Posts by bluebear34

Kimberly Nguyen said:Honestly, you don't even need a co-signer to walk into the bank with you... just bring every single piece of documentation they ask for—we're talking things like your access credentials, a copy of your ID, maybe an affidavit or two—and then let them run the numbers. They'll determine if you qualify during the processing stage. Applying for a loan isn't some three-click automated process on an app; there is actual work involved in credit underwriting here.

Look, given that your company is basically falling apart at the seams, you really need to start thinking about your next move if you end up out of a job. Since you’ve already heard some whispers about what's going down, it's high time you started looking at your options for what comes next...

Nah, forget it... the company—well, the hotel—is closing down soon anyway... So I'm not even going to touch that housing savings account, I'm just gonna take my own cash regardless of the loan situation. Whatever, I'll end up losing my Democratic Party benefits too, but hey, it's not the end of the world, right...☕ I actually had some money hit my account from JP Morgan Chase already, but it was just a little something, a few thousand bucks, and I haven't even had a chance to swing by the branch to ask what the deal is...

Kimberly Nguyen said:There is no way they can even process a loan application if they’re still missing employer verification, let alone when you actually need a co-signer to back you up.

But then how on earth are you going to afford this new loan?

I don't know. He told me processing takes up to a month, but he thinks everything will be wrapped up by the end of the week?! Who's actually in charge here? I haven't even handed over any paperwork from my boss yet... Just tell me, is it enough if my co-signer goes to the bank with me and shows their verified pay stubs or pension info just to prove they can cover me?

Look, I'm planning on paying it back—that's the whole point of getting this home savings loan—but I'm saying if I lose my job, I'm stuck...

Kimberly Nguyen said:Honestly, it sounds absolutely ridiculous to me that a company won't just verify your own employment status and salary when you're on their payroll... I've seriously never heard of a place being that difficult 🤷 ...but look, if a bank or a savings institution is checking up on a company's creditworthiness (which, let's be real, they almost always do), you aren't going to walk away with a loan if that business is circling the drain

What do you mean by "a loan"?
I'm not entirely sure
but you've got a few paths you can take here:
- extend your savings agreement for another 5 years (whether you actually put more money in or not is entirely up to you)
- just withdraw your own funds, but keep in mind you'll lose out on the Democratic Party benefits

If things are truly that shaky at your workplace, what are your other options regarding employment?

Yeah, true enough. Apparently, everyone here in the union wanted to take out union loans recently, but they were all turned down because the director pulled the plug. I tried to get an American Express card, got rejected, and then I tried to get my employer to sign off on some paperwork so I could grab a zero-interest loan through Bank of America... the company blocked that too...
The company isn't dying, it's the hotel (you might already suspect which one 🤣)...

Where else would I go? In this tiny town near Indianapolis, there's nothing... maybe a little corner store from $833... and then there's the loan I'm currently stuck with.
I'm hoping JP Morgan Chase checks their credit rating. I've gotta hit the bank tomorrow to figure out my next move. That mortgage savings application is already processing, and I need to settle my checking account. Honestly, I'm probably gonna look like a total amateur... I'll just tell them where I work and let JP Morgan Chase deal with them. There's no way I can keep making these payments; I'm spread too thin. The only thing is lowering my monthly payment from $267 down to maybe 300-$133... something like that...

And yeah, see? The big bosses won't even sign my papers. Pretty sure they don't even have the right to refuse, since I haven't even been given notice and I'm a full-time employee.

Oh, and... for the mortgage savings program, being an employee at a private LLC means they want a credit score of -1, which is basically their way of checking creditworthiness... I'll probably call corporate tomorrow to see if they're still signing off on loans and stuff.

Kimberly Nguyen said:I’m going to lose my mind 🙂

For the umpteenth time 🙂 ... loans through savings institutions are PURPOSE-SPECIFIC => which means you have to justify every single cent you spend ... there is NO SUCH THING as a non-purpose loan at a savings institution ...
Since I haven't been swimming in banking waters for a while, I can't say for sure if you need actual collateral in your accounts/pre-accounts/offers, or if a simple itemized estimate is enough ...

