Unfortunately we co-signed a loan with my brother in law for his car, and he missed a payment (31 days) and the finance company reported it on my husbands credit. How bad does this look to potential lenders (mortgage). We already have a house, but are looking to move within the next few years. Anyone out there with lending experience from the home mortgage industry that can add some insight?
Please no solicitors
We were supposed to be approved for 100% financing and now (three days before closing) the mortgage company has told us we will have to put up a $ 3300 down payment. We can not use the money we have in the bank because a certain balance is required. We can’t take out a loan because our debt-to-income would be too high. If we pawn the titles to our cars will it show up as debt on our credit report? What about payday advance loans, do they show up?
Is there any way that the mortgage company or bank could find out about these loans?
Dec 162011
I have a quick question for me.
I am looking to buy a house. Getting financing is not a problem, getting mortgage insurance is.
The finance company tells me that my wife’s score is about 25 points too low (to get the loan we want) due to having used to much of her credit in ratio to her limits. We need to get her from 655 to 680. She was off work about 3 1/2 years ago due to illness and basically lived off her cards for 2 months. Prior to our getting married about a year ago she was only able to make small payments. She was never late, she just could not get ahead enough to make much head way on paying the cards off.
Since we have been married, we have taken the cards one at a time and have paid 3 totally off and cut three more balances by more that half, but we still have three with 75% of the high limit used. This is hurting her score.
Here is my question-I could pay down the score, but I need to use the cash on repairs necessary to get FHA financing and for the down payment.
Could I reduce balance to limit ration and improve the score if I get her credit limit raised? If I do this would the credit companies pull her credit report again and would that hurt her score more than raising her limit would help? I would ask four different cards for higher limits.
Thanks for your time, Wes
Dec 162011
I was hoping for a answer to a quick question.
I am looking to buy a house. Getting financing is not a problem, getting the mortgage insurance is.
The finance company tells me that my wife’s score is about 25 points too low (to get the loan we want) due to having used to much of her credit in ratio to her limits. We need to get her from 655 to 680. She was off work about 3 1/2 years ago due to illness and basically lived off her cards for 2 months. Prior to our getting married about a year ago she was only able to make small payments. She was never late, she just could not get ahead enough to make much head way on paying the cards off.
Since we have been married, we have taken the cards one at a time and have paid 3 totally off and cut three more balances by more that half, but we still have three with 75% of the high limit used. This is hurting her score.
Here is my question-I could pay down the score, but I need to use the cash on repairs necessary to get FHA financing and for the down payment.
Could I reduce balance to limit ration and improve the score, if I get her credit limit raised? If I do this would the credit companies pull her credit report again and would that hurt her score more than raising her limit would help? I would need to ask four different cards for higher limits.
Thanks for your help.
Dec 122011
I received a letter about a week ago from a finance company representing my old mortgage.Trying to collect on the home. I let the property go in 2004. But because the mortgage company was unable to sale the home they have held it as an outstanding debt of 75K since 2004 on my credit report. The property since that time went back to the state for non payment of taxes(2006). It has passed the redemption period. Do I have any rights since I don’t even own the property. Besides I have no job and I’m not receiving Unemployment. I simply can’t pay.
I am trying to purchase a house and I don’t have the best credit in the world(to put it mildly!) and I have been paying off some things that are on my credit report, trying to get my score up. Then I was just curious to see if I could get better rates at different companies, so I called around to see what they could do for me. Then when the mortgage guy that I was working with originally found out that other companies pulled my credit, he told me that brought my credit score back down! I’m confused, I need some advise on what to do? I want to get 100% financing. 95% at the worse. But 100 would be great. Any and all help would greatly appreciated. Thank in advance!
Dec 032011
I am looking to obtain a TRIMERGE and IN-DEPTH FILE of my credit report, not a snapshot. I mean like the ones used by loan officers and mortgage companies. I live in Atlanta, Ga. Any clues? This is for serious answers only. I’m trying to accomplish a great goal…credit clean up. Thanks.
There are unpaid medical bills on my credit report as well as late pays. I need to get this house financed in my name in 2009, but need 100% financing.
I have paid off all delinquent things on my credit report and all I have on there is my carnote and my student loan which are both in good standing. I still have a low credit score which is what is damaging me right now. Any suggestions of lenders or companies that can assist me with purchasing a home?