I am 20 years old and I have bad credit and I don't know how. I've never had a credit card, don't own a house, I borrow my boyfriends car, and I live with a friend. I tried to get my credit scores almost a year ago but I missed spelled my mom's maiden name but in a few weeks I will be able to get another free credit check. I want to know if my credit is bad is there a professional who can fix it or do I go to a lawyer?My credit is bad, is there a professional person who can fix it?
You can't fix bad credit other than by cleaning up your credit reports and afterwards allowing the time it takes to rebuild your credit score, but first you're going to have to find out what exactly it is that is making it so bad. Don't pay someone for things you can do yourself. If you've never established credit, it could be that you've been the victim of identity theft if you're sure you have ';bad credit'; (as opposed to ';no credit';).
You are entitled to get one free credit report per year at https://annualcreditreport.com . When you request your reports, make sure you get the one that includes all three credit bureaus.
When you get your reports, go over them with a fine toothed comb. If you see items you don't recognize, dispute them with the credit bureaus and the companies that reported them. If you find you have been the victim of identity theft, recovering can be a long process, but it can be done. More info here: http://www.ftc.gov/bcp/edu/microsites/id
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To the poster below, checking your own FICO or obtaining your own credit reports does NOT lower your credit score.My credit is bad, is there a professional person who can fix it?
If you could afford a lawyer, you wouldnt have bad credit. NO ONE can fix this but you and only if there is an error on the 3 credit report sites experian, equifax, and transunion. You may just have no credit because youve never had a loan. Generally when ppl go to college they get some school loans or starter credit cards and they start to build a credit history. Do NOT attaempt to pay some scammer to ';fix'; your credit because they are just scammers, period.
It's not that you have bad credit, it's just that you have no credit which is sometimes even worse. When I was your age and in college I talked to my bank and they set me up with a credit card with an only $500 limit. They told me to go out and make a small purchase and just pay the minimum balance. Some people will tell you to pay your card off, but if you are trying to build credit don't do that. They want to see you pay on a balance.
Also, don't keep checking your credit score, because that brings it down. Do just what I did and I promise you will build credit. Don't apply for one at a store because they require existing credit and they will just deny you, which brings down your score.
Or else, you could have your parents cosign for one, I was a foster kid and didn't really have parents in my life so that is how I built my credit.
If you have any questions feel free to email me.
Monday, December 12, 2011
How good of credit do you have to have to get a home loan?
my fiancee and I are trying to buy a house, we were offered a house by some family friends going through a divorce. It is only $90,000. (awesome deal for california) Unfortunatly, we both have wrecked credit. we have no idea what the scores are but I know that they cant be good. we are both only 23 years old. Originally we were going to put it in his moms name because her name is gold to any bank, but now we found out the interest will be high because she already has a home loan and this one would be considered for renting out.... thus...more interest. So the bank wants it in our name or at least one of our names with her as a cosigner...... what are the chances that we will get approved.... the loan is not very much and it will be on a 30 year note....how much do you think our interest will be? Is it possible to get a laon in our names like that with bad credit? any advice or comments will be appreciated. Thanks in advance.How good of credit do you have to have to get a home loan?
Hello,
I agree with everyone else. However people buy houses with low credit all the time and there are programs that you can go through that can repair your credit. Look at all the factors.
Learn creative financing. Here in CA there are a lot of things you can do.
1. gift of equity or deed.
2. Refi and add you to the title.
3. purchase her notes. This one allows you to purchase her mortgage and take position as the bank. Sure she would be paying you each month but I'm sure you all will work it out.
4. Lease Option. This method is one that my investors love use. You have the option to buy the home after living there for and paying on time for a certain period of time agreed on. You can structure the deal to where she gives you full control over the property which would put it in your name as well. There you beat the bank and went to title and got a home without having a loan. Is it that easy,,, of course not. I would have to explain it vs. writing it.
Everyone thinks that you have to have a bank or loan to take over a property. You don't. Creative Financing is Key. Learn it, Love it and you can live in it.
I'm a loan officer as well and I deal with many clients. I love purchases. I love it when people are told they can't qualify for a home. Everyone is a buyer. You just have to know how to make it work.
Email me law_edavis@yahoo.comHow good of credit do you have to have to get a home loan?
The worse your credit is, the higher your interest rate will be. That means that you will pay much more over the life of the mortgage. Clean up your credit. Then buy a house.
What is your current credit score? I can locate help for you if your credit score is as low as 500. And if you are buying it with your financee and if he has below 500 I can still locate help for you to get you a loan and a decent interest rate. Let me know.
