I am buying a business ownership and payments made me an appreciation for large, as in any mortgage. I also pay taxes and insurance payment, because the property remians on their behalf. I have a contract for all my rights and guarantees provided by the owner with the exception of the sale in a position of real estate. Funding is not to show my credit card.
Dec 282011
Would any bank or credit union finance an applicant for a mortgage with a 567 credit score? I have a positive car note history (no late payments) and a credit card with no late payments. The negatives (4) that weigh my credit history are “charge offs” with a telephone company 5 years ago and a medical bill (collection account). All totalling $ 1,200.
It is similar to credit piggy backing but not only sharing the persons credit card as an “authorized user”, but sharing the “individual”, such as lines of credit, mortgage, loans, etc. Does such service exist in America? I have heard it is popular in Arizona and Virginia. Thanks
Dec 032011
I bought a house in 2006. When I first purchased property (a house and just under 5 acres) I got a 1st and 2nd mortgage at Wells Fargo Bank 6% fixed on first and like 10.5 on second. My then girlfriend insisted on changing mortgage to a variable with a minimum payment due that does not even cover the interest. She wanted this to save money while she was in school. She also ran a credit card up to $ 18k and another up to $ 3,500. My credit score went from 750 to 450. I also put her name on house I thought it was in case I died but I have to have her signature to sell house. My question is how hard will it be for me to get out of this mess. I have already paid an attorney $ 5,500. Also when the credit was dried up she first asked me to leave me house and move in with my mother which I did for her son’s “security” she was going to take over the payments she made 1 payment then moved in with her new boyfriend. What a mess!!!
Dec 032011
I would like to get everyone’s opinion on what I should do. Here’s my situation:
1. I’m married and both my wife and I are fully employed and our combined gross income is $ 178,000/year.
2. We have paid off our new-ish (2010) cars
3. Do not have any credit card, personal, or student loans
4. We are maximizing our 401(k) and IRA
5. We have two houses; the house we live in in Atlanta, GA with a $ 245,000 loan with 4.875% VA loan with balance $ 244,000. The monthly total mortgage payment is $ 1600. The second house is in Maryville, TN (near Knoxville) with a $ 145,000 loan with 6% loan with balance of $ 138,000. With a monthly mortgage payment of $ 1060. It is currently rented with montly rent of $ 800.
The question is, should we work on paying our house(s) off? And if we do, which one should we pay off first? Anything else we can do with the extra money?
What else can help boost my credit score by showing different types of credit accounts?
Dec 022011
My credit score is right around 500. I make 32,000 year. I am trying to purchase the house I currently live in that my parents own.
The lender ordered an appraisal that came in at 52,000. I only need to borrow 35,000-40,000. I have steady employment and make 34,000 year. I currently have no other debts except credit card chargeoffs, that I am paying back….which is why my credit score is so low.
The mortgage co. I have been working with says they cannot find a “home for the loan” based on these three things:
1. low credit score
2. no verification of rental history( I’ve always paid my parents the rent in cash)
3. Loan amt. is under fifty thousand.
If you know of any lenders that would loan on this please let me know.
I was denied over the phone because my income has dropped too low. I don’t want to lose my home, any website where it actually lists if my income is a certain level I won’t qualify? I can’t help I have a lot of debt like credit card and car payments so they said my income had to be double what it actually is right now.
Dec 022011
So I get a Score Watch alert today a a $ 258 LVNV collection is now reporting but my score also increased by 1 point. I always thought any new ding on your report would cause a decreased FICO. The bad part is that I really don’t know what this collection is coming from. I have been really, really good this past year and my score just seems to keep going up no matter what happens! Lol
byMANILA IMPERIAL MOTOR SALES . . . .
We have 2 medical-related judgements and one from a credit card on our credit report. We spoke to a lender about buying a home and he said every mortgage companay would deny us because the people who have the judgements against us would put a lein on the property until they were paid. Is that true?
How can I get my credit build up if no one will give me a credit card to begin with? I have never had a credit card, I bought a home and I have been paying mortgage on time. Will that help my credit? I do have doctor bills on my credit report, any ideas as to how I can get rid of them without costing me a arm and leg.