I am planning on moving to Atlanta from Miami. I am self employed, and just started my business last year. I filed for a loss in 2008. But this year I am making money. My mother will co sign for me and she has stellar credit and no debt. I have at least 20% down payment saved up.
So does anyone think it is possible a bank would loan me money on stated income with me 700+ fico and my mom co-signing?
I have heard that there was a recent update to the VA rules that allow for 100% refinancing. My situation is:
I am a veteran that has used VA before.
Non-VA Mortgage= $ 324k. Value of house: $ 325k -$ 330k (estimate)
I have an “80/20″ loan. First is 5 year variable ARM, 6.75%. Second is Fixed 9.5% Home Equity.
I bought the home in July of 2007, so there is minimal equity. I do not want cash out, just want to protect myself from the variable that will change in 3 1/2 years and bring it all under 1 mortgage.
Credit is good (676 FICO), though I do have high revolving debt. Salary is $ 125k with 20% bonus.
Can I refinance under the updated VA rules?
Colanth- when you say each stands on its own, what exactly do you mean? Could I refi the first only? I was under the impression that I had to refi both together…thanks.
Credit Relief Today offering negotiated down debt relief resulting in what they say is at least 50% of your debt being erased. They said there is a 10% fee of original balance and your fico could drop significantly. They went on to say that if you owe more than 30% of your balances, that your fico will begin to drop anyway. Anybody have any educated experience with a relief program like this?
Good afternoon,
I can get my student loans discharge, because I became permanent disable with the Veterans Affairs. A total of only 9000 can be discharged. The question I have is, if I do discharge those will it negative impact my credit report? Will the trade line be erased? Will the trade line be noted or labeled as discharge or something to that effect on my credit report and will that impact my FICO or will I have to write an explanation to creditors. By the way if they will be decreased it will give me a higher AAoA, but lower my credit mix.
Thanks in advance
doesn’t the money go to the University? and you never receive it?
do students borrow a maximum amount in student loans so they keep the leftovers to pay their apartment bill and/or living expenses?
I had disputed a Verizon account on my Experian report and it was fully deleted today I am so happy right now that was only negative thing on any of my reports so now I just have to manage my cards and I will have great credit my fako score as of today is eq 706 ex 706 tu 709 up from the 680 for all of them my tu fico is 661
I’m trying to get a car under $ 5000.00 and some small dealership have this ” in house financing”. I’m sure the interest rates are high but I was wondering if they will really improve my score? Of course by paying on time.
Thanks!
You Can Repair Your Credit Yourself. Don’t let anyone fool you into thinking you need to spend thousands of dollars to repair your credit. The truth be known, there is nothing a credit repair company can do to improve your credit that you can’t do for yourself. But, be forewarned Credit Repair is not for the weak of heart; it is a lengthy time consuming process that can be extremely frustrating, but very rewarding.
Needing to get my business credit built thru trade references – would appreciate n e sites suggested for doin so; especially inexpensively. Would like to learn to do myself – jus to outlandishly priced for my “pesos” ( no offnse n e 1!/ lol). helpful helpful “how to sites” welcomed also. Thx !
Moved to Understanding FICO Scoring
First time poster who just found this board in looking for answers for how to address my wife’s recent credit spree.Â
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Long story but, for various psychological reasons, about six months ago, my wife went on a “credit spree” using her excellent credit to open up 7 store-based accounts and maxing them out within a month (total of $12K) — even though she had no means to pay them (unless, of course, she came to me since I manage our bank accounts). Â
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She concealed this from me including lying about where she got things (e.g., gift from her mother) and intercepting the bills before I got home. Since opening the accounts, she has barely made any payments on them; almost all are closed and looking at her CR, they all seem to be at 120 or 150 days late.  I found out about them when she neglected to grab a couple of bills from the mail and I opened them when I saw the words “statement enclosed” on the envelope — my initial thought was identity theft since she got a notice from her work about a data compromise a few weeks ago, but I was in for a big surprise.Â
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Needless to say, we have a bunch of personal issues to resolve but my short term focus is on what to do about these bills — especially since several seem to be close to the 180 day point where per other posts, they get charged-off (which I take to be an even bigger hit than simply paid very late). The cards are in her name only. I am prepared to pay them but want to minimize the impact to her credit scores (and of course, would not mind reducing the fees and penalty interest rates that have been applied)  — especially since we will eventually (5 years or so) from now want to move to a new house and will need a mortgage (before this we both had upper 700′s scores).