Right now the investors (banks) are tightening up their guidelines. However there are ways that you can quickly raise your credit score. And to be honest most of the people that think it's impossible to get a home because of their credit are often mistaken on their credit score. There are also a lot of other factors. Such as your debt to Income ratio and what your loan to value is. If you have a 450 fico score and need 100% financing it's more than likely not going to happen. However there are many many options out there for people with less than perfect credit. If you have any questions for me email me back.
Ok i'm a loan proccesor. 1) Try it in your name with mom as a cosigner. 2)If that doesn't work and mom is the only way you can do it in her name and you cosign as a rental property and pay the high intrest for 6 months then jus refi it as your house in 6 months. If the house is worth 120,000 and selling for 95,000 you can bump up the sells price to 105,000 and have the seller give you money to close and they get the money back at closing since you bumped up the sales price. Either way if the intrest is to high refi in 6 months for a lower intrest rate
Well if your credit is bad two things could happen:
1. Interest Rate will be SKY HIGH
2. Declined for the loan
So my suggestion would be: First try to get the loan. Can you or your fiance qualify for the loan by yourselves. Put it in the name of the one with better credit.
if that doesnt work:
If you are sure that this is a great deal and there is nothing wrong with the house: Have your mother-in-law get the house.
She'll still be paying lower interest rate than you would if you have bad credit. Maybe she could re-fiance or (sell) it to you down the road sometime.
All this advise is ONLY IF THE HOUSE IS A GREAT DEAL %26amp; you love the house and plan on being responsible and paying for it.
Hello,
I agree with everyone else. However people buy houses with low credit all the time and there are programs that you can go through that can repair your credit. Look at all the factors.
Learn creative financing. Here in CA there are a lot of things you can do.
1. gift of equity or deed.
2. Refi and add you to the title.
3. purchase her notes. This one allows you to purchase her mortgage and take position as the bank. Sure she would be paying you each month but I'm sure you all will work it out.
4. Lease Option. This method is one that my investors love use. You have the option to buy the home after living there for and paying on time for a certain period of time agreed on. You can structure the deal to where she gives you full control over the property which would put it in your name as well. There you beat the bank and went to title and got a home without having a loan. Is it that easy,,, of course not. I would have to explain it vs. writing it.
Everyone thinks that you have to have a bank or loan to take over a property. You don't. Creative Financing is Key. Learn it, Love it and you can live in it.
I'm a loan officer as well and I deal with many clients. I love purchases. I love it when people are told they can't qualify for a home. Everyone is a buyer. You just have to know how to make it work.
Email me law_edavis@yahoo.comHow good of credit do you have to have to get a home loan?
The worse your credit is, the higher your interest rate will be. That means that you will pay much more over the life of the mortgage. Clean up your credit. Then buy a house.
What is your current credit score? I can locate help for you if your credit score is as low as 500. And if you are buying it with your financee and if he has below 500 I can still locate help for you to get you a loan and a decent interest rate. Let me know.
Right now the investors (banks) are tightening up their guidelines. However there are ways that you can quickly raise your credit score. And to be honest most of the people that think it's impossible to get a home because of their credit are often mistaken on their credit score. There are also a lot of other factors. Such as your debt to Income ratio and what your loan to value is. If you have a 450 fico score and need 100% financing it's more than likely not going to happen. However there are many many options out there for people with less than perfect credit. If you have any questions for me email me back.
Ok i'm a loan proccesor. 1) Try it in your name with mom as a cosigner. 2)If that doesn't work and mom is the only way you can do it in her name and you cosign as a rental property and pay the high intrest for 6 months then jus refi it as your house in 6 months. If the house is worth 120,000 and selling for 95,000 you can bump up the sells price to 105,000 and have the seller give you money to close and they get the money back at closing since you bumped up the sales price. Either way if the intrest is to high refi in 6 months for a lower intrest rate
Well if your credit is bad two things could happen:
1. Interest Rate will be SKY HIGH
2. Declined for the loan
So my suggestion would be: First try to get the loan. Can you or your fiance qualify for the loan by yourselves. Put it in the name of the one with better credit.
if that doesnt work:
If you are sure that this is a great deal and there is nothing wrong with the house: Have your mother-in-law get the house.
She'll still be paying lower interest rate than you would if you have bad credit. Maybe she could re-fiance or (sell) it to you down the road sometime.
All this advise is ONLY IF THE HOUSE IS A GREAT DEAL %26amp; you love the house and plan on being responsible and paying for it.
