Posts Tagged ‘3 years’

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Good FICO, DTI High, Good Equity! Can I Refi a Cash Out?

June 2nd, 2011 by admin | 1 Comment | Filed in 3 Free Credit Scores

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We are in dire straights. We have lived in our home in Charlotte area 15 years. Home is financed with Chase. Never had a late payment, not even 1 day day late on home or the Home Equity Loan we have.
Took out a Home Equity Loan 3 years ago. Never a late payment there either.
All total our bills are killing us. Want to Refi. Balance on home is K and Home Equity Loan balance is K.
Husband lost job, just got rehired on another contract but want start his new job till next month. He is a government contactor so makes good money but when the contract stopped the money dried up quickly.
His credit score however is absolutely no help, in the 500’s.
My FICO scores are 691 Equifax, 726 Experion, and 686 Trans Union.
Problem is I only gross 33K or so a year.
We applied online for a refi to payoff bills but were told my husband is no help on the loan because of his FICO scores.
With the DTI I am at 90% so I cannot get approved to refi.
The home is worth about 5,000. We have about ,000 in Credit Card Bills and Loans we want to pay off.
Can anyone out there give us an idea of how to refi, payoff the debt and get a loan.
What about going FHA with my husband as the co-x since he has the low FICO but has very good income to lower the DTI ratio? He makes about ,000 per year and it will be Federal Taxes tax-free as he will be working overseas for a year.
We really need some professional advice.

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Will I be approved a loan to buy a home?

May 24th, 2011 by admin | 2 Comments | Filed in 3 Free Credit Scores

I am married with a wife and 2 kids-5yr and 1yr old. My wife makes ,000 a year. I will graduate next month and have a job contract that will pay me 55,000 per year starting September 2009. I had a full time job that paid me 20,000 per year but I now only work part time making 12,000 per year. We both have had our jobs for the past 3 years. Our savings is 18,000 and can borrow about 5,000 interest free for couple of years. WIth tax credit of 8,000 for first time home buyers this year, I am tempted to buy a home for about 200,000 if approved or possible. I think we can handle the payment comfortably once I start my new job as our household income would be about 75,000 per year. I would be otherwise paying 1,200 rent per month. We both have credit scores above 710.
With my circumstances, do you think I will be approved for a loan based on my confirmed job offer and present employment? Or should I wait until next year?
Responses will be greatly appreciated/
Thanks

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Debt Management VS. Debt Settlement, which one is best to use and has anyone used one of them?

April 26th, 2011 by admin | 1 Comment | Filed in 3 Free Credit Scores

I have ,764.00 in credit card debt with interest rates in the 20%-30% range. I am looking into either a debt management program or a debt settlement program. For the debt management program they estimate that I will pay ,410 total including their fees and be debt free in 3 years 9 months (April 2013). For the debt settle program they estimate that I will pay ,058 total including their fees and be debt free in 2-3 years (July 2011-July 2012) depending on how much I decide I can afford per month. I see that the settlement program is a lot cheaper in the long run (,352), does not take as long to complete (24-36 months instead of 45) and is at least 0 cheaper a month if I choose the 2 year program and 0 cheaper if I choose the 3 year program. My current credit score is about 645 and I don’t want to destroy it, but I can not keep paying the minimum payments for the rest of my life and never be debt free. Has anyone used either of these programs? What was the difference in your credit score when you finished the program? Did you have any problems? The name of the company is Coastal Credit Solutions out of San Diego, CA. Any help would be highly appreciated. Thanks!

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Can you Still Buy a House with Bad Credit? ?

April 25th, 2011 by admin | 7 Comments | Filed in 3 Free Credit Scores

I have a bit of a dilemma. I am 27 years old and I am about to get a pretty good sized promotion and raise at work. I want to start looking for a townhouse or condo in the area I work because I have been renting for the last 2-3 years and I am tired of throwing away 0+ a month for housing.

My credit is horrible. My credit score right now fluctuates between 590 and 610 and is damaged due to several stupid credit mistakes I made in college. I have a 3-year car note that I will have paid off in February 2009 and I have never been late or missed a payment on it. I also have a student loan that I am paying off and have made sure to always pay that on time. My dad’s realtor told me that should help bump up my score a bit after a couple more months and the reason it hasn’t helped so far is because I haven’t had either note for 3 years. I also will have more money freed up after the car is paid off to pay down my credit card. The last time that I paid off my card it raised my score almost 70 points so I think that will also help.