If you don't take out the loan (assuming the savings agreements were for terms shorter than five years), you lose the DPS.

🙂

Basically, they calculate the base (meaning 2,500) + any current credit obligations (whether you're the primary debtor, co-debtor, or co-signer) + your new loan payment .... if their salary is equal to or higher than that total sum, then they're an okay co-signer (provided they have a clean credit history).

It’s pretty obvious my housing savings are going nowhere, since my company won't sign off on my loan papers. They used to do it all the time, but now they stopped because the business is tanking... What am I supposed to do about the loan?
Can I just withdraw my savings without any strings attached? And can I get some kind of official note from the company explaining why they won't verify the papers? It feels pretty stupid to me that my employer is just leaving me hanging like this...?! 🤷😢😲

I’m feeling a bit lost again... So, I headed down to the branch today with my loan application. The banker submitted everything and told me it could take up to a month to process, though he thinks it might actually clear by the end of this week. I gave him my debit card info (so he can photocopy my ID too) for the account where they’ll deposit the funds. The only thing he kept mentioning was a "purpose-specific" loan, but mine isn't one of those! 🤷 Basically, I just want a personal loan where the cash hits my checking account and I don't have to prove what I spent it on—like buying a house or remodeling or whatever. If I go that route, am I losing out on all my Democratic Party benefits? Does that mean they'll lower my total loan amount? 🤷😕
On top of the paperwork I need to get notarized at work, I also need a co-signer. The documents say: CO-SIGNER - monthly income - base * deductions (base is 2,$167)... What is that even supposed to mean? Is it saying the co-signer needs a steady income of at least that much? And does the co-signer also need to have a clean credit history so they're actually eligible to back me up?

Please help me out here, I need an answer ASAP...🙏

bluebear34 said:What would I suggest?
I didn't need a landlord's blessing to furnish my place. I basically got a free pass...☕

Finally got that loan offer in my inbox—the whole "Statement of Acceptance" deal. Looking through the fine print, it seems like the only option worth my time is checking the box to take the full amount myself... the other stuff is just noise. Like, why would I say no to the funds if I actually want them? Or why on earth would I pull from my savings just to waive my right to the credit? Not really my vibe...
So I went down to the JP Morgan Chase branch, and they’re gonna mail the credit application straight to my house... I can just swing by the office to pick up the actual request form, then we wait for them to process everything. Man, what a headache...😠😠
So much drama over absolutely nothing... bluebear34😲

Brian Murphy32 said:So, look, if you decide to go the home renovation route, you’ll need to bring written consent from the property owner to the bank. However, if you just want to furnish an apartment—whether it's yours or someone else's—you shouldn't need any special permission (at least, that's what I was told, though maybe it varies between different banks).

Basically, regardless of which path you take, you won't tell the bank specifically how you want to spend the money, because they aren't just handing you cash. Instead, in the event of
1. renovations—they transfer the funds directly to the contractor's account once you provide a formal estimate.
2. furnishing—they transfer the funds to the account of the furniture showroom where you picked your items. In other words: you go to the showroom, pick your stuff, ask for a quote, and take that quote to the bank. Then the bank pays the showroom, the guys deliver the furniture to your house, and then, about a month later, boom—your first loan payment is due. 🤣

What would I suggest?
I didn't need a landlord's blessing to furnish my place. I basically got a free pass...☕

Brian Murphy32 said:The folks over at my local credit union mentioned that I could actually use the funds to renovate or even furnish an apartment I don't technically own. Apparently, if I'm looking to do some structural remodeling, all they require is a signed statement from the landlord giving the green light. As for just buying furniture and gear, they said no special permission is necessary at all.