Repairing my bad credit problems will take how long???
My wife and I got some credit cards, bought a house, a couple new cars, then I unexpectedly got laid off from work(3 years ago). The first winter we lived off our credit cards and since then we have paid off 2 of 6 cards with about 5 grand worth of debt to go. I am going top get a large tax return this year but we were planning on putting a new deck on our house this spring with that money. Is it better to just pay off the other cards in the next year or pay them off all at once. These cards have been defaulted for 2 years now and all intrest and fees have stopped cause they have went to collections.
If I pay off all my debt in March of 08 how long do you think it will be before I can get a loan to put the deck on my house?Repairing my bad credit problems will take how long???
Have you learned nothing?!?!?!?!
Pay off your credit cards, then SAVE for a deck and PAY FOR IT.
If you constantly live in debt, of course you will get hosed if a layoff happens.
Start saving an emergency fund. Make it your goal to pay off all your debt, then to save 3 to 6 month's of expenses.
Start buying only what you can afford (cars and decks included) to pay for - not finance.
And, why are you getting a large tax return? If you are in debt, you should not be laoning your money to Unkle Sam all year. Adjust your witholding so that money comes to you in your paychecks each week (but DON'T SPEND IT).
Good Luck.
www.daveramsey.comRepairing my bad credit problems will take how long???
Rick B. is correct...nothing else to add......I shudder to think about how Suze Orman would respond to your question.....Just the thought of it makes me tremble with fear.
If I pay off all my debt in March of 08 how long do you think it will be before I can get a loan to put the deck on my house?Repairing my bad credit problems will take how long???
Have you learned nothing?!?!?!?!
Pay off your credit cards, then SAVE for a deck and PAY FOR IT.
If you constantly live in debt, of course you will get hosed if a layoff happens.
Start saving an emergency fund. Make it your goal to pay off all your debt, then to save 3 to 6 month's of expenses.
Start buying only what you can afford (cars and decks included) to pay for - not finance.
And, why are you getting a large tax return? If you are in debt, you should not be laoning your money to Unkle Sam all year. Adjust your witholding so that money comes to you in your paychecks each week (but DON'T SPEND IT).
Good Luck.
www.daveramsey.comRepairing my bad credit problems will take how long???
Rick B. is correct...nothing else to add......I shudder to think about how Suze Orman would respond to your question.....Just the thought of it makes me tremble with fear.
I want a house sooo bad!?
As a single parent with three kids I feel no one will want to touch me because I am a risk. I would like a 3 or 4 brm house. I make 15-17 hourly, I recieve child support of 320 a mo I'll graduate next may. My credit score is 590. I've paid off two cars, pay bills on time and I still can't even get a credit card. How can I get a house? Or what are some good ways to prepare to buy a house.I want a house sooo bad!?
Find a reputible lender, often times someone you know at a bank or loan company and ask them about first-time home buyers assistance programs. Many states and individual counties have programs that will approve you based on other criteria other than your credit scores. Definately check it out and see if you qualify for any programs. Best of Luck!I want a house sooo bad!?
find a house that has been reposessd or how ever you spell it they usually sell from banks and repo agencies for cheap
Get a husband!!! That way he can buy you a house!! LOL!!! I have no idea! It sounds like you are doing all the right things!!! Good luck!!!
Just wait 7 years and then your credit will get better, keep making all your payments.
Do what the guy with the red paper clip did.
you should look into manufactured homes. it will be affordable for you
You need to talk to HUD. I have heard of programs in certain counties where you can receive your down payment thru a govt. program, if your income is below a certain level. Also, try talking to different mortgage officers. The house across from us is owned by a single parent with 4 kids. (One is on his own.) Good luck!
Ask the local housing authority or your local Welfare office. Maybe they can help.
I know what you're going through. Apartments are like living with other families. It really bites! Been there, done that. But with your income, there should be no problem. Ask around for some phone numbers!
have you tried government assistance programs ? they can help especially those with kids. My dad got one and was able to get a three bedroom house for quite a good deal i don't know if it was hud or section 8 the house was a fixer upper but he was also able to get help with that through the same types of programs.
I hear cardboard works...but you have to keep it out of the rain
Alternatively you could find a house at auction, one that has been reposessed, or confiscated by the police etc. You may have to start with a two or 3 bedroom, or a 2 bedroom with a den and turn the den into a bedroom.
Talk to the loan officer at your bank, and a couple other banks. Also talk to different real estate agents to see what they recomend. Best of luck with that!
If you can't get a credit card you won't get a house.
Why in the world can't you get a credit card?
