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Goldilocks and the Three Creditors

Posted Apr 01 2009 2:53pm

Hey, remember a few days ago when I said all those nice things about our credit card companies and how they were reformed, polite, and willing to work with us?  Well, apparently, that was just the emotional lube for the bending over that was to come.

Today, I called to confirm that the plans we'd applied for (and had been assured we were well-qualified for) were approved. Guess what?  Not so much.

The representative explained that according to the information we'd given, the underwriter decided our FICA score and debt-to-income ratio were just peachy and we didn't need any help.  I almost cried and asked to speak to a supervisor because HUH?  and WHA?!

The supervisor confirmed that we should be just fine.  I protested and pointed out that I am our only source of income right now and that if we take all debt and monthly commitments into account (not even talking about things like groceries or childcare) we are firmly in the negative in terms of a balance sheet.

"Oh, well," she exclaimed, "I can tell you right off the bat that if we submit information that shows you're upside down, you'll be rejected straight away."

"What?  That makes no sense!  You're saying that we're currently not broke enough, and yet, if you count our other information, we're too broke?  What are we supposed to do?  Default for a few months and try again?  Where is the magic middle number of just the right amount of broke?  And how could my husband's lack of income be anything other than 'hardship"?"

She had no answer, but agreed to let me guess at what that "just right" number might be and resubmit.  If they reject us again, we're out of options.

Fortunately, we've already scheduled a meeting with credit counselors.  They might be able to do something we can't.  For a fee, of course.  GAH!  Thankfully, it's a reputable company who's been doing this for over twenty years and who came recommended by my therapist.  Who may be getting a call from me soon, if this trend continues.

For the record, I'm not saying you shouldn't call your credit card companies.  Because you should.  Some of ours did approve us (again, the logic escapes me) and some at least lowered our interest rates.  I just wanted everyone to know about this whole Goldilocks conundrum before you hand over your information.  Well, that, and I wanted to vent a bit.

Alright - I'm off to check my porridge.

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