So….most of my 3 faithful readers know that I decided to purchase my very own little home.
No…not one of these awesome things, but a small home in a community.
I really thought this would be not an issue. Until they ran my credit score. and it came back “0”.
What? you say? What on earth? Do I just not pay my bills?
Actually NO. About 2-3 years ago I paid off my student loans entirely. This past year I celebrated paying off my car. I became debt free. I also lost any credit score. In the past I have actually had a stellar credit score. Debt free is a goal for many many people. It actually wasn’t a particular goal of mine, but as a Quaker, I believe in living a simple life. If I can’t afford it, I save for it, and do no buy it until I can. This is a fantastic philosophy when it comes to flat screen TV’s….(I still do not own a flat screen.) It obviously isn’t as great when it comes to a home purchase.
So the loan company is working on establishing “non-traditonal lines of credit” I just needed to provide proof of payment (regularly) of things like electrical services, cable, phone, etc. So I thought great no problem. Then I pulled my statements. It seems that in April and in July, I got a bit distracted, with travel and work, and decided not to pay my bill until the next month. So WOW, that really put a crimp in my application. I have no one to blame but myself there, for somehow forgetting or being unable to get the bill paid.
So I had to write a letter of explanation. I firstly had to explain that I really do have an aversion to debt. I had to explain one of the tenets of Quakerism is to lead a simpler lifestyle. It isn’t actually spoken about much these days, which is too bad, but it is pretty obvious when one thinks of simplifying life, that a lifestyle full of credit and debt is not exactly in keeping with the teachings.
George Fox, a prominent early Quaker once said indeed that we should “Owe no man nothing but love” (I am paraphrasing from memory here, so please don’t kill me if I’m wrong on the exact words.)
He probably also had something to say about paying your bill a month late. I was very irritated that I had done that, mostly due to travel/work, but it sure made things difficult. If he were here today he might have had something to say about automating payments…which would have been wise for me to do…grrrr.
Secondly I had to explain that I do indeed pay large bills, such as rent, on time. And THANK YOU JESUS, for the past 6 years, I have never been late on the rent.
So I wrote the letter.
Then darn it all, I got a hefty payment for my Nigeria work….all of my friends have been jokingly calling this home purchase “The house that Ebola built”
So I then had to provide a contract to prove that a random foundation didn’t just decide to loan me a house down payment.
I am really tired of providing these documents. It’s so frustrating as I am really pretty good at managing my money, but apparently…I failed to really understand the way the “credit world” works and thus…placed myself in an uncomfortable position.
Of course I am comforted by the fact that I don’t have any missed payments for months now (Having been at home for months now) so if this application fails, I suppose waiting a few months for the missing payments to drop off is an option. I might get a different home of the units they are building, but I am not that partial anyway….
Still. Debt free… Grrrrr. I would have been better off trying to buy while the car loan was still open. Funny thing about that? I would have been less able to pay the mortgage because of the car payment, but it would have probably secured me the loan.
The financial world does not work in ways that I really understand. It’s a bit much.