 How do i clear searches on my credit file? |
| i have recieved my credit file for the first time in my life and found no ccj's or anything like that but have found searches from as far back as 2002. nothing on there says iv'e missed a ... |
|
 Is there a type of debt consolidation for payday loans? |
| I've met with a lawyer to start to file for bankruptcy. The two main components of my debt are a car repo, which for some reason I still owe around $6000, and some payday loans, which I owe ... |
|
 Should I take this offer from a collection agency? |
Recently they sent me an offer for a credit card. Here are portions of the letter that I have edited to keep this short.
Midland Credit Management, Inc. has made an arrangement with J... |
|
 Where can i find a good debt consolidation loan? |
| With not so great credit and do not own home for equity.... |
|
 If BOFA put me on Chex systems because a bounced check for $4k, will it show up on my credit report? |
| Someone had deposited a check into my bofa acct. i used the funds, than realized the check bounced. They put me into Chex systems and closed my checking acct? If i try to apply for a loan, will it ... |
|
 So I let my boyfriend use my credit card.? |
| We broke up, and now he won't pay about three grand, is it worth taking him to court. I know I'm stupid. He has the merchandise purchased with the card, and has been paying the bill on ... |
|
 Car Loan Question? |
| I bought a car a couple months ago and took out a 6 grand loan for it. When I took out the loan they said not to pay it off sooner then a year or else it will hurt my credit score since its my first ... |
|
 How do you tell the man you love he is ruining your credit? |
| I have been with my mate for 14 years and when we got together I had 30k in my bank account, my credit was excellent, I paid my bills on time and had money left over without touching my bank account. ... |
|
 I messed up.? |
| we had a bill from 2006 in our old house. the gas bill was in my then 17 (in 2003) year old sons name, because I had an unpaid bill myself. I had a lot of health problems when we moved last year, and ... |
|
 My property has been foreclosed....and i am stuck with$30,000 line of credit? |
| i am thinking of filing for chapter 13 since i also have some credit card debt. is that going to look EXTREMLY bad having both of those marks on me? dont know what to do!!!... |
|
 A man who makes 450 grand a year? |
What do you say about that? I just am curious what kind of lifestyle you envision for a man who makes $450,000 a year, and in five years will be making $900,000 year... What say you to THAT!
A... |
|
 Who has gotten their stimulus rebate check?? |
| I have'nt gotten mine..my last 2 numbers are 03 where is mine???? i made over 3,000 in 2007. is there someone I can contact about not getting mine it should've gotten directly depoisted, ... |
|
 Can I use my debit card as "credit" when there's a positive balance in my bank account, but not enough to... |
| cover what I need to get? In other words, will it be approved by the credit card reader (I know I can't push "debit" because that's automatically posted) as long as there's a ... |
|
 My ex filing for bankruptcy - leaving me with the debt collectors? |
| I am now legally divorced, but when we separated, I did not cover my a@# financially. My dad was diagnosed with colon cancer, so I was not concentrating on the separation and left with my 2 kids to ... |
|
| What should i do about debt collection? |
| About a year ago, i joined a book club, and thought i could pay the 14 dollars shipping and handeling. I was 17, and wanted to pay, but it just kept dragging on and on, also, I bought a dress that ... |
|
|  |
micropterushunt | We are trying to buy a home w/ credit score of 557..... Best way to improve credit quick? |
We plan on putting 40,000 down in a house priced at 165000. We also have an extra 20000 cash. We currently have 3,400 in credit card debt on a 4000 limit. Is it better to pay the debt down, or keep the money in the bank with respects to improving our credit score. |
 |
 
$m¤¤v¥ £¤¢¤
 |
This is what you need to understand about your credit score:
1. Payment history- 35%
2. Total debt owed to avialable credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%
As you can see, 30% of your score depends on how much balance you carry vs. your available credit. If you're carrying 3400, and your limit is 4000, then you're using 85% of your available credit, which is WAY too much. You should use no more than 25% of your available credit at any given time.
My suggestion would be to pay off the credit card, and either wait until it reports, or you can do what's called a rapid rescore which will show the results when you pay off the credit cards. You didn't go into details on what other accounts you have, so I'll assume that the credit card is the only account you have.
With you putting up $40K, that's more than 20% that's suggested when purchasing a house. As for the additional money, I would strongly suggest setting it aside to cover additional expenses that will come along when you close on the house. |
|
Steven L
|
Take $3400 of that 40k and zero out that card immediately. Your debt ratio accounts fo 30% of your fico so this will make a difference almost immediately with a rapid rescore. (Ask a broker)
Put the $20,000 in a 6 month CD, you should be able to get over 5%. (To show reserves for qualification)
Put $33,000 down on the $165,000 home and you will be at 80%, your DTI will be fine, assuming you have a verifiable income, and you will be able to get a great conventional loan, even with your low credit score.
If you need a quote, see this link below. |
|
Doctor Deth
 |
you should definitely pay off the credit card in full - that will help more than anything - keep the account open, just don't use the card - as for helping quickly - your record only gets updated as frequently as your creditors report to the credit bureau, so I doubt it will go up much in the near future - with the kind of downpayment you have, you shouldn't have trouble getting the mortgage, the rate will just be higher |
|
bdancer222
|
Pay off the credit cards. That's the fastest way to improve your score.
You should also take a look at your credit report and see what is causing such a poor score. If you have negatives, the mortgage company is going to require you clear those up before you can get approved. You may want to start dealing with those now. Start with the newest and work backward.
Considering the current flux in the housing market and your poor score, you may want to wait before buying. That would give you time to clean up your credit and qualify for a better interest rate. |
|
tercir2006
|
Scores never improve quickly. The only way you could have a fast response is to challenge the validity of your bills. IF you succeed in getting your bills removed from your score, your numbers will go up. Otherwise, you just have to wait for time to remove bad marks off your score.
Assuming you have late payments in your history.
:) |
|
RT(R)
|
how can you have that much money and not have good credit?
you need to pay that card off..get another one, buy a car and pay all those off |
|
Laura
|
10 months ago my husband had a credit score of 410 after we closed our business. Today it is 770. He has had 36 derogatories taken off from his credit report. Check out this credit repair company.. https://parker.fixcreditbiz.com .. You should start seeing results in the first 3 months. You can email directly at parkerfixcreditbiz@yahoo.com or I can give you a phone number. Good luck. |
|
remixx
|
Do what Steven L said because after you pay those cards off in full your score will take 12-24 months to start going up. |
|
Bargainhunter24
|
You need to pull your credit report and figure out what caused your score to drop so much.I highly doubt that a liability of 3,400 would cause your score to be so low. Paying it off would only increase it by a few points. Have you made your payments on time in the past? |
|
annie
 |
here i'll share to you an article that could probably help.
------------------------
http://www.newhorizon.org/Info/what-is-a-credit-report.htm |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 27 minutes(s) ago
| | | |
10 | 30 minutes(s) ago
| | | |
10 | 35 minutes(s) ago
| | | |
10 | 38 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 8 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 5 day(s) ago
| | | |
10 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