Get a Capital One card first with a $500 limit and pay it off on time every month for a year.
I had a trashed credit rating due to my student loans-there are good mortgage brokers out there who can offer you reasonable rates and who will take on higher risk clients-getting a small loan and repaying it regularly helps-there are also excellent FREE credit counselors who can advise you on how to repair damaged credit- also, tho' you may want a house, maybe consider a townhouse or large condo which is cheaper- you'll still build equity and then can climb the property ladder in a year or two- hope this helps!
apply for an FHA loan.
- you need to talk to a lender. people with lower scores than yours have gotten a loan before.
- pay off your debts. it will raise your credit score and improve your debt to income ratio.
- keep paying your bills on time and you'll be in your next house sooner than you know it!
First, every single loan is a risk so don't get down.
Shop around and find a good morgage broker. There are all kinds of different loan programs for first time home buyers some with little to no money down. Let the mortgage broker work for you.
You did not say what your job was but also try your credit union.
If you are unable to successfully apply for a credit card then this indicates that there is a possibility that information on your credit report held by one of the credit reference agencies is not good.I'm not sure if you have viewed your credit report recently but I advise that you do this asap. If you have missed any payments on credit agreement or made late payments then this will go against you. But there is light at the end of the tunnel (trust me I know). So, get in touch with Equifax or Experian to obtain your credit report then you will be able to see what the problem is. All the best.....
Try to improve ur credit score and get a credit card first
Have you pulled your credit report? If you have filed bankruptcy in the past 2 years (give or take) or have any unresolved collections, liens, etc on your credit then you will need to resolve those first. I would suggest looking over your credit report for mistakes (you can sign up for a minimal fee through www.experian.com and then start by resolving them through their web site.
Second of all, DO NOT go to a new home builder out of desperation. They will finagle a way to get you into a house and then later you will really pay for it. Trust me, I know from experience and so do many single and married families across the U.S.
I'm not quite sure why you are a risk? Your credit report has no idea you have 3 kids so that isn't a reflection. I'm a little unclear. But, I want to help if at all possible. Contact me through my username and give me more information. I have worked with foreclosure specialists and might be able to get you hooked up with someone who helps high-risk borrowers. God bless you in your search.
Find a reputible lender, often times someone you know at a bank or loan company and ask them about first-time home buyers assistance programs. Many states and individual counties have programs that will approve you based on other criteria other than your credit scores. Definately check it out and see if you qualify for any programs. Best of Luck!I want a house sooo bad!?
find a house that has been reposessd or how ever you spell it they usually sell from banks and repo agencies for cheap
Get a husband!!! That way he can buy you a house!! LOL!!! I have no idea! It sounds like you are doing all the right things!!! Good luck!!!
Just wait 7 years and then your credit will get better, keep making all your payments.
Do what the guy with the red paper clip did.
you should look into manufactured homes. it will be affordable for you
You need to talk to HUD. I have heard of programs in certain counties where you can receive your down payment thru a govt. program, if your income is below a certain level. Also, try talking to different mortgage officers. The house across from us is owned by a single parent with 4 kids. (One is on his own.) Good luck!
Ask the local housing authority or your local Welfare office. Maybe they can help.
I know what you're going through. Apartments are like living with other families. It really bites! Been there, done that. But with your income, there should be no problem. Ask around for some phone numbers!
have you tried government assistance programs ? they can help especially those with kids. My dad got one and was able to get a three bedroom house for quite a good deal i don't know if it was hud or section 8 the house was a fixer upper but he was also able to get help with that through the same types of programs.
I hear cardboard works...but you have to keep it out of the rain
Alternatively you could find a house at auction, one that has been reposessed, or confiscated by the police etc. You may have to start with a two or 3 bedroom, or a 2 bedroom with a den and turn the den into a bedroom.
Talk to the loan officer at your bank, and a couple other banks. Also talk to different real estate agents to see what they recomend. Best of luck with that!
If you can't get a credit card you won't get a house.
Why in the world can't you get a credit card?
Get a Capital One card first with a $500 limit and pay it off on time every month for a year.
I had a trashed credit rating due to my student loans-there are good mortgage brokers out there who can offer you reasonable rates and who will take on higher risk clients-getting a small loan and repaying it regularly helps-there are also excellent FREE credit counselors who can advise you on how to repair damaged credit- also, tho' you may want a house, maybe consider a townhouse or large condo which is cheaper- you'll still build equity and then can climb the property ladder in a year or two- hope this helps!
apply for an FHA loan.
