 Building my credit from a bad-credit banks? |
| my credit-score is currently 729. I was wondering, is there any benefits applying for a credit card company that are for bad-credit people, such as "First PREMIER" or "Orchard Bank&... |
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 How long after bankruptcy can my credit be good enough to get an apartment or a loan for a home? |
| My wife and I make enough money to afford an apartment or a modest house. However, both of our credit records are poor. So we were told to file bankruptcy. We just need to know how long we will ... |
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 Credit card question? |
| I was just wondering if it's bad for your credit report if you don't use your credit card?... |
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 Why Do Debt Collectors Lie? I Got Every Penny Of My Taxes!? |
| They threat all the time to do this and do that. Its a ploy to scare us into paying or just get the upper hand in the conversation. But when it comes down to it, they dont do what they threaten. FDCPA... |
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 Looking for a credit card? |
| I'm 18 and i am looking to build credit. I am trying to find a credit card but I cant find any good ones. All the credit cards I applied for said I need credit to get this card. And all the ... |
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 How else to raise my credit score? |
| i tried a credit card one time a decided that it was the dumbest idea ever to pay $100.00 for a $75.00 item and wont do that again my score is below 600 and i need to raise it. Im going to pay off ... |
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 Should I cancel my unused credit card? |
So I currently have three credit cards:
-- American Express, limit of $12,100, a $2000 balance and I've had this credit card for 7 years
-- Bank of America, limit of $4000, a $0 ... |
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| What happens to your unsecure credit card debt when you die? |
Additional Details
ok. let me add more to the question. There is no estate to take from.... |
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 What is a bad credit? |
| i know someone that went to a hospital and got a big bill .. and he decided that he wouldnt pay it...he says it will be bad credit..what is that really..and can health care have bad credit?... |
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 Looking for a credit card recomendation? |
| When I turned 20 I signed up for a credit card (after lots of research). I got one with a $1,000 limit, and 15% APR, which has since dropped greatly. I paid for my college textbooks with it to the ... |
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 I was approved for a loan with akwbi492c.com and i cant seem to locate them can you please help me? |
| the loan was processed through my email and the processing fee was debited from my account and i never receive the loan. the name of the website is approvalswithbadcredit@akwbi492c.... |
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 What earns a higher credit score making the minimum or full payment on credit cards? |
I would like to know which method will result in higher credit score I have heard many different opinions.
1) Make minimum payment
2) Full payment
3) Pay the minimum payment ... |
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me | I want to buy a house my credit score is almost 700, income is only 25000 year and I have a 400 car payment? |
Is there anyway I can get a home loan? I only want to borrow around 50000-60000. Other than my car payment I do have some student loan debt. My plans are to refinance my car or downgrade before applying for a loan. Im going to try to get my car payment down to $300 a month or less. Is there any bank that will approve me for a home loan? Im more worried about them looking at my debt and saying no, but almost everyone has a car payment and student loans. |
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jamie5987
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I believe that generally mortgage companies look to see that your mortgage payment is not going to exceed 25-33% of your take home pay. If you purchase a $50,000 home, then on average you can expect a mortgage payment of $500 (include property tax and insurance). So do the math - take 25-33% of your take home pay and see if $500 falls in that range. You should probably shoot for the lower end of that range since you have a car payment and student loans. |
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Scott411
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It depends on the price of the home. But usually lenders don't want to see you spending more than 35% of your income on your mortgage.
So it doesn't look good. |
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Ted
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The normal criteria for qualification of a mortgage is that your annual payment plus property taxes should not exceed 32% of your gross income and your total debt payments should not exceed 42% of that same gross income. So, take 32% of $25,000 which is $8,000, divided by 12 and that is some $667.00 per month. Therfore if taxes on the proposed property are say $200.00 per month, you are then left with $467.00 for a mortgage payment, principle and interest amortized over 25 years. So, determing whatever rate is for the mortgage, you can then figure out what amount of mortgage you can apply for and expect to receive. Some lenders will offer more, but this method makes it safer for you so as not to run into trouble. |
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ajsmommy
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Bankrate.com has a lot of calculators for these types of things.
http://www.bankrate.com/brm/calc/newhouse/calculator.asp
This one will tell you how much house you can really afford, but I'd say that it's highly unlikely even without any debt that you would be able to get a mortgage for $50k. |
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SPIFIMAN1
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Your biggest problem is going to be your debt to income ratio.
Even if you get you car payment down to $300.00 they add $100.00 for insurance and then figure $500.00 for a house payment and your at 43.2% D.T.I. without utilities and food. |
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Security Lady
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go to tcalc.com they have a quick calculator that tells you what u can afford and they are not run by any mortgage company - it is just a free service. Good luck and please do not let a real estate agent pressure you to buy a higher priced home or anyone to talk you into an adjustable rate mortgage. I have seen so many foreclosures because of this. |
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XoxoxoxoX
 |
With $25,000 annual income and a car payment of $400 per month on top of that, there is also a student loan. Most importantly is the credit score of 700 (is a good score but not high enough). Refinance auto loan will just get you into more debt (by extending the payment term - that is how you can lower your monthly payment, but NOT a good idea). It seems like the car payment is pretty high, not sure if you bought something out of your means, or the interest is super high. But it does not look good. BTW, I am really curious about where do you live? I means which part of the US (if you live in US) has an aparment cost only $50,000 to $60,000? Sorry, it does not looks promising for you to qualify a loan. |
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annazzz1966
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I think your DTI would be too high with that large car payment and student loans along with your monthly regular expenses. My advice to you would get rid of the car payment all together and buy a used car outright, then get some savings together by sinking the former car payment money into a savings account to prepare for buying your house. You'll need atleast 5% of the cost of the home and if this is your first time buying a home, possibly 6 months reserves. Plan on paying up to 35% of your gross monthly income for a house payment and see if you can live on the remaining funds. Good luck! |
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noplomojovens
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There is no money available right now because the banks are not loaning money to each other. Maybe in a year, but you won't get a loan now without a 50 percent down payment. |
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