 How should I Start building myCredit history the right way? |
| I never had credit im 18 now!!! And i want to buy a preown car in the next 3 yrs. So im asking what should i do to get good crdit fast and what can i do with it.... |
|
 Cancel my credit card? |
| I've had a BoA credit card for about 4 years now, I just got the balance to 0$. I'd like to cancel the card, but have heard both side of the story of it hurting my credit and not hurting ... |
|
 How do you respond to creditors who harass you by phone.? |
| This company calls quiet often even though I have told them to stop because I never had an credit account with this company and if I did it is way past the statute of limitation. They want me to ... |
|
 I got a letter from a collections agency threatning Arbitration? What is that? I'm scared!? |
| I got a letter in the mail from Midland Credit Management, Inc regarding my debt with Verizon. This debt is from 3 1/2 years ago. It says to call them to arrange to pay the balance of $1096.08 by 8/10... |
|
 Can you return clothes to Topshop without a credit card if they were bought with a credit card? |
| I accidentally bought a top in the wrong size and I decided I didn't like the top that much anyway, and I'm just wondering - could i return/exchange it without my mother being there (she ... |
|
 Home loan with bad credit? |
| ok here goes im trying to buy my first home. have little to no money to put down. credit not that great does anyone know of a place in kc mo that will help me ... |
|
 Can anyone recommend a good credit card? |
I've never had one before so don't know where to start! Am also worried about getting turned down cos I have no credit history.
Additional Details
I should probably give more ... |
|
 I have a foreclosure but want a new car - I've been denied. How can I get one? |
Additional Details
For those of you who choose to judge me based on the limited information I have included, please note that the foreclosure was over two years ago and was the result ... |
|
 Am I obligated to buy something if I apply and get approved for a credit card? |
| I know this may seem like a silly question, but I need a credit card as a second form of ID to open an account at a video store. I also need a credit card to create an account with Microsoft Office L... |
|
 Credit card will be raising interest rate on balance. Should I close it so I can pay it off at the lower rate |
| I have two credit cards from the same company - one is an older account with a higher interest rate, the other is a newer account with a better interest rate. Both cards have balances that will take ... |
|
 Any suggestions on how to get out of debt quickly? |
| I am already working two jobs and serve in the Army reserve. Bad thing is I have bad credit so I cant seem to get a loan that I can afford. Have several offers, but dont want to just get something ... |
|
 I need a good debt consolidation company. Any ideas? |
| I have several personal loans out. My monthly payments add up to about 800 a month, i only make a 1000. I'm not behind on payments but i cant keep up much longer. I cant seem to get any local ... |
|
 Is anyone in my situation..I havent paid my credit cards in 2 years!? |
| I just couldn't. Now i'm freaking out because I don't know what could happen from here...Someone help!... |
|
 Only serious answers please. Those that are cynical will be reported.? |
| I have a high cellular phone bill, and am having trouble paying the bills. What do the consolidation companies for debt do? charge? Where can I find some help? We both have jobs but are suddendly not ... |
|
 I just started a position working from home... I need an emergency cash loan or payday loan.? |
| Does anyone know of a LEGITIMATE cash loan or payday loan company that does not require you to work at your employment for at least 3 months? Most sites I go into and fill the application need you to ... |
|
 If you had 10k to either pay off your car or use as a down payment on a home? |
| What would be the best thing to do? The car loan is at 6.9% and the payout is 13k....Thanks.... |
|
| I'm being sued for a debt that is over 5 years old? |
| I was served with court papers on Saturday, I'm being sued for $7400...from almost 6 years ago. I had a loan for a vehicle, I lost my job and couldn't afford to make the payments, I gave ... |
|
|  |
primoa1970 | Can breaking out of a lease early reflect on your credit? |
I'm just curious to know because my wife and I are looking to buy a home.........but we are locked into our rent for 7 more months. We don't want to let an opportunity to own slip by in this "desperate to sell" market.
Thanks,
Primo |
 |
 
pmiller196
 |
Typically, your credit report reflects payment history based upon credit or goods you have requested. Credit cards, mortgages, auto loans, etc. . . It also includes legal judgments as well.
If you were to break the lease and not pay the penalty as specified in your lease agreement, such as a clause to buy out the remainder of your rent payments (in your case, 7 months worth of rent), then it could either go to collections and/or court. In this case, it would go on your credit report because it reflects your inability to pay debts if you are found to owe the amount specified.
If you were to break your lease and pay any amounts you owe according to your lease agreement, then it would not go on your credit report because it does not reflect inability (or ability for that matter) to pay debts.
Collections (such as long-overdue medical bills, unpaid returned checks, unpaid credit cards, etc. . .), bankruptcies, court judgments, tax levies all will appear on your credit report according to the principles written above.