- you need to talk to a lender. people with lower scores than yours have gotten a loan before.
- pay off your debts. it will raise your credit score and improve your debt to income ratio.
- keep paying your bills on time and you'll be in your next house sooner than you know it!
First, every single loan is a risk so don't get down.
Shop around and find a good morgage broker. There are all kinds of different loan programs for first time home buyers some with little to no money down. Let the mortgage broker work for you.
You did not say what your job was but also try your credit union.
If you are unable to successfully apply for a credit card then this indicates that there is a possibility that information on your credit report held by one of the credit reference agencies is not good.I'm not sure if you have viewed your credit report recently but I advise that you do this asap. If you have missed any payments on credit agreement or made late payments then this will go against you. But there is light at the end of the tunnel (trust me I know). So, get in touch with Equifax or Experian to obtain your credit report then you will be able to see what the problem is. All the best.....
Try to improve ur credit score and get a credit card first
Have you pulled your credit report? If you have filed bankruptcy in the past 2 years (give or take) or have any unresolved collections, liens, etc on your credit then you will need to resolve those first. I would suggest looking over your credit report for mistakes (you can sign up for a minimal fee through www.experian.com and then start by resolving them through their web site.
Second of all, DO NOT go to a new home builder out of desperation. They will finagle a way to get you into a house and then later you will really pay for it. Trust me, I know from experience and so do many single and married families across the U.S.
I'm not quite sure why you are a risk? Your credit report has no idea you have 3 kids so that isn't a reflection. I'm a little unclear. But, I want to help if at all possible. Contact me through my username and give me more information. I have worked with foreclosure specialists and might be able to get you hooked up with someone who helps high-risk borrowers. God bless you in your search.
How do I get credit with no credit?
I make $60000 a year. I have no credit (not bad credit), but I pay my bills on time. I want to buy a house in a couple years and people charge me deposits for crap cause I have no credit so I need to get some. So I applied for some credit cards but have been rejected by all of them. What do I do?How do I get credit with no credit?
Building credit is getting tougher each day, there are a couple of ways you could build credit, one is getting a small personal loan and pay it off in a few months. Two is getting a credit card an using it for everyday purchases but paying it off at the end of the month that way you do not pay interest and credit card companies will increase your credit which looks good when building credit, applying for a card that will get you approved, when building credit most major credit cards will not give you the first change to start your credit, so apply for a first premier bank card it has a fee to get you approved but here is the thing use it for at least 6 months just to build enough credit to apply for a better card such as a citbank or discover , once approved for a better card you could drop the first card. If you are a student, apply for a student credit card, check out www.fastcreditcardapprovals.com under poor or no credit section. Good luck How do I get credit with no credit?
You can have someone ( that has credit) cosign on something like a loan or maybe a cell phone plain
I've been contemplating this myself. I checked on the Capital One website, they have credit cards for those with limited credit history.
Go to the link below and Check the Limited History tab, it will sort to show you cards that are ment for those with little or none credit history.
1. Do not apply for ';some'; cards. Apply for only one card per year. An application is most likely to be approved if it is your first application in over a year. It is most likely to be rejected if you have applied several times in the previous few months.
2. Even with no credit, you can obtain a secured credit card by depositing money at a bank that offers secured credit cards. Go to a bank that offers secured credit cards and offer to deposit money there if they will give you a secured credit card. Making all required payments on the secured credit card (or simply having it, and not using it, so that no payments are required, if it does not have a fee) will give you some credit. After you have some credit from doing this, you can try to obtain a regular (unsecured) credit card.
its simple..start out w/a gas card that will help build u credit. charge it and pay it out. charge it again and pay it off againreptiles bird
Building credit is getting tougher each day, there are a couple of ways you could build credit, one is getting a small personal loan and pay it off in a few months. Two is getting a credit card an using it for everyday purchases but paying it off at the end of the month that way you do not pay interest and credit card companies will increase your credit which looks good when building credit, applying for a card that will get you approved, when building credit most major credit cards will not give you the first change to start your credit, so apply for a first premier bank card it has a fee to get you approved but here is the thing use it for at least 6 months just to build enough credit to apply for a better card such as a citbank or discover , once approved for a better card you could drop the first card. If you are a student, apply for a student credit card, check out www.fastcreditcardapprovals.com under poor or no credit section. Good luck How do I get credit with no credit?
You can have someone ( that has credit) cosign on something like a loan or maybe a cell phone plain
I've been contemplating this myself. I checked on the Capital One website, they have credit cards for those with limited credit history.
