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bigredpoboy | My credit absolutly sucks, what can I do to get us a home.? |
The only thing we dream of is having a home of our own and our previous financial mistakes are coming back to haunt us. We dont see any light at the end of the tunnel. What should we do? |
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dwk1963
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My answer is going to suck at first, but blow your mind when you do it.
You and your family will need to cut back on credit card spending. The best way to do this is to cut them in half and don't get new ones. Don't get any more loans, don't do the rent to own stuff and don't acquire any more credit!
You will need to make a rule to save up to buy things you want instead of buying on credit. We Americans want instant gratification; we buy on credit and then give our paychecks to the credit companies. You need to stop this behavior. Save and buy, not get it and cry.
It takes 7-10 years to get the bad credit off of your credit report. It is hard to speed this process up. Take advantage of this time to save up a down payment.
Pay down your dept, start saving and do not acquire any more debt.
Organize your credit bills by interest rate higher to lower and then minimum payment.
Pay off the highest interest rate bill first and continue to pay the minimum balance on the rest of the bills. As you pay them off apply that money to the next one until paid off and then apply that money to the next one until paid off. Keep this up until all bills are paid off.
Once the bills are paid off start putting that money in the bank.
Note: The following is just an example you need to figure out your own budget with your information. This is just to help me explain to you how to do this.
Example:
Let’s say you make $30,000 per year. After taxes your weekly paycheck is $432.69. Your average monthly take home pay is $1,730.00.
You have a:
Sears card at 16% minimum payment $30.00 balance is $1,000.
Visa card at 15% minimum payment $45.00 balance is $500.
IKEA Card at 12% minimum payment $65.00 balance is $1500.
The total minimum payments equal $140.00. Add 30% to that total or 140.00 + 42 = $182.00 this is how much that you will pay each month to pay off your dept.
So Pay $72.00 to sears $45.00 to Visa and $65.00 to IKEA
When sears is paid off, pay $45.00 +$72.00 or $117.00 to Visa and $65.00 to IKEA. When Visa is paid off then pay the 182.00 to IKEA until paid off. Now the important and fun part, when IKEA is paid off start putting the $182.00 in to a savings account and save for your down payment.
Do not cancel your credit cards or accounts. Just pay down the balance and don’t use them. This will help to improve your FICO score. See www.myfico.com .
Good luck and have fun. Just so you know my wife and I paid off $15,000 in debt in two years doing this and now we have $44,000 in the bank after just 4 years.
If you have any questions email me at dwk1963@yahoo.com. |
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Kaz
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READ THIS POST!!!
Understanding that you have some credit issues, there are alot of things that you can do. Some of the posts offered some pretty decent advice, but many, many of them were wrong and should not be considered.
You need to understand this first. You have bad credit for a reason; because of "mistakes" as you stated. I have programs that help people obtain mortgage financing with credit challenges, but how badly do you want out of the credit challenges? It is important to understand that if you do not do everything you can to get these bills paid off, then they will always be there haunting you. Home ownership is not a right, but rather a privilege. I would highly recommend that before buying a home, you make sure that your previous bills have been taken care of.
If you would like a detailed explanation of your credit report and some help on fixing it, feel free to e-mail me at timothy.kazee@americanhm .com and we can see what you need.
Good luck to you! |
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india.magica
 |
How to buy a home with bad credit?
I am not the expert on this topic, but these are the ideas that came to my mind:
* You may want to look around for a privately offered home, then asked the owner to finance.
* You may try to find an opportunity "rent to own." You may also place ads in the paper for this purpose.
* May be you want to apply for a gov loan. First homes should be supported.
* You may also apply visualization techniques. They work like the micro waves for the cell phone. Just imagine that you have the means and the home. Feel it, see it in your mind, every day for a minute or two. The thoughts for the right home for you are sent out and some "cell" receiver brain may get the idea to get you that home and be happy that s/he could help out. Doubts interfere with the process like mountains with cell phone transmission. If doubts are there, you may say, "In my imagination, I have this home, it is well financed (or paid for) and I enjoy it with my partner." The word "imagination" makes dreams more acceptable for the mind, which is a great doubter!
* In any case, keep a steady income to be able to pay off what is owed, or to improve and maintain the house.
Wishing you good luck.
Cordially, India.Magica |
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ohiodiva
 |
Go to credit counseling, look for community resources that help people with bad credit obtain homes, look in local community produced newspaper for a solution. Here are the names of some programs that helped me in the Ohio area mustardseed, and ameridream. |
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jgmeier93592001
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Well, it depends on the reason for your credit challenges. Is it because you currently have charge offs and judgments against you on your credit report, or is it because you’re carrying a lot of debt?
If your finances allow you to either pay off the charge offs or judgments then do that and get a letter of satisfaction from the creditors. Keep these letters for at least 7 years. If they have not updated your account as being paid, then you will need these letters as proof that you have full filled those obligations. If your debt is high on your credit cards (more than 50%), then you need to pay these items down to meet the 50% balance to credit ratio. After than, then just make the minimum payments. Don't worry about interest rates on your credit card right now, since the focus is trying to increase your credit score and not consolidating your debt. If it is for medical bills, then you have to set up a payment program with them, and obtain a letter to show proof of payment.
I would not suggest that you utilize a credit agency or a debt consolidation agency since that will be reported to the credit bureaus. It shows that you need assistance to control your debt. If you fill that is the best route to go, I would then suggest that you file for bankruptcy and clear your debt. Lenders will view a bankruptcy and credit agency as the same thing.
You have to re-establish your credit. If you do not have credit cards, then you need to start sourcing out secured credit cards and maintain a balance of no more than 50% of the credit limit. Keep your payments up to date and eventually your credit will start moving northwards.
You might also want to check out a government sponsored program (state or federal). FHA or state bond programs will allow individuals with low credit scores to finance a home. However they do expect that all outstanding obligations are satisfied, hence my first paragraph. You also have to of re-established your credit.
Normally, the State Bond programs have a lower interest rate than FHA/VA or conventional loans, making your monthly housing payments controllable. You will have to pay MI for the loan, but you can get that removed after 2 years of good payment history. These programs will also allow you to finance your down payment and closing costs at the same interest rate as the first mortgage. Again, allowing you a more manageable payment.
With out more details of your credit profile, these would be my suggestions to get you back on your feet. These are the same suggestions that I have given my clients and now they are in a home of their own. If you have any questions, feel free to contact me directly. |
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missesbubbleyum1
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First I think you should try one of those credit counseling groups and/or debt consolidation to try and get your credit back on track.Good Luck! |
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emailscottmartin
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you may think it is bad, however i work with quite a few banks who deal with bad credit loans, however your interest rate will probably be much higher. if you send me an email I can help, I am a mortgage broker licnesed in all states. my email is emailscottmartin@yahoo.com |
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BRATS MOM
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Have at least a small down like 2500 and contack a local owned bank there more leanent than comercial banks |
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maggie
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Keep working hard on it whatever you do try not to file chapter 7 or 13 you will see the light after while |
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