tarheelcoach

In the last two weeks, I have had 3 cards closed by the credit card company. The first two I haven't used in forever, so I knew that would happen and didn't really think anything of it. But, today, I tried to use my Citi Premier Pass card and it was declined. When I looked online, my credit line showed 0! This card was my daily use one - highest limit and used for everything. No lates, almost a zero balance. What could be going on? I have no lates, nothing negative at all in the last few years, and definitely nothing since they gave me a CLI about six months ago.

My 401k loan has never appeared on my credit report, so it didn't enter into my DTI when I got my mortgage. I don't know who reports and who doesn't, but Prudential has my plan.

I have a 30 year fixed with Countrywide at 7.125%. My credit since then has gotten somewhat better - got rid of my subprime cards and replaced them with Citi and BOA cards with decent limits and PIF every month. I also joined a CU that is now offering a 5.25 2-yr ARM that can only go up 1% every two years. Seems like a pretty good deal, right ? I have two questions - 1.) When should I refi? I heard I should wait for the 1 year mark, is that right? (about 3 months from now) 2.) What out of pocket expenses are there in a refi? The loan info says there is an origination fee of .75% - is that what I would have to pay? Thanks for your help - CB has made a big difference for me - last year I had about $100 bucks in the bank and $1000 in available credit. Now have almost saved the three months of expenses, and have over $15k in available credit. Edit to add: The new loan will also do away with PMI - not required by the CU. Also, the savings will be put back into the loan by going from a 30 year to a 20 year.

I agree that you need to save some money before buying - not only for closing, but also for any problems that come up with the house. The last thing you want to do is start off in a house 'upside down' because you rolled closing costs into the loan - at least be able to pay those costs, even if you do 100%. And things do happen - my first week in my house the A/C went out - luckily it was just a $65 job, but it could have easily been $2,500.

I asked for CLI after five months. Filled out the form, got the 7-10 message, and the next day I had an email saying my request was granted. Citi is by far my highest CL, they've been good to me so far.

I asked this same question earlier. CW states that they do not report for the first 60 days they hold a mortgage. After that, it should report. But mine is now over 100 days, and still no sign on my CR. No telling with them.

I owe about 40k in student loans for my Bachelor's and Masters. I am considering whether to go back for my Doctorate. The cost of the Doctorate seems to be about 25k. The added degree will have some benefit in my career, but I also want to figure out the financial impact. Here's the deal - 1.) The Doctorate will add about $300/month to my salary 2.) I am an educator, so I only have to pay the first 10 years of my student loans, on the lowest payment plan (graduated plan I guess). Any idea how much the monthly payments on the loan would increase if I continue on to get my Doctorate?

Your estimated payment will be nowhere near that low. I have scores in the mid 600's and I pay $840 a month for a 100k mortgage - 100% financing. My DTI is real low, and my lates are years in the past, so I doubt you could get a better deal. My Community is a good program to get 100% - most lenders will offer it.

An inspection contingency is almost universal. Look at your buyer's agreement. Mine stated that any repairs over $200 that were not completed would allow me to negate the sale and get back my earnest money. The electrical problem in the house you have a contract on sounds like would go over any amount you wrote in there - so you should be free and clear without losing you earnest money if they won't fix it. Your inspection money is your responsibility, however.

I have a couple of subprime cards that I no longer need, and I want to close. The problem is that one of them I can't seem to get a live person on the phone! Can I just send in a letter cancelling the account? Also, I know this is opinion, but how many cards are too many? Why do you think so?

I had a couple of credit card chargeoffs that have fallen off my credit report and are way past the statute of limitations in NC. Today I got a letter from Nelson, Watson & Associates trying to collect on a debt. I'm assuming it is for one of the old credit cards, though its hard to tell. I don't have any accounts that I am behind in, nothing that could be in collections recently. I read elsewhere that companies will buy really old debt and send letters to try and collect something. Should I just ignore the letter, or should I dispute it? I certainly don't want to do anything to revive this debt, but I also don't want to be sued now that I have assets!

I just closed a 100% loan with a midscore of 647. My Community is the best program out there for that.

I just joined the State Credit Union and applied for their credit card - I've got my fingers crossed on that one! Yup, I do live in NC.

After some bad credit problems right after college (charge-offs in a couple of cards), I got my credit cleaned up, my scores all over 670, and I recently got a mortgage. Once I got the mortgage, I applied for a few credit cards to replace the couple of subprime ones I had. I got a WAMU and a Juniper, but other companies keep rejecting me. Even those cards only gave me a $1,000 limit. What am I missing? I make a decent amount of money (50k), my mortgage isn't even reporting yet, but I can't get a decent credit line.

I am closing on a house tomorrow morning (YEAH!). My broker told me not to make any big purchases because it could affect my credit. When can I go out and use some credit? I guess I'm asking when does the loan fund and the mortgage co. stop evaluating my credit?