debt incurred during a marriage is a contract between the ex and the spouse ONLY. Creditors are not bound to that agreement in any way. The niece must either take him back to court and charge him with violation of the court ordered divorce decree (which the court could say he is then in contempt of court and throw him in jail if he doesn’t pay) or claim Bk and move on. I cannot say this is what stands in all states but this has been my experience with most states.

Answer: The BG Products 44-K works very well, but it also costs about $20. According to their representative, 44-K can be used for maintenance. If you are trying to remove injector deposits that are causing a P0300 misfire code to set, better results can be achieved more quickly using an injector cleaner that is more concentrated and is the sole fuel source to the engine during the cleaning process. That is available from BG as Part No. 210, or 3M has an “aerosol” type injector cleaner that works well also. Those are not really for maintenance, but more for repair. Both companies market these products in a “3-part kit” containing all of the chemicals for intake cleaning, injector cleaning, and decarbonizing the valves (to some extent).

You are smart to be thinking of maintaining injectors, since many problems can develop after deposits build up. Just ask anyone who works on the GM 3100 engine, they are great for this problem. On some cars, usually with smaller engines, one or two injectors are used mounted in the throttle body. It’s a cheaper way of doing it than one injector per cylinder (or two per chamber as is the case with one of my cars), but allows the manufacturer to advertise it as fuel injected instead of carbureted.

Answer: Out of curiosity, are they near the sink?

I had ants in one apartment and they were in the kitchen and one bathroom. The exterminator said that they were water ants, or they were looking for water or something along those lines. This was over 10 years ago so I’ve forgotten. Put out little ant traps. LOL. Seriously. If they are not infested with them, ant traps may do it. I get those teeny ants in the spring; they like to get in the cat’s food dish, but usually I just set out a few traps and that does it. I hope their solution is that simple. I also use the stuff to saturate the nests when I find them outside. Maybe they move elsewhere, but they sure don’t ever appear at their old homesite again. I also saturate the cracks that they crawl inside through. Constant battle, of course. Dissolve a cup of boric acic (Roach Prufe, etc) in two cups of hot water. Let it cool. Then, using a sprayer or sponge, wet down the area of interest. Especially under cabinets, drawer bottoms, every place that a roach or ant might go. Let it dry.

There will be a thin, almost impossible to see, powder residue left behind. Bugs and crawly things don’t like it. It get on their legs and they track it home and then God only knows what happens to them. But they don’t come back.

Boric acid is not a poison, it is also used (in pharmaceutical grade) as an eyewash. Pets aren’t attracted to it . And the amount you use is not enough to hurt a chihuahua with a penchant for bitter tasting yuk….. It really works for roaches — I bet it would work for anything…