Open Question: Why is my credit blocked?

I went to apply for an auto loan yesterday through Wells Fargo. When the application was being processed, it stopped and immediately came up with a denied status and no reference number for the application or anything. After hours on the phone, my personal banker said that for some reason, the credit bureaus had blocked my credit, and the application could never officially go through. Nobody on the phone can seem to give me any answers, and I’m wondering why would this happen? I never set up anything that should have blocked my credit like this.

Open Question: Can my ex-boss refuse to give me my last paycheck? Please read?

Boss loaned me money to get my car fixed out of his personal bank account about 4 months ago, about a month ago I stopped working for him. He will not give me my last check for the last 2 weeks I work because I “owe him money”. I have all intentions of paying him back, I have already paid him more than half of it back, but I need my last check in the mean time. Can he refuse to pay me for the hours I worked because he gave me a personal loan that I have not paid off yet? Thanks for your time

Open Question: How Does The "New Credit Six Month Rule" Actually Work?

Will my credit just start building from that point forward, or will everything I’ve done in the last six months reflect on my score? Please tell me from your personal experience, what was your FICO score after the first six months of established credit?

Additional Details: I’ve been using two Credit Cards (Capitol One & Bank of Americard) for the past five months, and I’ve been staying under 30% of my limit, while paying off the balances in full each month.

My primary goal is to get approved for a auto loan, which I now have $5,000 saved up for a downpayment, however I need a credit history to get approved for a $16,000 auto loan, which is what started my path to building credit. So I guess I have two questions.

Question One: Is it possible to be at at-least a 500+ Credit Score after six months of responsibly using these two Credit Cards? If not, than what kind of score am I realistically looking at after the first six months?

Question Two: Is it possible to get a loan with limited credit history, with a $5,000 downpayment for a $16,000 vehicle, which is about 35% down? (I Do Not Have A Co-Signer) If age matters, I’m also 21.

Thanks in advance!

Best regards,
Mark A. Jones

Open Question: Seeking advice on Personal Loans…?

I am 21yrs old. I have an unsecured personal loan currently at $29k = $18k of uni debt and $11k of a car debt that was lost in a fraudulent transaction that the Federal Police were never able to recover Apart from rent/food, this is my only debt.

The interest of the loan is 17%, which I believe is extremely excessive. The minimum repayment is $162 per week. I pay $400 per week. However, I am only allowed to make $5000 of extra repayments each year before I get penalised, so I am desperately trying to find an alternative.

I am employed full-time as an Account Manager, and my salary is 1k per week after tax. I also work a second job in a bar, which is around $500 weekly, after tax.

There are a few options I have thought of (and probably a few I have not thought of – hence me writing here). One would be to use my Mother’s equity and apply for a house loan for the debt – however the term would then be over 30 or so years, and I would be hoping to pay it out a lot sooner than this. Another is to apply for an NAB personal loan where it is a fixed rate at 14% – with no early repayment penalties etc. and using their personal loan calculator I will be able to have this over a term of 2 years – paying my $400 per week, which will still be above the minimum required.

Because I have only been earning the salary I am on currently for the last month (before that I was still doing university and only just able to make the minimum repayments), I am unsure of the best route to take, and my credit history.

Has anyone been in a similar situation or can advise on an alternative for me to consider?

Open Question: Homeless veterans ranch?

