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if i can buy a car today for $5000 and its worth $10,000 in extra income next year should i take a loan from a loan shark at the interest rate of 90% if no one else will give me a loan?
Will i ... |
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| I received a bill from C.C.A. collections in Norwell Ma. today saying that I owe Sprint telephone for A former cell phone that I paid in Advance and cancelled it 2 days before the next bill would be ... |
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i have bad credit. i finally got a credit card and can start earning my credit. i've been told two seperate stories regarding paying for my credit cards payments to earn those credits.
<... |
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 What does ">Charged Off as Bad Debt< " mean on your credit report? |
I am cleaning up my credit report. Should I start with these they are prettyold. Did the company just write thm off?
Additional Details
I saw a couple of comments so I need to say this. ... |
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| Credit cards for awful credit!? |
| I need all the information that I can get! My credit score is like a 580 and I will like to know how I can get a credit card for people with bad credit ? I tried Premier, Orchards, Rewards 660, and ... |
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| I currently have four credit cards and I only use one of them. I am considering canceling two of the cards I never use, but I want to make sure that this will not hurt my credit score.... |
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| I ask this because for ten years I was in retail management. I had some credit card issues and now, with a low FICA score I cannot find a management job. How can ten years of experience be ... |
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| This has been asked, but i haven't got the answer i need. i got $4k down payment and i wanna buy a $12k used car. i have a low credit score but i only have about $1,600 debt that i am currently ... |
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 I have a loan and need help paying it off..? |
I have a loan from cash call, and their rates are so high. can I get a loan from a credit union to pay that laon off?? and will this hurt my score??
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 Why does everybody love debt? |
| I recently answered a question about how to build credit. Why do you want it is what I want to know! I have 2 very nice paid for cars (one is a classic hotrod), I don't have to worry about ... |
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| I have a ccj and do not own my own home but need to borrow about £5000. Is this possible?... |
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lilAudrey | I had to bankrupt a year ago is there Any chance of getting financing for a home? Income is Great!? |
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jannie
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gee if your income is so great why did you go into bankruptcy? |
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what?
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There's definately a chance that you can find somebody willing to give you a lower mortgage, but for at least the next 9 years, it will be difficult, and you will have to pay substantial interest, and face high monthly payments, and will likely have to put at least 10-15% down just to have a decent chance. |
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RD
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Yes. |
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bourbonstreetbum2002
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generally a bankruptcy has to be discharged two or more years |
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Gabes' Dad
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In today's mkt. do some research on the net. Something ppl. don't think when you bankrupt. You can not bankrupt for several years. So for a good while you are a good risk. MMMMM |
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oracle
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Try rent to own for if you declared just a year ago doubt a bank or any financial institution will but call around for only by contacting and inquiring of the lending institutions outright will you know. Can also put classified ad in paper asking for loan from private source and state how,when, payment that you can make.
But the rent to own is still your best bet where par of your rent is used a payment for the house at least you'll have house and can pay rent+ until you're again able to get financing-be sure to discuss with owner so they're agreeable to sell outright when you're able to buy. |
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pootie_tang
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Yes, as a mortgage doesn't really depend on your credit score. As it depends more on your debt ratio.
It's only depends on your credit score if you trying to get a no down payment mortgage.
Basically if you have 5% or more down, have the money for the closing cost (about 1.5% of your mortgage) and your debt ratio is under 40%(this includes the monthly mortgage payment that you'd be paying ) you can get a mortgage.
Just go into your bank and try to get a pre-approval and they'll explain everythign to you, it doesn't hurt to try. |
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Dwasifar K
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There are always lenders that will finance you even if you have dicey credit. You're not going to get the best rates, but you can get a loan, especially if you can show good income. Find a mortgage broker who specializes in "B paper" (subprime lending). Your local real estate agent may be able to direct you to someone. |
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Missy
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YES! We filed bankruptcy several years ago (four actually) and looked to lower our rate on our home. We got approval and we got an excellent rate (not the best rate out their...but better than we had hoped.)
Two things factored in to this and the first one is big...DID YOU INCLUDE a home in the bankruptcy and/or were you ever late on home payments. That is going to be huge as to whether or not you get approval. The other factor is simply, you can not file for another bankruptcy for 7 years, so you will find you are seen "accountable" in the eyes of creditors.
Just so you are aware, most major backs (Wachovia, Bank of American, AmSouth...etc.) have policies that you have to have been discharged for at least four years before they will even consider loaning you money for a home.
Good luck and safe financing!
Mis |
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fscape444
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Yes you can, but have you been late in any of your payments since the bankruptcy? And what was the reason for the bankruptcy, divorce, medical, etc., also a letter of explanation helps in your file. What state do you live in? |
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StudentoftheHumanCondition
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Yes, you can. Depending on the outcome of your bankruptcy, you could qualify for close to market rates. You didn't state if your bankruptcy was a Chapter 7 or 13, but I am going to assume a 7 since you seem to mean that it has been discharged.
The first step is to get your documents to a lender and see what you have.
1. Proof of Income for the past two years - two years tax returns, signed is best or W2s, plus two months of current paystubs. If you are self-employed, complete tax returns for two-three years plus YTD P&L (unaudited). I would also be prepared to produce two year's business license or a letter from CPA reference your business status.
2. Past three month's bank statements. If you have bounced checks on them, I would forgo the statements and just ask the lender to allow the bank to do a Verification of Deposits, which would just reveal your average balances and not individual transactions.
3. If you are a current renter, you will need at least 12 month's worth of rental history. Assuming that you live in a professionally managed complex, a Verification of Rent can be requested by the lender. If you rent from a relative or individual, a proof of on-time payments in the form of checks or money order receipts will probably be necessary.
4. Even if you received 100% fiancing of the home, you will still have upfront incidental costs, such as a home inspection, termite inspection, appraisal and possibly home owner's insurance. Plus there are closing costs associated with buying a home, such as origination fees, title insurance, closing fees from the lender, attorney/title company and escrow set-up costs (escrow is the industry short-hand for home owner insurance and property taxes).
5. I would definitely get qualified for a loan with someone who would ask for these items up front. Also, due to your credit situation, I would seek out a mortgage specialist who deals with people who have recently discharged a bankruptcy or have blemished credit.
Good luck and congratulations on your decision. I lend in 38 states, so hopefully this advice was helpful. It is general and broad, but I am available for consulations by phone weekdays. |
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jennlupe
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Yes, my mom had a bankruptcy last year and got financed through Wells Fargo. They are great and easy to work with. Good luck. |
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