clemsig

The Amex were credit cards, not charge cards. I actually forgot that I have a Citi card that is closed as well with a balance and it is excluded from the revolving debt calcs. I might go ahead and give it a shot and report back on what happens.

Thanks in advance for any guidance. Back in the AmEx FR hey day I had two cards with about $10K apiece on them that were low interest rate for the life of the BT type deals. Amex closed the accounts and I am just slowly paying them off. Rates are about 3.99% so cheap money. I notice that when my revolving utilization is calculated on a number of sites it completely excludes these accounts. I have one other card with a large balance on it that is killing my utilization. Is there any reason I could not just call the credit card company and say I want to close the account? The card then shows as closed, and in theory does not effect my revolving utilization considering that the Amex cards do not. I know I lose some history on my credit report by closing the account. But if my utilization goes from 90% to 10% that would more than offset any negative from losing the history. Thanks for any insight. This site rocks.

Monthly income without spouse is $10,800 (missed that part the first time). This would be a joint application however if that matters and her credit is better than mine for what it is worth.

Credit Application: Your Age? 30 Your Equifax Credit Score? 680 Your Experian Credit Score? 6682 Your TransUnion Credit Score? 685 How many years have you been on file with Equifax? 10.5 years How many years have you been on file with Experian? 10.5 years How many years have you been on file with TransUnion? 10.5 years YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? Yes 1 open loan and 1 paid off in June 2012 Will this open auto loan be a trade-in? No (will be replacing paid off vehicle that will be sold to private buyer) How many late pays within the last 12 months on the currently open loan? 0 How many late pays within the last 13-24 months on the currently open loan? 0 Your current open auto loan is financed with? First Flight Federal Credit Union (North Carolina) Your current open auto loan payment is? 440 per month Estimated amount you may be upside down in this vehicle? 0 Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 9 Total percentage utilized overall? 90% (significant credit card debt - about $90K which is the only reason credit scores are lower because of bad utilization. All however were balance transfers from years ago at low fixed rates under 5% so payments are manageable based on our income) How many of your revolving accounts are store cards? 0 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 9 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 7 years Do you Rent or have a Mortgage, or Live w/Relative or Other? Currently have a mortgage on the property we own but are renting in and living with parents (as we search for a bigger house. New house payment will not show up on credit until after car is purchased). So we have rental income that completely offsets our mortgage payment if that is considered or matters or not. Your Monthly Rent or Mortgage payment? 1800 How long have you held your current job? 7 months (myself as I upgraded jobs for higher pay and same type of work. 7 years when considering same type of work). Wife 7 years same job Your total provable monthly gross income is? 17,500 between myself and wife Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Pay Stubs Is there additional monthly income? What amount monthly? no Describe the source. Is the additional monthly income provable? YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) Would prefer as little as possible so 0 best case and $4,000 if I had to make a down payment) Does any credit repository contain any Public Record? No If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? No Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 8 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7 New or Used vehicle you are considering: Buick Acadia either new or used. New would only do it if we could get the 0% financing on the models costing about $37,000. Used would do something 2 years old in the $29,000 range most likely trying for a local credit union loan. Thank you!!!

Just to chime in - I just completed a refinance with First Flight Federal Credit Union in NC. I had no idea who they were but I found them when I did a query on a website called moneyaisle.com. It showed me what I would essentially be approved for based on my refinance amount needed and estimated car value. For info purposes I refinanced a 2008 Volvo that I owed 23,000 on (car is worth 22,000) and got a 4.7% APR. I was super stoked about this rate considering I have also CC utilization (over 90%) which is hurting my credit score which is only about 675 (per the credit score they provided me). However I have no other negatives on the credit file and DTI easily supports the car payment especially considering that I was refinancing out of a 9.9% rate. So just another option for people looking. I am in Florida and they were able to allow me to join (by joining an affiliated group of the CU) and then also apply for the loan as well. Super smooth process.

I have an American Express account that was closed during a Financial Review a few years back. The account has about a $10,000 balance on it with a promo APR of 5%. I also have a Bank of America credit card that has about $5,000 of balance against a $6,000 limit however the APR is 10%. I am trying to bump the credit score right now for auto shopping. It does not appear to me that the closed account with Amex is counting against my utilization? Can anyone confirm that if a cc account is closed and in good standing it does not hurt your utilization or really hurt you in any way at all it would seem aside from increasing your total outstanding debt. Thank you!

Curious what's those? TRUECREDIT/24 PROTECT 04/05/12: (1) TRUECREDIT/CHASE 04/12/12: (1) TRUECREDIT/FREESCORE 04/04/12: (1) "Those" were some trials I found I think on one of Bob's pages that listed free or $1 trials.