As a veteran of Iraq and Afghan I find the homeless rate of my fellow veterans unacceptable. If it were not for my parents support and enrolling in college I could have easily found myself in their shoes. For one of my classes I have to make a business plan. I wanted to tie a business into helping get homeless vets off the street and enrolled in at least a JUCO. The following is my idea and any legal issues you see with it (since I would need to address this and fix them for my business plan) ethical issues, or if it is obtainable or not please let me know. My business idea is this…
I would start a cattle ranch that would be fairly close to both a JUCO and VA hospital. On the ranch would be housing for the veterans. I am guessing I would only be able to accommodate 20 or so vets a year. Each vet would be helped with and/or required to-
1. regularly attend class/AA at the VA for drug/alcohol/any other issues they may have
2. attend college full time
3. help out with running the ranch – i realize their is work on a ranch but with 20 vets I would hope the work would be limited to no more than 10-12 a week so they can focus on school. But I believe if they are busy at all times it would help them stay sober, as well as regain a sense of pride.
I would be providing money management as well assisting in all VA filing and processing from start to finish (GI Bill, disability, health care, etc.) I also will be available for any help needed with class room work. (I do not claim to be a genius but I can at least help them find the way to get help though the school/VA if I was unsure of how to assist them with my personal knowledge.) I would assist them in enrolling in college, and all other aspects dealing with everything outside of the cattle ranch operation. I would not feel comfortable with my level of knowledge in the agriculture field to run a successful operation while also devoting my time to all the “paper work” or office side of the ranch. Because of this a full time ranch manager would need to be hired. Now, here comes the tricky part. This business plan must be for a business that is profitable. (the entire idea of it is to make a business plan that you will be pitching to investors.) With this business having two goals, 1- to get veterans off the street and help them obtain an associates degree and assist them in either enrolling in a bachelor degree program or help them find a job. 2- Have a business that at the end of the day makes a profit off cattle. What legal issues would i be dealing with here? There is almost a not for profit side (homeless vet rehab) but also a profit side. Could you have almost two separate entities that worked in conjunction with each other? The veterans would be paid for their work with having free accommodations- since we could not afford to pay them with cash is this legal? Or since they get a monthly living expense from the GI Bill is charging them rent a good idea to teach money management and how to actually budget- if this happened would they then need to be paid or would this be considered almost volunteer work for being in the program per say? The overall overhead (land, cattle, buildings, equipment, etc) is very large, I would have to show how I could make profit for this large amount of money being invested in the ranch. Is this even possible? or is their a better way of doing it than getting investors? (such as grants, or a private loan paid back over x amount of years?) What other issues do you see with this idea? any suggestions will be helpful and appreciated. I do realize there is an operational cost and that would need to be considered. Basically I want to provide a place for veterans for many years to get back on their feet. I do not want this ranch (if it actually happened) to go under a few years later, hence why I would like it to be profitable. Also, I personally could not finically afford to devote my time-full time job- and not make money. I do have a family to take care of.

Again any suggestions would be wonderful and if you see any problematic areas please point them out. At the end of of the day this is just for a grade but I am also not against perusing this if it hashes out to be a good idea.

Open Question: I need help with an essay?

•Read the Locker Room Talk Ethics Case on p. 284 (Ch. 4) of the text.

•Analyze the case using stakeholder impact analysis and the philosophical approaches to ethical decision making.

•Explain what you think Albert should do in a 700- to 1,050-word paper.

•Organize your paper using the following section outlines. Review the questions for each section to help you analyze the case and frame your paper.

Note. Do not explicitly answer these questions within the body of your paper.

oIntroduction

•What is the ethical dilemma in the case?
•What events led to the dilemma?
•When describing the dilemma, did you mistakenly propose a solution?

oStakeholders Involved

•Have you identified stakeholders?
•What is their stake in the case?
•Have you described every stakeholder in an objective, unbiased way?

oCourse of Action

•Have you clearly stated the course of action Albert should take?
•What reasons support your decision?
•What philosophical approach did you use to reach your decision?
•What are the weaknesses of your argument? Have you addressed counterarguments?

oStakeholder Impact

•How do you think each stakeholder will be impacted by your decision?
•Are there potential impacts on stakeholders that are difficult to anticipate? Have you identified them?

oConclusion

•Do you present new evidence or analysis in the conclusion? Would it be more appropriate in another section of the paper?
•Have you summarized the dilemma, your decision, and the potential effect on stakeholders?

