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moorman

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  1. The only thing its gonna do is report the SAME late payments, the SAME repossession, with a zero balance. Thats it. It will help with your debt to income ratio if you trying to get a mortgage, but the other derogatory stuff is gonna stay there...
  2. Its when you make a offer to a creditor to delete a negative account in return for payment in full of any amount owed. They call it " pay for delete. " I heard that most creditors will not do it anymore. They will instead " offer " to say that the account has been paid in full, but keep the negative remarks on the account, which is something they would do anyway without YOUR offer.
  3. You wouldve been better off taking your money to a auction. I know its HARD when you NEED a car, but sometimes, you can take your down payment and go get a decent car from the auction. I'm driving a bucket right now. Dont even have hubcaps on it, because i dont want the 20 percent or higher subprime interest, high payments and upside down equation of a car note. It also takes a chunk out of your debt to income ratio. ( for some folks).
  4. Dont ever give up on this. I made that mistake a few years ago and paid the price for that. If you give up, you will start slipping on paying things on time. Fingerhut reminds me of that EVERY month. Then, when things come along that you need, you will STILL have bad credit. Slow down like the posters said above and keep it simple. You start juggling a lot of credit in the beginning, you can start making mistakes. Its more important to NEVER have a late, than to have your score temporarily drop because you acquired new credit...
  5. Mendelssohn gives very good advice on rebuilding. Yes, you can rebuild from that low score...
  6. You are mixing a checking line of credit, with overdraft protection. Two different things. The overdraft protection, which i'm talking about, is a flat fee. Its not a line of credit.
  7. Whoever told you that is incorrect. Just because you have open cards doesn't mean you are supposed to carry a balance on them. Huh? I thought thats what i just said... Mortgage brokers ive talked to said they like to see 2 credit lines reporting in good standing. I didnt say anything about keeping balances. I DID say that a balance WILL lessen the amount of mortgage you qualify for ( debt to income ratio)... It's the "LESS credit is the better with mortgage applications". That's not true, Not necessarily, BB. (I come from mortgage banking). Especially when working with a borrower with a thin file or marginal scores, some UW's don't like to see a lot of available credit. This has nothing to do with FICO scores, this is strictly based on what that UW feels comfortable signing off on. Consider it UW CYA. Thats what the brokers have been telling me... Look, all i know is they said that two credit lines in good standing, is all that Fannie Mae, FHA, etc. needs to see to get approval. I even looked up the policy on that. Thats what the underwriters are looking at also. You dont have to go overboard getting large amounts of credit... Now, conventional loans, i dont know. I do know that any credit balances you have outstanding, makes your debt to income ratio go the wrong direction.
  8. Whoever told you that is incorrect. Just because you have open cards doesn't mean you are supposed to carry a balance on them. Huh? I thought thats what i just said... Mortgage brokers ive talked to said they like to see 2 credit lines reporting in good standing. I didnt say anything about keeping balances. I DID say that a balance WILL lessen the amount of mortgage you qualify for ( debt to income ratio)...
  9. You have enough. From what ive been told, LESS credit is the better with mortgage applications. In fact, they only require two lines of credit reporting in good standing... The more credit balances you have outstanding, the less mortgage you qualify for...
  10. Got a question. I was on the phone with Navy Federal Customer Service last week, and the agent asked my why i dont have either a checking line of credit or optional overdraft protection. I don't want the checking line of credit right now because i dont want the inquiry and a denial. This got me to thinking about their overdraft protection. My question is, if a member uses their overdraft protection, and never defaults on it, will the USAGE of the overdraft protection hurt you with Navy Federal if you apply for other products with them down the road? ( loans, credit cards, mortgages, etc.) Will they look at your checking account and say that since you USED overdraft, you didnt maintain your account in good standing. ( even if you never let it go into default).
  11. How is this done? The lifting portion? Thanx... They give u a pin. Thanx. I just looked that up. It appears you call and number and give them the pin number.
  12. I was thinking about freezing my reports. How would it affect me in the future as far as applying for new credit? Do i have to lift a freeze for a creditor to pull the report, etc .? Thanx...
  13. Thats what i was thinking. With my scores, i should be getting that type of offer. After reading his post, i was doubting Navy Federal would even give me a loan on a $2,000 hooptie... Hooptie: A old car...

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