This is going to be a painful post for me to write, mostly because I have to admit that I have an addiction … to refinancing.
If you’ve followed me for a while then you know how giddy I get when I refinance things, get a better rate on credit cards, or pay things off. I don’t think it’s a horrible problem to have … wait … isn’t that what all addicts think.
Anywho …. we applied to refinance our last loan that has a horrific interest rate and we were turned down. WHAAAAAAAAAAAAAT?
I just couldn’t understand why.
The loan officer explained it. It turns out that Derek has eleven new loans on his credit report in 2012. I found that hard to believe, until we started counting them up.
1. refinance the house (new mortgage)
2. refinance the second mortgage
3. new credit card with the bank that my daughter works
4. refinanced the land loan
5. cosigned on a loan with Rachel, that we ended up changing our minds on and turned around and paid it off
6. cosigned on Rachel’s car loan
7. new unsecured loan to pay off credit cards
8. new unsecured loan to pay off the previous unsecured loan and more credit cards
9. new loan for the AC unit at the rent house
10. refinanced Derek’s pickup (paid off when he bought the one he has now)
11. Derek’s new (actually used) pickup loan
…. and there it is … eleven new loans
I don’t regret any of them. We got better rates and lowered payments on most of them, but we do have to just let things sit for a while.
So during 2013 we have to try really really hard to not get ANY new loans. Which means that I have to give up my neverending quest to find a better interest rate for the one loan we have with a horrible interest rate and it’s KILLING me !!!
… but don’t worry, I already have a plan …. you knew I would.