That having been said, I am really worried/nervous about even trying to look for financing, especially given all of the horror stories out there about mortgages. The townhouse/condo I would be looking at would be in the range of 0-150,000 and I could afford monthly payments around 0. I am going to try to save up a bit for a down payment but it probably wouldn’t be much more than a couple thousand dollars. I am planning on starting this process probably in 3-4 months so I have a bit of time to save up and pay off some debt. My dad’s realtor said I should still be able to get financing even with poor credit but I am worried I will get stuck with a really bad interest rate or loan. Any advice? It would be nice to hear from someone who has purchased a home with less than perfect credit to get some pointers.

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Are these credit collectors calling me trying to scam me?

April 19th, 2011 by admin | 6 Comments | Filed in 3 Free Credit Scores

I am 19 now and am in college. I keep getting calls from debt collectors who say that I owe a sum of money to a company I "purchased" a product from 3 years ago. The truth is, when I was 16 I ignorantly clicked on a pop-up exclaiming, "GET A FREE XBOX 360". Well I gave my name, address, and other personal things, EXCLUDING my SSN or any financial information. However, I did lie about my age. (I was stupid.) Now they’re calling me saying that I owe them money and the longer I wait to pay them, the worse my credit score gets.

tl;dr: Can these people really hurt my credit score for something I did when I was a minor?

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Credit score of 575, will I qualify for a FHA loan?

April 3rd, 2011 by admin | 4 Comments | Filed in 3 Free Credit Scores

I currently have a credit score of 575. I have been repairing my credit for the past 6 months now and am almost debt free!! My goal is to purchase a home in 6 months or sooner. I am looking for a home below ,000 because with my down payment I know that the monthly mortgage payment will be low and I won’t have any issues paying every month. My current rent payment is 00 a month and I think I’d be better off putting that money into a house of my own.

I have 6 collection accounts on my report, none of which are credit cards. 1 is a student loan, 1 is from breaking a lease with an apartment, 1 is a hospital bill, and the other 3 are utility bills (1cable, 2 electric) All of these collection accounts are paid off except for the student loan and the hospital bill. These will be paid when I get my tax refund. The most recent of these collections is 3 years old and the rest are even older with the student loan being the oldest (it will be 7 years old in October of this year)

Should I pay off the student loan or wait until it gets dropped off in October? Will I be able to qualify for a FHA mortgage in 6 months?

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Will debt mgt. programs hurt my credit?

February 15th, 2011 by admin | 4 Comments | Filed in 3 Free Credit Scores

Am 32 yrs. old with no house or family as of yet but loads of credit card debt. I joined a debt consolidation program in May (only after joining a different one prior that ended up being a fraud and my credit score dropped 300 points), I am having 0 deducted on the 30th of every month and will be debt free in 3 years. However, is this going to destroy my overall credit? Nothing went to collections, I was in good standing before joining the program and the reason I joined was because I was paying the same amt. on the program as off, I just saw a light at the end of the tunnel with the interest rates being lowered through the program. Anyone in the same situation? Thanks.

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Credit Score? Report?

February 1st, 2011 by admin | 3 Comments | Filed in 3 Free Credit Scores

I have used the free credit site and found that I had a charge off of a card from 3 years ago, which about 2 years ago I paid it off. The bank doesn’t dispute it was paid, and says I’m current and that’s history. My credit report on the other hand says it’s charged off. When I mentioned this to the person on the phone from the credit card company he said it was going to stay charged off. Even though it was paid? Something about because it went to collections..

Basically what i’m asking is that , IMO that answer doesn’t seem to make much sense. If it’s paid shouldn’t the status be changed to "paid" or "paid settlement" or what have you?

I would like to get my credit/act together in this sense. Any tips or sugestions?

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Will I get 16K car loan with credit score 610 ?

January 24th, 2011 by admin | 6 Comments | Filed in 3 Free Credit Scores

I am wondering if its worth to apply for a car loan with my credit score of 610.
I need financing in amount of 16,000 USD
I have 3 credit cards with 90 percent of balances on them
I also have personal loan of 5000 USD
I make 56K a year
Within last 3 years I am always on time with my bills and have no issues
I had some delinquencies 4 yrs ago and they r still on my credit report. They r all paid in full though and are 4 yrs old.

Also if you think I might qualify for 16K car load, please feel free to suggest the lender.

Thank you
my total debt now is 8000 USD
my yearly income is 56 000 USD

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Credit Score Question?

January 15th, 2011 by admin | 4 Comments | Filed in 3 Free Credit Scores

. Ok Let’s say I owe 10 people after I got my free credit report. I have a Sprint cell phone bill , A cable bill , (from like 3 years ago) and about 2,000$ spread out into 6 different medical bills (that range back to 5 years) Lets say I pay off 5 of the ten people I owe. How long will it take for my credit score to change? I have never owned a credit card . I have heard there are ways to settle debts for pennies on the dollar. Should I be worried about paying certain bills 1st?

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