AndreasWenzel
2015-08-13 21:44:12
- #1
Hello Kai6901,
I have two answers for you. One that reflects the bank’s perspective and is rather matter-of-fact. A second one with a few subjective thoughts from me.
1. For nine out of ten banks, your wife’s negative Schufa entry is a deal-breaker. However, not every negative Schufa entry is the same. Is it a problem with a telephone company that escalated and involves a comparatively small amount? Then there are still a very few banks here and there that might lend you an ear. But if the negative Schufa entry is related to a bank—closed current account, unpaid installment loan, etc.—then your chance with regular banks is exactly zero. (I will remain silent about special cases like the von-Essen-Bank, since nobody wants to pay 7 percent interest.)
By the way, it is a mistaken assumption that existing consumer loans can be refinanced with a mortgage. A mortgage loan is granted for the specific purpose of a property and not to repay old debts. There are only very few banks that do this, and then only to a very limited extent, certainly not 30,000 EUR.
2. My subjective opinion is that you should first check whether you can afford €1,500 monthly. Your lines don’t really indicate that, since despite a rather modest rent you haven’t been able to save so far. On the contrary, there are still some loans.
Try setting aside €500-800 each month consistently over 2-3 years. Then you will have a similar burden with rent and utilities as you currently imagine you can afford. If that works out even with a third child, then first of all it’s a good sign, meaning you are not chasing any pipe dreams, and secondly, in three years you will either have some equity or less debt. That can only be good for your plan.
You will have to wait a bit anyway until the Schufa entry no longer hinders you. After resolution, it remains visible for three years. After that, you will be creditworthy again.
Good luck with that!
Andreas Wenzel
I have two answers for you. One that reflects the bank’s perspective and is rather matter-of-fact. A second one with a few subjective thoughts from me.
1. For nine out of ten banks, your wife’s negative Schufa entry is a deal-breaker. However, not every negative Schufa entry is the same. Is it a problem with a telephone company that escalated and involves a comparatively small amount? Then there are still a very few banks here and there that might lend you an ear. But if the negative Schufa entry is related to a bank—closed current account, unpaid installment loan, etc.—then your chance with regular banks is exactly zero. (I will remain silent about special cases like the von-Essen-Bank, since nobody wants to pay 7 percent interest.)
By the way, it is a mistaken assumption that existing consumer loans can be refinanced with a mortgage. A mortgage loan is granted for the specific purpose of a property and not to repay old debts. There are only very few banks that do this, and then only to a very limited extent, certainly not 30,000 EUR.
2. My subjective opinion is that you should first check whether you can afford €1,500 monthly. Your lines don’t really indicate that, since despite a rather modest rent you haven’t been able to save so far. On the contrary, there are still some loans.
Try setting aside €500-800 each month consistently over 2-3 years. Then you will have a similar burden with rent and utilities as you currently imagine you can afford. If that works out even with a third child, then first of all it’s a good sign, meaning you are not chasing any pipe dreams, and secondly, in three years you will either have some equity or less debt. That can only be good for your plan.
You will have to wait a bit anyway until the Schufa entry no longer hinders you. After resolution, it remains visible for three years. After that, you will be creditworthy again.
Good luck with that!
Andreas Wenzel