Go to the link below and Check the Limited History tab, it will sort to show you cards that are ment for those with little or none credit history.
1. Do not apply for ';some'; cards. Apply for only one card per year. An application is most likely to be approved if it is your first application in over a year. It is most likely to be rejected if you have applied several times in the previous few months.
2. Even with no credit, you can obtain a secured credit card by depositing money at a bank that offers secured credit cards. Go to a bank that offers secured credit cards and offer to deposit money there if they will give you a secured credit card. Making all required payments on the secured credit card (or simply having it, and not using it, so that no payments are required, if it does not have a fee) will give you some credit. After you have some credit from doing this, you can try to obtain a regular (unsecured) credit card.
its simple..start out w/a gas card that will help build u credit. charge it and pay it out. charge it again and pay it off again
Suddenly bad credit, how long to fix?
My husband and I had great credit (above 750) until 2 months ago. Both of us lost our jobs and our savings couldn't float us. We moved in with my parents about 3 weeks ago to help, and now we're both working again at dependable jobs. (He had previously been self employed so there was never a steady paycheck.) We have a baby on the way and really need to get out of my parent's house. Unfortunately, the 2 jobless months left us high and dry credit-wise, and in a few short weeks it has plummeted from the high 750s to mid 400s.
It didn't take very long to ruin our credit; how long will it take to fix it, now that we're on time again, etc? Will it take just a few weeks? Or are we going to be waiting years before we can buy a house?Suddenly bad credit, how long to fix?
To be honest I have never seen anyone's FICO dropping that much in just two months, are you sure the 400's number was real FICO? From your question you obviously didn't file for bankruptcy, and probably just missed a few payments which shouldn't kill your credit like that.
But anyway, it does take time to rebuild credit. Negative marks remain on your credit report for years, for example, late payment stays on for 7 years, bankruptcy 10. For full details you can visit this site: http://triceiver.com/CreditReport.aspx
However, I do believe that since everything is back on track for you now, you score should come back rather quickly within the first few months. But it may take a few years for yours to be 750 again. Make sure you pay off whatever was missed asap, because the time overdue is as important a factor as late payment itself.
While fixing your credit, you should start saving for an emergency fund that is at least 3-6 months' living expenses. This is very important especially since now you have a baby on the way.
Oh don't close your idle credit card accounts at this moment. It will just shorten your credit history and negatively affect your score. If you had late payments on that account, closing it won't help in anyway.
Rebuilding credit is a time consuming process, but in the end you will find it all worthwhile. Good luck!Suddenly bad credit, how long to fix?
it will take years to improve your credit..
when u guys get the money pay of your debt right away and u will u see a change..
Time is the only solution. Creditors usually will work with you. Afterall they would rather get some money out of you then none at all. Just make sure you pay it all off little by little. Don't go getting more loans or credit cards. Leave your credit card account open but leave a zero balance. Leaving it open will give you points. Do not apply for more credit cards because like you said if your credit is not all that good and if you get denied more than twice a year it can give you a mark on your credit. I went through it and it takes time. As time go on you will learn because I have learned. Life just happens. Good luck.
Although your credit score can drop in an instance it will take time to rebuild, figure on 6-12 months depending on what is in your credit report. If you have derogatory item, or things that have been written off they will remain there for 7 years, even if you paid them off. My guess is with the 400's the later is the case
Hi,
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on%26lt;!--bad credit, you must know to how to confront it and how to clear the bad credit. Many factors can contribute to someone getting a ';bad credit'; rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on
http://badcredits.awardspace.com/
You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to--%26gt;arrange loans or other finance, and usually means you will pay more interest on any loan you take out.
This is easy-
roughly or approximately with the right steps taken you can expect that your credit can go back up in as quickly as 6 months.
It can be longer..but do not feel hopeless. Its just a number, and it does go fluctuate fairly easily.
It will not take that long( 7 years) as long as you make solid steps toward building up.
I fret it will not be up again that high (750s) within weeks.
This will take some time...
very doable within 6-12 months.
follow steps and get there!
enjoy your new baby..!
It didn't take very long to ruin our credit; how long will it take to fix it, now that we're on time again, etc? Will it take just a few weeks? Or are we going to be waiting years before we can buy a house?Suddenly bad credit, how long to fix?
To be honest I have never seen anyone's FICO dropping that much in just two months, are you sure the 400's number was real FICO? From your question you obviously didn't file for bankruptcy, and probably just missed a few payments which shouldn't kill your credit like that.
