Edwina0511
2017-02-27 14:49:28
- #1
Hello everyone,
I have been following along diligently for some time now, as my husband and I want to build our own house in the near future. We have already found and reserved a plot of land and have agreed on a house provider. Now we want to set up the financing. The following part will unfortunately be a bit longer, but otherwise I would have a hard time explaining the problem in its facets.
The key data are as follows:
The construction project will cost a total of about €500,000 (plot including additional purchase costs, KfW40 house, ancillary construction costs). We have a total of around €120,000 in equity, but want to use a maximum of €100,000 of this in order to still have enough reserves. Together we currently earn €5,000 net, private health insurance already deducted (civil servant, employee, no children). We have already done a lot of calculations ourselves and have come to the conclusion that a monthly rate of around €1,300 is manageable.
Now to the actual big problem. In a financing discussion with a well-known and trusted advisor, it turned out that my Schufa score and also the relevant bank score are incredibly bad, and we would get financing from very few banks, even though all other basic requirements fit well. Online inquiries definitely did not go through. My base score is just 85%. The only way I can explain this is as follows:
I financed three cars (I am currently driving the 3rd car) via a variocredit within a relatively short period of time. With this, you can give back the car during or after the end of the term at a fixed value, so it is basically a slightly different form of leasing. The installments were, of course, always paid and early return was never a problem. All 3 amounts still appear in the Schufa because the loan has not been fully repaid and the time until deletion has not yet elapsed. The advisor explained to us that for banks this looks like a refinancing or chain debt, because the cars kept getting more expensive and according to Schufa understanding the loans were apparently not serviced according to the contract. Reasons for early return are of course completely irrelevant to Schufa. I do not want to start a discussion about how cars should be paid for. There were and are good reasons for me to proceed this way and financially I have done very well.
In addition, before our trip to America last summer, I applied for and received two credit cards and after the wedding opened a joint account with my husband. I also still have a checking account for incoming money related to work in order to avoid confusion in the private area.
As I said, there are absolutely no negative marks. I have never done anything wrong and always pay everything on time.
I am quite at a loss as to how we should proceed now. The local Volksbank sees less of a problem here, but currently their conditions are not the best for us. Are there any experiences about other banks one could turn to that apply other criteria than this mere score value, which, as mentioned, contains no negative characteristics? This is already a considerable amount of money that one simply "burns" like this. I can provide everything completely and can prove it, I am a civil servant, we have a significant amount of equity and if necessary my parents would also act as guarantors. I really feel cheated and powerless, but there is probably not much you can do against a stock corporation like Schufa.
Thank you very much for reading and I look forward to advice!
I have been following along diligently for some time now, as my husband and I want to build our own house in the near future. We have already found and reserved a plot of land and have agreed on a house provider. Now we want to set up the financing. The following part will unfortunately be a bit longer, but otherwise I would have a hard time explaining the problem in its facets.
The key data are as follows:
The construction project will cost a total of about €500,000 (plot including additional purchase costs, KfW40 house, ancillary construction costs). We have a total of around €120,000 in equity, but want to use a maximum of €100,000 of this in order to still have enough reserves. Together we currently earn €5,000 net, private health insurance already deducted (civil servant, employee, no children). We have already done a lot of calculations ourselves and have come to the conclusion that a monthly rate of around €1,300 is manageable.
Now to the actual big problem. In a financing discussion with a well-known and trusted advisor, it turned out that my Schufa score and also the relevant bank score are incredibly bad, and we would get financing from very few banks, even though all other basic requirements fit well. Online inquiries definitely did not go through. My base score is just 85%. The only way I can explain this is as follows:
I financed three cars (I am currently driving the 3rd car) via a variocredit within a relatively short period of time. With this, you can give back the car during or after the end of the term at a fixed value, so it is basically a slightly different form of leasing. The installments were, of course, always paid and early return was never a problem. All 3 amounts still appear in the Schufa because the loan has not been fully repaid and the time until deletion has not yet elapsed. The advisor explained to us that for banks this looks like a refinancing or chain debt, because the cars kept getting more expensive and according to Schufa understanding the loans were apparently not serviced according to the contract. Reasons for early return are of course completely irrelevant to Schufa. I do not want to start a discussion about how cars should be paid for. There were and are good reasons for me to proceed this way and financially I have done very well.
In addition, before our trip to America last summer, I applied for and received two credit cards and after the wedding opened a joint account with my husband. I also still have a checking account for incoming money related to work in order to avoid confusion in the private area.
As I said, there are absolutely no negative marks. I have never done anything wrong and always pay everything on time.
I am quite at a loss as to how we should proceed now. The local Volksbank sees less of a problem here, but currently their conditions are not the best for us. Are there any experiences about other banks one could turn to that apply other criteria than this mere score value, which, as mentioned, contains no negative characteristics? This is already a considerable amount of money that one simply "burns" like this. I can provide everything completely and can prove it, I am a civil servant, we have a significant amount of equity and if necessary my parents would also act as guarantors. I really feel cheated and powerless, but there is probably not much you can do against a stock corporation like Schufa.
Thank you very much for reading and I look forward to advice!