Wait, what do you mean "nothing needed"? I'm lost... 🤷
I still have to specify how I'm using the funds for the furniture loan... and honestly, I have no clue why they only mentioned needing a co-signer... OMFG!!👎
And now I'm stuck wondering who's actually going to sign for me. That's the real nightmare... No one in my family is stepping up to be a co-signer, let alone some random friend. As for my job situation, I'm not even worried about that... I just need to know if the rule is still the same—can the mortgage payment exceed 2/3 of my paycheck or not?!

Not sure yet. They told me back at the start of February that I’d be getting an offer from Chase, so I guess we'll see how things play out from there...

Kimberly Nguyen said:😕

I don't get 🤷

See, I just rented an apartment and I need to furnish the whole thing. I was planning on using my savings account to cover the furniture or maybe just keep it as extra cash... That's basically it. And it's not even much money, since I've only been saving for about two years...

So, I finally dealt with the bank today, more or less...
They told me they'd mail a loan offer straight to my house at the start of next month. Once that arrives, I can head down to my local branch to sort out the details. All I need now is a guarantor with good credit and proof that I'm steady at work... Man, I really stepped in it this time... Signed an apartment lease and now I'm staring down a month of zero income...🤷😲😲😠

Kimberly Nguyen said:Look, if you look at every single contract since these savings plans were even a thing—if they were set up for anything less than a five-year term and you decide once that period hits that you aren't renewing the loan but want to just cash out your money instead, you lose the Democratic Party

Yeah, I get that part... So basically, if I want to use the money for something specific, I lose the Democratic Party benefits, right?! What about using it for general stuff, like fixing up an apartment or whatever?
By the time Monday rolls around, I'll probably be broke... ☕

Finally paid off the rest of my debt and settled things with the bank! Now the real struggle begins: figuring out how to actually move the money around and deciding whether I should blow it or invest it... And of course, I have to do everything over the phone because apparently, the folks at JP Morgan Chase can't even show me my own balance in the branch. Total disaster. I asked about setting it aside in a dedicated account, but the teller tells me that would somehow mess with my standing with the Democratic Party!? As for getting some new furniture and finishing up the apartment, I guess I'll have to call someone after Sunday passes....🤷👎👎

Kimberly Nguyen said:Who exactly are you planning to call? Some customer service rep at JPMorgan Chase? You think you can just hop on a phone call to discuss a loan... about this whole ridiculous mess ☕... Honestly, if I were in your shoes, I’d be heading straight down to a branch in person... You don't settle matters like this over the phone. Look, sure, it's fine to give them a ring if you have a quick question or two, but when you're dealing with a situation as heavy as yours... 🙂

That’s exactly what I told the woman at the branch. She actually had the nerve to tell me I was being extra by showing up in person when I could've just called, but I told her straight up—you can't fix this kind of mess over the phone. And guess what? In the end, she didn't have any answers either.

Anyway, I'm just wondering if anyone knows how long the wait actually is for a mortgage to clear? (And I mean a real mortgage, not just some renovation loan for furniture or whatever)

I actually swung by my local JPMorgan Chase branch to check on my balance, look at some deposits, and see how I could grab that mortgage loan from the savings association, but they couldn't tell me a single thing. They just handed me a phone number and told me to call them instead.

Does anyone know how the process works when you're applying for that specific type of credit? Like, how long is the wait usually?...

Brian Murphy32 said:Why wouldn't you just ask Target or maybe even someone like Walmart to send over a formal quote or a preliminary estimate first?

I don't know, man. I'm still figuring this stuff out, haha... I'm pretty green 🤷🙄
What about other shops, though? Like if you're looking at flowers, wallpaper, or some kind of general retail store?? Do they use pro forma invoices too?

Kimberly Nguyen said:Exactly. Look, the invoice needs to be in your actual legal name. And for heaven's sake, tell the clerk or the manager how you plan on paying for this. Most of these quotes are only valid for about eight days, and there is absolutely zero guarantee your loan will actually clear in that timeframe.