But anyway, it does take time to rebuild credit. Negative marks remain on your credit report for years, for example, late payment stays on for 7 years, bankruptcy 10. For full details you can visit this site: http://triceiver.com/CreditReport.aspx
However, I do believe that since everything is back on track for you now, you score should come back rather quickly within the first few months. But it may take a few years for yours to be 750 again. Make sure you pay off whatever was missed asap, because the time overdue is as important a factor as late payment itself.
While fixing your credit, you should start saving for an emergency fund that is at least 3-6 months' living expenses. This is very important especially since now you have a baby on the way.
Oh don't close your idle credit card accounts at this moment. It will just shorten your credit history and negatively affect your score. If you had late payments on that account, closing it won't help in anyway.
Rebuilding credit is a time consuming process, but in the end you will find it all worthwhile. Good luck!Suddenly bad credit, how long to fix?
it will take years to improve your credit..
when u guys get the money pay of your debt right away and u will u see a change..
Time is the only solution. Creditors usually will work with you. Afterall they would rather get some money out of you then none at all. Just make sure you pay it all off little by little. Don't go getting more loans or credit cards. Leave your credit card account open but leave a zero balance. Leaving it open will give you points. Do not apply for more credit cards because like you said if your credit is not all that good and if you get denied more than twice a year it can give you a mark on your credit. I went through it and it takes time. As time go on you will learn because I have learned. Life just happens. Good luck.
Although your credit score can drop in an instance it will take time to rebuild, figure on 6-12 months depending on what is in your credit report. If you have derogatory item, or things that have been written off they will remain there for 7 years, even if you paid them off. My guess is with the 400's the later is the case
Hi,
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on%26lt;!--bad credit, you must know to how to confront it and how to clear the bad credit. Many factors can contribute to someone getting a ';bad credit'; rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on
http://badcredits.awardspace.com/
You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to--%26gt;arrange loans or other finance, and usually means you will pay more interest on any loan you take out.
This is easy-
roughly or approximately with the right steps taken you can expect that your credit can go back up in as quickly as 6 months.
It can be longer..but do not feel hopeless. Its just a number, and it does go fluctuate fairly easily.
It will not take that long( 7 years) as long as you make solid steps toward building up.
I fret it will not be up again that high (750s) within weeks.
This will take some time...
very doable within 6-12 months.
follow steps and get there!
enjoy your new baby..!
Please help with fixing bad credit!?
my husband and I really messed up our credit when we were younger now we have 2 kids can't buy a house car or get a credit card! can someone please tell how to go about fixing our credit fast..thank youPlease help with fixing bad credit!?
To raise your credit score you need to do two things:
1 - add positive things to your credit records. Such as paying your bills on time!
2 - Remove negative things from your records. These may be mistakes made by the credit report companies or bills you haven檛 paid!
If your problems aren檛 too bad or too complicated than you can do this yourself. This review site gives you e-books to explain the process and guide you through it:
if your problem is complex - or you just don檛 have the time or patience to do it yourself then you will want to use a credit repair company. This review site will guide you to the three best companies to use:
Good Luck!Please help with fixing bad credit!?
Repairing your credit is hard work and you have to realize that it won't happen overnight. There is no such word as fast in credit repair. It may take a year or two. Order your credit reports. Go over everything on your reports to make sure they are accurate. Contact the credit bureaus by mail and dispute anything that is not accurate.
Contact the original creditor and/or the collection agency %26amp; try to negotiate deletion of the item on your credit report for payment. Write letters to the CEO if you have to. I can't tell you how many times this has worked for me.
Get a secured credit card %26amp; do not charge more than 20-30% of your limit. Maxing out cards will kill your credit score. After you have a few secured cards and have made 12 months of on time payment, apply for store cards. They are easier to get.
Last but not least, you need to maintain your good credit rating. Don't buy things you can't afford. Make a budget %26amp; stick to it. If you do use credit cards pay them off every month.
1. Go through all of your expenses. Get rid of everything you don't need!!!
Do you need extended cable?
DO you have a cell phone and a home phone?
Use coupons
return anything that still has tags on it.
No new clothes for adults until this is paid off.
get hand be downs for the kids. Some are really nice on Craigslist and usually free.
2. Pay off as much as you can, as fast as you can.
3. Dont spend money on car washes, dinners out, anyting extra for one year and you will be happy you did.
Don't go to target or walmart because you'll buy stuff you don't need. Make a list before you go and buy only that.
First and most important thing is pay all of your current bills on time every month.
Then you are going to want to eliminate all the debt you can. Credit cards first if you have them.
