Save the Paper!

When I was a Realtor I had a lot of shoppers who couldn't qualify for a residence loan for 1 reason or another. Generally it was too small income combined with too much debt, or a lengthy list of delinquencies.

But there's one other reason that can be even alot more frustrating to buyers. Soon after all, men and women have an understanding of becoming turned down if their credit is awful, but what if the income is beneficial and there is no debt? Individuals can't fully grasp being turned down in that circumstance.

I had such a couple. They had a terrible time acquiring a property loan due to the fact they had no credit. NOT bad credit - no credit. They did not owe anybody anything. Seems like that would be a fantastic factor, but lenders don't like it. They want to see a history of bill paying.

In order to make up for this lack of bills, the lender asked to see rent receipts, proof of payment of telephone and power bills, and so on. Regrettably these consumers had only paid the bills...and not kept the copies. So the lender asked for bank statements and/or cancelled checks. This also proved to be difficult.

This couple had recently moved from California to Idaho. They were living in a motel, with their belongings in a storage unit. Statements had been lost, or under something in one of those boxes in storage. They simply couldn't be located. That meant calling the bank to ask for aid. Their old bank had been bought by 1 of the huge conglomerates ...and that was a predicament.

Right after a week and a half of telephone calls and faxes the lender and the customer finally made contact with a live individual. That person told them that it was their trouble, not the bank's, if they no longer had their statements. Although they had sent dollars to expedite the request, it would be 30 days before any individual would even start to address their dilemma. In short, they said "No" to helping.

So, a word to the wise: Hang on to paper! Keep all your bills. When you pay them write the date and check quantity on them and put them in a secure place. And preserve your bank statements! If you pay in money, maintain the receipts. There are a few points you do not have to save: grocery receipts or movie admission tickets. Preserve the rest!

Subsequent, remember exactly where you put it.