AboutJT Holt Expertise Questions regarding the financing or land values of farm, ranch, and recreational properties. Large working ranches to the small hunting property.
Experience Currently CEO of LandLoanSpecialists.com with 10 years of previous experience in the Farm Credit System as a VP of Credit. Experience as an appraiser of farm, ranch, and recreational properties.
Education/Credentials Bachelors of Agricultural Economics from Oklahoma State University. Continuing education courses in ag finance and appraisals.
Awards and Honors Top volume lender for the last 5 years in previous position.
Question My mortgage company indy mac filed for bankruptcy. Since then my bank has not been able to send electronic payments, which I was not aware of, causing delays in my mortgage payment being applied on time. I have been unaware of this problem until now. They have taken 15 or more days to process and report my payment. Now my credit score is 600 and this is my only negative reporting. My lease is up on my car and I can not get financing for a car. I feel I will get my credit report resolved but it will take time. What are my options? I do not want to pay a high interest rate on a new car loan. Will any car manufactures look at a good credit history with my other lenders and current car loan?
Answer You may want to try financing a car utilizing a local commercial bank or credit union rather than a car manufacture. These institutions may allow for an explanation where a car manufacture (GMAC, FMCC, etc) will stop immediately when seeing the score. Also, you do not want to let everyone pull your credit as this will also impact your score, so when shopping for a vehicle tell them what your score is and don't let them pull your report until you have made a deal on a purchase and they have given you positive feedback in regard to your score. Couple of things: 1) Being 15 days late should not impact your CB Score as any delinquency should not be reported until it is 30 days late or greater. 2) There is a service that most credit reporting agencies utilize often known as Rapid Recheck that allows for you to provide detailed documentation from the lender who has reported incorrect information to the credit bureau. Letter from your mortgage holder must be very detailed stating that there should be no derogatory items listed, the late payments shown as of these dates are incorrect, your name, account number, and that they are in the process of correcting this matter with the bureau. There is no guarantee this will fix it but they have fixed several and it usually takes a couple of weeks rather than a couple of months. The letter from your current mortgage holder will also be of assistance to you in going to a commercial bank or credit union as well for financing.
You may want to think of purchasing a car rather than leasing as usually you are money ahead in my opinion.
Best of luck to you!
JT Holt
Land Loan Specialists.com