Get a copy of your credit report. Go through it line by line. If there is anything outstanding, even if it is old, take care of it. If you can't pay it in full call the companies and negotiate a settlement offer or payment plan.
Then just watch your expenses and don't acquire any new debt. It will take some discipline. If you need extra money see about doing a garage sale, selling stuff on e-bay etc. etc.
Good luck. It can be done. One of you pick up a second part-time job if you can.
You would go through some sort of credit repair as others have described, maybe even doing it yourself. After that , you need good items on your credit report. Have you considered using one of those authorized user tradeline programs. They are very affordable and would get you well on your way to having better credit. My mom used it and not only was able to open other accounts, but her score jumped 51 points. Check out the free evaluation form at www.totaldebtsolutionsllc.com They can help.
Assess your finances and spending. Only buy what you NEED. Cut the cable or any other luxuries that we trick ourselves into thinking we *need* this and that.
Try www.prosper.com -people lending to people
But get serious about your debt and start today!
you should get a credit report to find out exactly what it was and how long you are banned for. after a certain amount of time 5-7 years they should be removed and you should have no trouble with getting a loan or credit card.
There are lots of tips here. http://www.badcreditfixup.com Just remember you can dispute all the negative credit yourself. Just look out for scammers out there promising to do it for you for a fee.
To raise your credit score you need to do two things:
1 - add positive things to your credit records. Such as paying your bills on time!
2 - Remove negative things from your records. These may be mistakes made by the credit report companies or bills you haven檛 paid!
If your problems aren檛 too bad or too complicated than you can do this yourself. This review site gives you e-books to explain the process and guide you through it:
if your problem is complex - or you just don檛 have the time or patience to do it yourself then you will want to use a credit repair company. This review site will guide you to the three best companies to use:
Good Luck!Please help with fixing bad credit!?
Repairing your credit is hard work and you have to realize that it won't happen overnight. There is no such word as fast in credit repair. It may take a year or two. Order your credit reports. Go over everything on your reports to make sure they are accurate. Contact the credit bureaus by mail and dispute anything that is not accurate.
Contact the original creditor and/or the collection agency %26amp; try to negotiate deletion of the item on your credit report for payment. Write letters to the CEO if you have to. I can't tell you how many times this has worked for me.
Get a secured credit card %26amp; do not charge more than 20-30% of your limit. Maxing out cards will kill your credit score. After you have a few secured cards and have made 12 months of on time payment, apply for store cards. They are easier to get.
Last but not least, you need to maintain your good credit rating. Don't buy things you can't afford. Make a budget %26amp; stick to it. If you do use credit cards pay them off every month.
1. Go through all of your expenses. Get rid of everything you don't need!!!
Do you need extended cable?
DO you have a cell phone and a home phone?
Use coupons
return anything that still has tags on it.
No new clothes for adults until this is paid off.
get hand be downs for the kids. Some are really nice on Craigslist and usually free.
2. Pay off as much as you can, as fast as you can.
3. Dont spend money on car washes, dinners out, anyting extra for one year and you will be happy you did.
Don't go to target or walmart because you'll buy stuff you don't need. Make a list before you go and buy only that.
First and most important thing is pay all of your current bills on time every month.
Then you are going to want to eliminate all the debt you can. Credit cards first if you have them.
Get a copy of your credit report. Go through it line by line. If there is anything outstanding, even if it is old, take care of it. If you can't pay it in full call the companies and negotiate a settlement offer or payment plan.
Then just watch your expenses and don't acquire any new debt. It will take some discipline. If you need extra money see about doing a garage sale, selling stuff on e-bay etc. etc.
Good luck. It can be done. One of you pick up a second part-time job if you can.
You would go through some sort of credit repair as others have described, maybe even doing it yourself. After that , you need good items on your credit report. Have you considered using one of those authorized user tradeline programs. They are very affordable and would get you well on your way to having better credit. My mom used it and not only was able to open other accounts, but her score jumped 51 points. Check out the free evaluation form at www.totaldebtsolutionsllc.com They can help.
Assess your finances and spending. Only buy what you NEED. Cut the cable or any other luxuries that we trick ourselves into thinking we *need* this and that.
Try www.prosper.com -people lending to people
But get serious about your debt and start today!
you should get a credit report to find out exactly what it was and how long you are banned for. after a certain amount of time 5-7 years they should be removed and you should have no trouble with getting a loan or credit card.
There are lots of tips here. http://www.badcreditfixup.com Just remember you can dispute all the negative credit yourself. Just look out for scammers out there promising to do it for you for a fee.
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