I hope this helps! |
|
Schneb
|
Read this...
http://www.peoples-law.org/housing/ltenant/bni/breaking%20lease.htm
Do a Find for the word "credit" and read the question and answer near the bottom.
Personally, I think this downturn will still be around in the next 7 months and sellers will be even more desperate to unload their homes. However, if you feel the need to jump in now, you may be able to work out a long escrow and put a down payment to let the seller know that you are earnest to buy. If you let them know that you need to live out your current lease, they will understand.
Also, talk with your landlord and let him know what you want to do. Perhaps he will let you out early with a reasonable penalty. |
|
Ted
 |
"Break" is an often misused term..
If you leave before the end of the lease, which is probably what you mean, there is usually a payment spelled out in the lease. If you make this payment and give notice according to the terms in the lease (do it in writing) then you haven't broken the contract. If you just disappear, then you probably owe the landlord the termination payment, and he can treat this like any other unpaid debt and report it.
Don't rush. he housing market is not going to be cleaned up in 7 months. Rates on mortgages are still dropping. |
|
Alex
 |
I would talk to the landlord, most understand that buying a home is important and when the House your looking for comes up sometimes you have to jump. If you have been good tenant I don't see a problem.
Unless the owner has had a major issues with you I don't think they would waste the time turning a broken lease into credit reporting.
Good luck |
|
Mandolyn Monkey Munch
 |
I have absolutely, 100% guaranteed response of that I have not one slight IDEA.
(how's that for wording?) he he.
I am glad you guys found a house though!! It is in God's hands nd continue to pray it all works out. I am sure it will! |
|
Jan P
|
I think only if you made a habit of it...but as someone said .... check with your landlord and see what they say....Also if you talk to a Realtor...ask them. And keep praying....God will make a way and it may be 7 months before that door opens....Remember the doors God opens no one can shut and the ones He has shut no one can open.
Even though God's ways are beyond our understanding, he still cares deeply about us. But we must be willing to come before him with a humble, repentant spirit.
Isaiah 57:15, NLT |
|
Beverly S
|
You need to be aware of what your lease says. If it requires you to pay 7 months more if you break it & you don't they can sue you & get a judgment which would hinder your mortgage loan. However, maybe you can help find someone to take over the house/rent- Many landlords will work with you. By the way, the "desperate to sell" market will still be strong- if not stronger in 7 months. Get prepared to buy- 2 years good credit, 2 year verifiable income, at least 3% down payment (FHA) etc. Good luck! |
|
chante
|
You will have no bad effects if you buy yourself out of your lease through a mutually agreed on price between you and your landlord. Or if you find a qualified renter to sublet your apartment. But if you just walk away from a contract that you signed and agreed to live up to, then yes, it will adversely effect your credit. When I was in your situation, I let my lease expire and went month-to-month. They raised my rent considerably, but I felt it was worth it to live up to my agreements. |
|
Angelica1951
|
Hi Primo,
I have never heard of ending a lease earlier than the end date being a problem. It shouldn't in any way affect your credit rating. Most landlords are very understanding when someone needs to move for buying a new home.
Just talk to the landlord and then put it in writing. You may not recover your deposit.
Ann |
|
Chinese Swede - let God be God
|
the legal environment notwithstanding, my sense is that it also depends on how you do it.
Namely, do you do it in such a way that ruptures the relationship with the landlord so as to make them come after you? That's the grey area for me.... And, if you do it in such a way that you're in court, that has other effects, both personal and public.
I try my best to live at peace with all people.... |
|
Bill S
|
a broken lease wont show up on your credit report but when they try to collect the remaining amount of money from you thats when it hits your credit report i found an article that shows you how to break your lease legally http://www.adviceontime.com/Lease.htm |
|
moss l
|
It depends on the state, county, city, precinct, etc....In my state, people break leases all the time with no legal repercussions.
You could avoid breaking your lease by subletting your apartment to someone else. Just make sure you take your names off all the utilities possible. |
|
Marcus
|
Only if there is a court judgement. |
|
Deke
 |
Don't quote me, but I don't believe that it does. Maybe if you have a pattern of doing so, but if you've lived at your current residence for a while (2-3 years or more), I don't think breaking the lease would harm your credit.
Outstanding debt harms credit more than anything. You can look up your FICO score for free at some websites. 720 or higher is a good range to have when looking to buy a home. Below that, and many lenders won't even talk to you.
MyFico.com is the site I used most recently, or you can call 1-800-319-4433. You're under no financial obligation for anything, and you don't need to purchase anything. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 9 minutes(s) ago
| | | |
14 | 48 minutes(s) ago
| | | |
14 | 2 hour(s) ago
| | | |
13 | 5 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
14 | 9 hour(s) ago
| | | |
12 | 2 day(s) ago
| | | |
14 | 5 day(s) ago
| | | |
14 | 1 week(s) ago
| | | |
14 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