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The credit cards are from:
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Bloomingdales/DSNB (2 accounts – one basic + one major purpose on store card)
GE/Lord and Taylor
WFNNB/Ann Taylor (2 accounts – one Mastercard + one store account)
WFNNB/New York and Company
Victoria’s Secret (does identify WFNNB on CR but does so in materials they sent)
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A few questions –
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1. My main objective is to get the negative history deleted. What is the likelihood of the OC agreeing to delete all of the negative history (or even the whole account) in exchange for PIF? A variant on that, do you think they would (1) delete the account or (2) delete the negative history and state the account was paid in full while waiving some the late fees and penalty interest rates? (Please indicate if you have seen this work/not work with some of the listed OCs). Will OCs delete history/have sympathy where a compulsive mental disorder led to the buying?
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2. Since many of the accounts are owned by WFNNB, is it better to deal with all of the accounts at once or call individually for each account?
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3. What is the difference in terms of FICO hit from (a) 150 day day, paid in full; (b) 150 day late, settled in full and (c) charged off, settled in full?
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Thanks for your guidance
K the C
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Hello Everyone, nth
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I had a 30 day late with capital one in november last year for $4.99 . Due to this and a recent spike in utilization ratio, my FICO was in mid 600s. I am looking for a car loan, so I thought I would ask Capital One if they could remove my 30 day late. I was travelling abroad when this late payment happened. I had never carried a balance and always used to pay to 0 each monthe. I explained this to the Accoutn Specialist(called the number in the backdoor number post from myfico), and she was nice and forwarded me to another agent. She said she is sending a letter to all three CRAs and send a copy to me also.Â
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Two days later I get an alert from Equifax saying one of my account changed. I went ahead and pulled my FICO equifax score and the score jumped to 700 something and there is no negatives on my account. But, my capital one account details says, “Customer disputes the informaiton on this account”. I read elsewhere on the net that this would stop many creditors from approving a loan.Â
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My equifax report still shows that there was a 30 days late in november last year. What is going on here? I talked to a agent today and she said Capital one will return my late fee in next couple of days, and its likely that CRAs will remove this negative.Â
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Will the 30 day late be removed from my account?
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Was the score bump because FICO didnt include Cap One becuse its disputed?Â
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Will they remove “Customer dispute this information” from commets once the investigation is complete? How long will it take to compelte the investigation?
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Thanks in advance
Having been obviously ignorant to credit and how it works, my husband and I both PAID for and got our credit reports and scores. Â At the time, we figured a score is a score, and were after the scores, so we shelled out the money. Â No biggie- only we applied for mortgage to find out our scores are much lower than scores we paid for. Â After the embaressment, started educating myself (thank you myFICO) and realized we had FAKO scores, not FICO scores. Â The LO told us our FICO score that they pulled, although I’m not sure from where he got them. Â Anyways my point is this- we are putting ourselves on a 6 month boot camp to get everything cleaned up. Â We could shell out another 30-40 bucks and get our FICO scores- Â or we can put that 40 towards something else (like a bill or student loan). Â How important is it that we know all 3 of our FICO scores? Â Our main goal here is to raise our scores, and get all of these things taken care of- Â Even knowing 1 FICO score, we have a ball-park area of where we started at…. what will matter is in the end- where we end up in 6-12 months etc…. Â
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Is purchasing the FICO scores something you would recommend in this situation? Â Or are we better off to use what we already have as a good starting reference point- and pay for them once we reach our 1st goal in 6 months?