Chase Auto Finance Unfair Credit Reporting Fort Worth, Texas

You really think you are going to get approved for a Mortgage?

Lenders don't care about why you have negatives.  When it comes right down to it, it does not matter if you got behind because you took a vacation or had a Broken Arm or had to have Car Repairs.  They are talking about risking hundreds of thousands of dollars and you are not seen as an individual.  Banks tried that a few years ago and gave Mortgages out like candy to people that in no way shape or form should have been approved..and you see where that got us.

Now, yes you can dispute these late payments and if it is incorrect you have the legal right to have it corrected.  But you also seem to think that going from four to two 30 Day Late payments is going to magically improve your credit enough to be able to get approved for a Mortgage.  You may actually be in for a huge reality check.   First these appear to be recent(within 24 months), and even one 30 Day Late is enough for banks to deny people a mortgage..and you have 2.

Next, people that are financially able to afford a house don't just a few months before need to defer payments on a car loan..again the reason does not matter.  So this is probably an indication that you have other financial and credit issues that are going to be a road block.  Just about every bank will deny a Mortgage that has a payment greater than 28%, and/or overall debt ratio is over 33%-38% of your monthly income...regardless of your credit. 

You seem to think that your Mortgage will be less than Rent, and that can be a possibility but perhaps not as much as you think.  Unless you are putting 20% down(and based on what you have written that is doubtful), you will be required to carry PMI.  This can easily add another $100+ to your monthly mortgage payment.   You then also have to include things such as Insurance and Property Taxes that depending on your location and house value could be another $100-$500+ per month.   If you happen to be in a house that is part of an HOA, you will also need to pay HOA dues and those can vary from $75-$400+ per month.

On your Down Payment.  You will need anywhere from a minimum of 3%-5% to put down on a house, the Zero Down options went away for all but the top borrowers(and with 2 late payments you are no where near this status).  So on a 150K house at a minimum you need $4,500 to $7,500 saved up, and after you include all of the other closing costs it will probably be closer to about $10,000 as a safe amount.  Banks are also very particular about this source.  That is if you are borrowing the money they may not accept it. 

One final item.  You have not said what step you are at in getting a Mortgage, but it is probably in the very beginning.  If this is the case be very careful about the loan you are being promised.  An ARM(Adjustable Rate Mortgage) is going to have lower Interest Rates than a Fixed Rate Mortgage.  But after the initial period that rate(and your payments) will increase.  DO NOT fall for any banker telling you that you can refinance in a few years.  There is no guarantee that you can and if by chance you don't later get approved for a Fixed Rate Mortgage you are going to have some serious issues.  So unless you can get a Fixed Rate Mortgage...continue to save and work on your situation until you can.  In the long run you will be very thankful you did.

If you don't believe anything I have said..go ahead and talk to a few Mortgage brokers and see if they don't tell you exactly the same thing.  If you do and they are pushing the ARM..just ask them one question.  Can they put it in writing that they will guarantee that you can refinance to a lower rate in a few years...I can guarantee you that not a single one will..and that should be all you need to know about how bad they can be.

Don't let the people on this site bug you. Most of them sit around and read every post so they can hit you with the"pay your bills" and "deadbeat" replies. These people are no better than the creditors. They just lump everyone into the same pile with no regard for the reason you got behind. To them anyone who gets behind, for any reason, is a deadbeat. Karma is a b***h, someday they will be in your shoes. See what they say then! As someone who has "been there, done that" you have my sympathy  I hope things work out for you.

Here is how I can afford a house, you asinine person -- My house payment will be considerably less than what I am currently paying for rent -- by the amount or over the car payment.  It really doesn't take a brain surgeon to figure out when you can cut the cost of your monthly expenses it makes sense.  But perhaps in your corporate mind, that doesn't compute.  Wondering, if you think I'm such a whiner, why you read through the entire post.  

And thanks for the thought on disputing with the credit bureaus.  Gee, I hadn't thought of that, I'm too busy whining about things.  Of course I'll dispute it.  It behooves me that when people read this post, you somehow focus on my complaint about Chase rather than seeing that in the very beginning I take complete responsibility for not being smart enough to NOT walk into this contract.  Really.  

Not asking for sympathy, not asking for someone to pay my bills, I'm a person who just wants the credit reporting to be accurate.  

Obviously you didn't understand that I take responsibility for not making the payments on time.  I am NOT a "blame someone else" person.  I want to pay the loan, and here is my response to your comment....

The simple solution to not having a problem if you simply make the payments on time is like telling the cancer patient they did something bad and deserve to die from a terminal illness but if they try to be good and pray enough, God will heal them. Stupid, isn't it? Yes, because most of us don't get behind because we want to or because we take a fabulous vacation. Most of us get behind because we have a family and things that need taken care of, like a broken arm or repairs on said auto. But that doesn't matter to Chase nor any other corporation for that matter -- or you.  My guess, you work for a collection agency or department in a company.  You completely missed my point -- and furthermore, I simply want the incorrect reporting fixed, I don't want someone to pay my way nor am I blaming anyone for my not making the payments on time.  I have a word for you but want my post published, so I won't use it.  It starts with hard-_ _ _  and ends with i _ _ _ t.

"they take advantage of people with the type of loans they make and the interest they charge"

The interest rate is a reflection of your credit history. Don't complain about it after you have accepted the terms of the loan.

"Where I do find fault with Chase is in the way they do business."

Did they violate the terms of the contract? We know you did.

"Anywhere and everywhere I can get the word out as to your horrible business nature I will."

Will it be thirteen more paragraphs of sobbing and whimpering or maybe a novel about how you want to purchase a home but can't afford your auto payments?

You may want to consider filing disputes with each of the credit reporting agencies to get the reporting errors corrected.

Did Chase make the late payments?  Nope.  YOU DID!  If you don't like the possibility of late payments showing up on your credit reports then perhaps you should pay your bills ON TIME.  This is nothing more than an absolutely CLASSIC example of "lets blame everybody else for what I've done".  How #$*!X*+% sorry does it get!