Can anyone tell me why I have 4 hard inquiries that wont go away. I did get a few to B* off but the rest wont go away. I realize the one hard inquiry from 4/15/12 is to new to come off...but I have 85 according to the counter. Thanks. INTERSECTIONS 04/12/12, 04/05/12: (1) CD-INTERSECTIONS 04/11/12, 04/04/12: (1) CIC/EXPERIAN ALRTS 04/13/12, 04/09/12: (1) AR-CITIBANK NA 03/02/12, 09/11/11: AR-CITI CARDS CBNA 02/24/12, 12/30/11: FIRST ADVANTAGE CREDCO/ 04/04/12: (1) CREDITEXPERT 1-866-673-0140:: 04/17/12, 04/16/12, 04/15/12, 04/14/12, 04/13/12, 04/12/12, 04/11/12, 04/10/12, 04/09/12, 04/08/12, 04/07/12, 04/06/12, 04/05/12, 04/04/12, 04/03/12, 04/02/12, 04/01/12, 03/31/12, 03/30/12, 03/29/12, 03/28/12, 03/27/12, 03/26/12, 03/25/12, 03/24/12, 03/23/12, 03/22/12, 03/21/12 (28) E*TRADE FINANCIAL 03/28/12: (1) E*TRADE FINANCIAL 05/19/11: (1) EQUIFAX 04/15/12, 04/12/12: EQUIFAX INFO SVCS 04/11/12: EQUIFAX INFO SVCS. 04/03/12, 09/06/11, 09/06/11: EQUIFAX 04/15/12, 04/09/12, 03/10/12: EQUIFAX 04/11/12: ND-EQUIFAX 04/11/12: EQUIFAX INFO SVCS. 04/09/12, 03/10/12, 08/18/11: Equifax Consumer Services:: 04/17/12, 04/16/12, 04/15/12, 04/14/12, 04/13/12, 04/12/12, 04/11/12, 04/10/12, 04/09/12, 04/08/12, 04/07/12, 04/06/12, 04/05/12, 04/04/12, 04/03/12, 04/02/12, 04/01/12, 03/31/12, 03/30/12, 03/29/12, 03/28/12, 03/27/12, 03/26/12, 03/25/12, 03/24/12, 03/23/12, 03/22/12 (27) Equifax Consumer Services 08/15/11: (1) ND-Equifax Consumer Services 04/16/12, 12/29/11: ND-Equifax Consumer Services 08/15/11: ND-Equifax Consumer Services 08/15/11: ND-Equifax Consumer Services 08/06/11: EQUIFAX INFORMATION SVS 03/28/12, 09/14/11: EQUIFAX INFO SVCS. 09/16/11: FAIR ISAAC 04/12/12: (1) ND-FAIR ISAAC 02/22/11: INTERSECTIONS 04/12/12, 04/04/12: (1) ND-CHOICEPOINT ::2608106078 08/23/11: AR-PENTAGON FEDERAL CREDIT UN 03/06/12, 09/13/11: AR-SUNTRUST 03/20/12, 12/13/11: TRUECREDIT/24 PROTECT 04/05/12: (1) TRUECREDIT/CHASE 04/12/12: (1) TRUECREDIT/FREESCORE 04/04/12: (1) TRUECREDIT/CHASE 04/12/12: (1) TRUECREDIT/VERTRUE:: 04/16/12, 04/15/12, 04/14/12, 04/12/12, 04/11/12, 04/10/12, 04/09/12, 04/08/12, 04/07/12, 04/06/12, 04/05/12, 04/03/12, 04/02/12, 04/01/12, 03/31/12, 03/29/12 (16) TRUELINK 04/12/12: (1) Total "good" softs found: 85 Hard Inquiries... ACRANET ::2608106078 Show Details 08/15/11 CHASE BANK USA N.A Show Details 04/15/12 EQUIFAX REAL ESTATE SERVICE::2608106078 Show Details 08/04/10 EQUIFAX MORTGAGE SOLUTIONS ::2608106078 Show Details 02

You would have to qualify without using the rental income if you do you have a chance. The hurdle is convincing the bank you wont buy and bail on the old home. It is difficult to do especially if you are buying in the same area - there is no official guideline on this but it is kind of an unwritten rule between the lenders since they all suffer when it happens..... things that underwriters like to see to allow this - relocation change in family size and need for larger home better neighborhoods - two story to one story with a need (bad knees etc) the more you can think of the better your chances - here in CA the answer even with many of these is almost always NO the more down payment you come in with the better Good Luck B Brian - thanks for the reply. I would meet all DTI ratio's without including any rental income. I know you probably cant predict the interest rate but because of my situation with a 1st home am I looking at something signficantly higher than what the current 30 mtg rate is or if I could make a 10% down payment or so would I be able to get a good rate with a good credit score regardless of my other home? Thanks

Newbie here - searched the boards for this answer but all situations vary somewhat so any advice on my specific situation would be greatly appreciated. I live in Florida and have a home currently that is significantly underwater. In a very desirable neighborhood however and I have low fixed interest rates so I could rent the house out and cover my payments or come pretty close. My current house does not have any Fannie/Freddie/FHA loans attached to it and I dont have any loan with these agencies period. I have read up on FHA loans and am trying to understand a few things. Without even including the future rental income I would receive I am lucky enough that I would be able to show two mortgage payments and be under the 29% DTI threshold. I would also be under the 41% fixed payment threshold. That being said and considering I have a credit score of around 720 currently - are there any barriers that would make me unable to qualify for an FHA loan? I would immediately make this new house my homestead and I think I read also that you can state the home will be your primary residence in your loan application. What type of down payment would I be looking at would be my main question? Also if 30 year interest rates are close to or under 4% today would my situation as described above prevent me from getting close to the best rate available? Thank you in advance for any and all advice.