Albert Gable is a partner in a CPA firm located in a
small midwestern city which has a population of
approximately 65,000. Mr. Gable’s practice is primarily
in the area of personal financial planning; however,
he also performs an annual audit on the city’s
largest bank.
Recently, Mr. Gable was engaged by Larry and
Susan Wilson to prepare a comprehensive personal
financial plan. While preparing the plan, Mr. Gable
became personal friends of the Wilsons. They confided
to him that they have had a somewhat rocky
marriage and, on several occasions, seriously discussed
divorce. Preparation of the comprehensive
personal financial plan, which is nearing completion,
has taken six months. During this period, Mr. Gable
also performed the annual audit for the bank.
The audit test sample selected at random from the
bank’s loan file included the personal loan files of Larry
and Susan Wilson. Because certain information in the
loan files did not agree with facts personally known to
Mr. Gable, he became somewhat concerned. Although
he did not disclose his client relationship with the
Wilsons, he did discuss their loan in detail with a loan
officer. The loan officer is very familiar with the situation
because he and Larry Wilson were college classmates,
and now they play golf together weekly.
The loan officer mentioned to Mr. Gable that he
believed Larry Wilson was “setting his wife up for a
divorce.” In other words, he was arranging his business
affairs over a period of time so that he would be
able to “leave his wife penniless.” The loan officer
indicated that this was just “locker room talk” and
that Mr. Gable should keep it confidential.
Mr. Gable’s compensation from his firm is based
upon annual billings for services. If Mr. Gable
resigns as CPA for the Wilsons, it would result in his
losing a bonus constituting a substantial amount in
annual personal compensation. Mr. Gable is counting
on the bonus to contribute to support tuition and
expenses for his youngest daughter, who will be
starting as a freshman in college next fall.

Open Question: Can you still get a "bridge loan" after the housing crash? Any other ideas on this situation?

We are about to accept an offer on a home we are buying. We currently own a home with a fairly large equity (about $300K). We have an existing Home Equity Line of Credit for $75K on our current home, and excellent credit.

The loan officer we’re dealing with suggested we use the $75K HELOC plus $20K in personal funds for a down payment, and take out a 3/1 ARM to close the deal until our current home sells. When it does sell, he says, we can then get a 30 year fixed on the new home,

That doesn’t sound right to me. It is cumbersome, and it requires closing costs on TWO loans. He says he’ll “work with us” on the closing costs on the 30 year mortgage, but who knows what that means (nothing if not in writing, of course)? And there will be extra costs no matter how he “works with us.”

Does anyone have any suggestions about a better way to do this? A bridge loan? A higher HELOC on this property? Any other ideas? I’d really appreciate any help. Thanks!

Open Question: What is an additional payer of a bank loan account?

Someone who is an additional payer to a business or personal bank loan of a father-in-law?
My father-in-law took out a bank loan. I am unsure if it was personal loan or business loan. I need to know how I should address myself to the bank, to be added and updated to his account with the bank loan. I am paying off the rest, as soon as I have my information updated into their database, documents and the likes.

I’m not paying another dime, nickel or penny until I am on the account as an additional payer.

Q: Being a close family member to a bank loan account holder, what am I called as an additional payer to his account?

What do they call that person?

Thank you!

Open Question: Someone who is an additional payer to a business or personal bank loan of a father-in-law?

My father-in-law took out a bank loan. I am unsure if it was personal loan or business loan, but it was for both. I need to know how I should address myself to the bank, to be added and updated to his account with the bank loan. I am paying off the rest, as soon as I have my information updated into their database, documents and the likes.

I’m not paying another dime, nickel or penny until I am on the account as an additional payer.

Q: Being a close family member to a bank loan account holder, what am I called as an additional payer to his account?

What do they call that person?

Thank you!

Open Question: Can I list personal lending experience as job lending experience?

*How many years of lending experience do you have?:

That is the question on this banking site that I’m applying to. I have some personal experience with car loans, personal loans, etc.

I want to put less than one year but I don’t want to be dishonest.

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