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.
Dec 282011
Dec 262011
Basically, my mother wants to get into another house soon. She has 30 years of credit history, and I am well seasoned in the mine, but an attempt to help check things to an end by their credit score. I read all the appearance of “types” of credit scores. Apparently each credit reporting agency has its own version of a credit score. I also heard myFICO, the status of many probably close to what would be a mortgage company pull ist.So we verified that she and her myFICO 719.Menschenwürdige was enough to get a mortgage? What is negative is its debt ratio of credit (credit limits are not as high as they could be, and the cards have high balances). There is also “late payment” next to a Honda Finance, from 2002. He says once … more than 90 days late. Basically, she helped her brother who is suffering (which they never do for anyone who knows) to obtain a vehicle. He and my mother and her own mother does not appear that should have a brother, all payments each month for the car so it got repo’d. Apparently it is to fall in December 2009.Allerdings is a mortgage in his name for a very long time, and paid on time every time. Thus, all other credit cards. What are the chances of its ever a mortgage?
Dec 222011
I have another financing question..I’ve been approved to build on my lot. Our house should be finished within the next month or so. The mortgage company to whom we will be making our payments to will be reviewing our credit history and stuff before closing. Why do they have to do this? The land is paid for and they’ve already getting close to finishing the house. I’ve been taking care of my credit, not opening any new accounts or anything like that and making my payments on time. How long do they usually take to let you know that everything is fine with their review?
My mom bought me a car 2 years ago and I have been making the payments since then. The car has been under her name even though I have payed her cash to make the payments every month. This has made it difficult for me to buy a car without a cosigner because I have limited credit history other than a couple credit cards and a phone bill in my name.
The reason my mom says she doesn’t want to cosign is because she is worried that by doing so, it will negatively affect her Debt to Income ratio in getting a Mortgage for a new home (maybe giving her a higher rate or decreasing how expensive of a home she can get). Will cosigning affect any aspect of her getting a mortgage? The thing is, is that my car is still currently under her name and even though I am paying her cash, she is making the payments to the financing company. Won’t this definitely affect her DTI?
I have received financing but my rate is extremely high and I have to have 6k down (my trade is only worth 5k) but by having a cosigner I can get a much better rate and much less down pmt.
I hope I explained myself thoroughly enough, if not let me know so I can give more detail.
my current car has 147k miles on it. While it still has SOME value I need to get rid of it. I just need an answer to my question not a new solution thanks.
After more research I have found the answer to my question, that cosigning does in fact affect credit. DTI and AAoA in some cases. http://ficoforums.myfico.com/t5/Auto-Loans/How-will-cosigning-affect-me/m-p/661967
I’m 19 years old and a full time student at a University. Because I’m also a foster child in the state of Florida I receive 1240 dollars a month from the state until the age of 23 and attend school for free. On top of this a receive grants and scholarships from attending school about 8000 a year. My concern is that I’m receiving all this aid and I’m using it on rent and will never see this money again. I don’t have much credit history at all, but I can show papers that have shown I’ve paid rent of 550+ for 2 years, 220+ car insurance for 2 years and cell phone bill for more than 2 years. Looking to get a 2 BR condo or something and rent the other room out to a friend and have them basically pay for the mortgage too. As for a job I’m about to pick up a job as a personal trainer for a well know training company in the Tampa area. What do I have to do to get a mortgage and will I be able to get approval?
I do have a job right now it just doesn’t make much money only 7.75 an hour. And I have 10k saved up.
Dec 022011
I plan on applying for a mortgage with my wife soon, but we’re curious as to whether we will get approved because of our recent credit history. My credit score is not bad, in fact I think it’s still very close to 700 if not higher, but we recently had a large amount of credit card debt. The debt, about $ 17,000, had been building up for about a year as we were waiting on a large payment to be made to us that we finally got last month so now they are all paid off. We also purchased a vehicle at $ 18,000 almost a year ago. Is this kind of credit history going to keep us from getting a mortgage? Also, My wife and I make a decent living, about $ 80,000 a year, but not all of that is from employment. I receive $ 1,530 a month for G.I.BILL education benefits, $ 250 for disability, $ 500 from renters that I have, and the rest is from substitute teaching and miscellaneous tutoring jobs. My wife has had her teaching job since the start of this school year and I am getting my certification and will be applying for a job soon. Would it be best for me to wait until I get a job or do we have a good chance of getting approved where we stand? I’m expecting to get a $ 150,000 loan assuming the interest rate is reasonable. Thanks for any advice.
Is there a magic number? Is it 650? 750? What should I use as my benchmark for being ready to apply for financing? I’ve done a lot to repair my formerly blemished credit history and would like to know when I should feel confident again.
My wife has A+ credit and I have very poor credit. In a community property state we both have to provide our credit history to apply for a loan. Are we just going to have to wait until my credit improves in order to buy a home?
byjajacks62
My wife and I was trying to apply for a mortgage loan and the mortgage company said that she did’nt have a credit score. She don’t have any debt or anything. Her credit history is clean. How does she go about getting a credit score as soon as possible and how many forms of credit should she apply for?
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My husband and I have been trying to get a loan for a couple months now. We have kind of a strange situation-he has a good credit score, but works part-time, I have no credit score, and work full time. Because of this, we are having some issues getting pre-approved. So, now we are adding my name to his credit card (not as an authorized user, as a joint owner). So, I thought that this would give me his credit score/history. However, while talking to a lender this morning, they told me it wouldn’t do as much good as I had hoped. That lenders also look at how long you have had credit etc. We are looking at a VERY small loan, in a VERY small town. We will probably get our loan throuhg a small bank, because a lot of lenders don’t want to waste their time with our loan size. My question is, will adding me to his credit card do us some good? We really have our hopes up, that doing this will eliminate one of the big reasons we are having trouble getting pre-approved.