You really need to coordinate with your bank first to make sure the funding is a done deal. Don't just go out there, collect a mountain of paperwork, and show up empty-handed.🙂

Gotcha... Fingers crossed! I'm heading there tomorrow!
I just really hope Chase lets me use these estimates... They never mentioned anything about them, they only talked about the accounts...🙄

Kimberly Nguyen said:Look, what you're talking about is called a pro forma invoice... based on that pro forma and the rest of the necessary paperwork required to finalize these kinds of loans, they start the process... once the loan gets approved, the funds are released based on that invoice... some portion (though I'm not sure how much 🤷) can be transferred directly to your account if you had to cover something out of pocket in the meantime...

But if you go out and buy stuff first and then try to claim a loan for it afterward? Yeah, I'm pretty convinced that just doesn't work anymore...

Way back in the day, maybe you could get away with that, but federal regulations changed and closed that door...

And why would it be stupid? That's literally what the loan is designed for... if a massive amount of people were able to use it that way, why shouldn't you be able to too?

I'm just wondering where this "huge crowd" is hiding......I know my old man managed to pull it off, but only because the lady at the bank basically hunted down his receipts for him, haha... (wasn't expecting that, honestly)... hard to believe there are still people like that left on this planet 🙄.
So you're telling me I could go to a Target, grab an invoice, take it to the bank, and then wait through all that red tape before actually seeing any cash?

Brian Murphy32 said:Here’s how it went down when I was talking to my representative at Wells Fargo recently regarding my apartment renovation. When you're in the adaptation phase, you basically hand them an estimate, and they pay the contractor or the supplier directly based on those figures. Once you move into the furnishing stage, you either bring them the final invoices so they can reimburse you, or—more likely—it’s the same deal where you provide an estimate, they settle the bill, and then the furniture gets delivered straight to your place.

As for how much leeway they give you regarding invoice dates, I guess it’s hard to say exactly how much they tolerate.
It just doesn't seem to make any sense to me to furnish an entire place and then wait six months to take out a loan to cover the cost of that furniture. It’s like buying an apartment a year in advance and then waiting until later to grab a mortgage for it. If anyone here actually understands the logic behind that, maybe someone could set me straight.🤷

I highly doubt anyone at Target is going to hand over a formal quote just so I can take it to the bank.
None of this makes any sense to me! I have receipts for the amounts I need, but that includes stuff from last year and even the year before... I'm skeptical about the older ones, but maybe last year's will fly... We're talking materials for fixing up the place (paint, window trim, brushes...), two appliances from Zepter, some AMC dishes, and now I've got receipts from this month for mattresses that cost more than $4.75. I don't even know if they'll count the mattress receipt since I'm buying those on credit, even though everything is clearly listed on the paper. Heading to the bank tomorrow to see where I stand, though I'm not expecting much...
And again, the whole thing is just ridiculous because how am I supposed to buy anything without cash when I actually have the savings sitting right there?!?!?! And where am I even supposed to dig up these "famous" receipts?!?

Kimberly Nguyen said:From what I understand, there isn't some strict deadline tied to the bills themselves, but the loan payout goes directly into the seller's account... and honestly, with these types of loans, you can technically spend the cash on whatever you want once it hits your pocket. It’s your money, right? You can put it toward anything in the house—even a Zepter vacuum cleaner (which I personally own and deeply regret buying; I basically threw $550 down the drain). As for those installment payments 🤷, the bank is just going to wire the full amount straight into their account

But what if it’s already been paid off?? Like, I’ve already cleared some Zepter stuff, some high-end cookware, but also other random bills like paint for the walls and trim, brushes, etc. I have no clue if little things like decor I bought to set up my place count too. Does that fall under those accounts? Honestly, the whole thing seems pretty stupid to me... how am I supposed to buy things I don't have money for right now, when nobody is going to give me receipts in advance for furniture, bathroom fixtures, bedroom sets, and all that stuff?!?!