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#1
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Fixing credit
I hope this is the right place to post this. I'm so sorry if its not. I'm going on 38 yrs old and we have never owned a house. I want my own so bad but our credit won't allow it. My question is, how do I go about fixing our credit? Do I just pick one creditor at a time and pay what we owe? Do I start with the lowest and work up to the bigger ones? Thank you! Sent from my HTC EVO using AFullCup |
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#2
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We dont have any credit - not because we have had bad credit but because we pay for things in cash therefore eliminating the need for it. I know this is a touchy subject with many in our family, but we paid for our house in cash - we just committed to renting, saved up the $, and now we owe nothing but utilities monthly. You dont have to have credit - the only time credit is necessary is when you're trying to obtain, and we just feel like it's not necessary to owe money to anyone. But like I said, this is touchy with many folks, most probably dont agree with us because most folks live with credit cards - they assume that the credit card will give them a discount/mileage/rewards - we just have never had to use a credit card for that reason at all.
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#3
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paying down your loans by atleast 1/3 of the amt owed will help raise your score. it doesn't look good when your credit card is maxed. don't apply for any new credit cards either.
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#4
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#5
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#6
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Sent from my HTC EVO using AFullCup |
#7
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Sent from my HTC EVO using AFullCup |
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#8
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go and read a lot on the www.creditboards.com I was in the low 400... now I'm in 780 club ![]() all in 1 year or less.... there are techniques and legal ways to do it yourself for almost no money |
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#9
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It's very important that you continue to pay all of your bills on time. If you can, pay over the amount due - try to round up to the next $10 mark (if your monthly payment is $125, round up to $130) - ESPECIALLY those with the higher interest rate. Do not ignore one bill to pay another off faster. That will do more harm to your credit rating. Three years ago, my DH and I combined three credit cards (all with over 10% interest) into a line of credit at our credit union that only had 7.75% interest. The savings we saw from changing that over immediately went into paying off our 4th card that much faster. Today we have one card we use on a regular basis for larger purchases and ALWAYS look for deals with no interest for 6 months, etc Everything else is totally paid off. Also, do not close any of your cards after you pay them off. It looks better to have credit available to you that you don't owe anything on then to have a bunch of closed cards on your credit report. HTH.
__________________ Jessie: Wife to To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. DH and mommy to DS To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. (7), DS To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. (4), an 11yo To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. and a 6yo To view links or images in signatures your post count must be 15 or greater. You currently have 0 posts. Totally OCD. Luckily my DH is building me new stockpile shelves so I can more easily rearrange and reorganize my goodies! |
#10
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Id love more information on the rd guarantee loan. I've googled alittle, but I'd like more of a first person, been there type information. thanks ![]()
__________________ Rest in Peace: My Moma ~ 7/5/05 I will forever love and miss you. |
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#11
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My husband and I just bought our first home. He was previously married with a spouse that destroyed his credit when he was deployed overseas, he left her POA and she was able to open massive credit cards in his name... Well, 2 years of hard work and he has a great credit score now. We worked with a lender who showed me how to go about clearing things up. Get a copy of your/his credit report. Start with the lowest debt.. Pay it off. Your credit report will go from highest to lowest amt which will be the last page. Pay as much as possible within a 4 month period. Then submit a copy of all paid creditors to each credit reporting agency. There is 3! And after 2 weeks, call to make sure they have gotten the info and it has been removed. Also, the larger debts.. Say you owe 5,000 for the repo of a car, most debtors will take a smaller payment of 1200 for that 5000 debt and call it a settlement. They will show the debt was satisfied. Even if you didn't pay the 5,000. Our lender told me to always negotiate with the debt.. Most all of them will give and all you need is a letter showing it was paid to satisfy the credit report. My credit was fine, it was my hubby's and with a VA loan he was the one who needed the credit score. He went from a 450ish to a 720 in a little less then 2 years. It is hard but well worth the pay off, since he is the main income of our family. We still don't have any credit cards or such, I believe if you can't pay in cash then you don't need it. We did get a gas card during the rebuilding of his credit and would charge 2 tanks of fuel per month with a pay off when the bill came in. I cut the card up after the house loan approval. I wish you luck in buying a home! Right now is a buyers dream, so don't waste time! |
#12
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Thank u so much, I'm gonna have to really talk to my husband about this! If this all works out and we get into a home, ur gonna be my guardian angel!
__________________ Rest in Peace: My Moma ~ 7/5/05 I will forever love and miss you. |
The Following User Says Thank You to DarkRayne24 For This Useful Post: | ||
#13
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Thanks to everyone that gave me excellent advice!!! I did call about the RD loan. I will be on a 6-8 month waiting list. They are waiting for more money to come in. I'm new than happy to wait ![]() Thanks again! Sent from my HTC EVO using AFullCup |
#14
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#15
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Go to creditinfocenter.com and they have a wealth of information! I was able to clean up a big mess.
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#16
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