I need some major credit advice!!!

[mcveigh]

My wife and I recently applied to get preapproved for a new home loan. We currently own a duplex, live in one half, rent out the other.

Her credit is great, above 750 mine is like 511

A few years ago my cards were about $3000. after we got married we both stopped using our cards. and have been paying them down. a year or so ago after a money argument my wife took over paying bills. I found out later she wasn't always paying the minimum on my credit cards (money was tight, but...long story)

I have 2 credit cards I got when I was 18 (12 years ago) in a joint account with my father. I pretty much forgot about them, till recently I got calls about them being past due. I don't even have these cards in my poession nor do I get the statements (the balance on these is over 10,000) My dad finally did get these caught up but only after they were like 90 days past due I think this is what has hosed me recently

I got a letter from Navy federal credit union last week that they were closing my account based on my credit record. I currently have a visa with them that has around an $800 balance, I haven't used it in over 2 years, it's one of our last to pay off because it has a good interest rate.

QUESTIONS:
1) best palce to get a copy of my credit report.
2) I was thinking of getting a personal loan from my bank for a few thousand (if possible) just to pay something back on time. My wife and I are doing fine financially now, and I don't mind paying some interest to get my credit back up. SHould I do the loan or maybe another credit card, even if I have to secure it with cash?

3)any other advice?

I will be searching for past posts as I now there are many discussions on this subject.

 

[amdforever2]

Well...............have wifey get a CC, and put you on it. Have her cosign a car loan for ya.

Wait a few years, don't fvck up anymore.


Or

go to www.creditboards.com and read

read a lot

 

[Manzelle]

Do not get anymore damn credit cards...if anything I would suggest your wife take out a personal loan from the bank to pay these debts...in time your score will go back up but it will take years...

 

[Cable God]

Originally posted by: amdforever2

go to www.creditboards.com and read

read a lot

He speaks wisely.

 

[woowoo]

Originally posted by: mcveigh

I got a letter from Navy federal credit union last week that they were closing my account based on my credit record. I currently have a visa with them that has around an $800 balance, I haven't used it in over 2 years, it's one of our last to pay off because it has a good interest rate.

That's bad......
They are a great credit union.

 

[imported_Sasha]

Originally posted by: amdforever2
Well...............have wifey get a CC, and put you on it. Have her cosign a car loan for ya.
Wait a few years, don't fvck up anymore.
Or
go to www.creditboards.com and read
read a lot

I would not bother getting another credt card. Storytime:

Student loans in default for +5 years ruined my credit. I couldn't even get a checking account. I used the Will B. Ford loan consolidation program to get those loans out of default, but the credit was still terrible and I still couldn't get a checking account. Yes, it was that bad, and no credit card debt ever, but no credit cards issued in my name either.

Then someone told me of what he did to restore his credit and minimize the negative entries on the credit reports. First, get all of your credit reports. If you have to, pay for them! Now, dispute everything on them. Let the FCRA's run the rabbit in investigating everything. BTW, FCRA is Fair Credit Reporting Agency (Equifax, etc.).

While the rabbit is being run by the FCRA's deposit money into a Certificate of Deposit at a bank that will allow you to use it as colatterral for a personal loan of equal or less amount. Make the repayment terms 12-months and pay it off in 3-4 months. Repeat a couple times at same bank and do the same with other banks. You will not believe how this will work.

Now, in 8-10 months time you should have removed some of the nagtive entries on your credit reports, and at the same time started seeing new and positive entries from secured loans. This does work, but you need to be able to put up whatever the minimum personal-loan value is in a CD. You can call backs at will and speak to a loan officer to determine whether or not they will accept a CD issued by their bank for collateral on a personal loan at their bank.

Now, while the rabbit was run and you are building new and positive credit entries on your reports you need to start addressing the remaining negative entries. Simply either get your name (and your responsability) removed from them, or arrange for repayment on a time-schedule. Repayment on a time-schedule is good because it shows that you have the means and the will to repay them. In other words, it shows responsible consumer credit management.

DO NOT open any new credit accounts other than the personal loan(s) I mentioned above. DO NOT seek the assistance of credit-restoration entities, include not-for-profit types. These agencies are reflected upon very badly, and especially by mortgage lenders. If I were looking to loan you money, whether it be a mortgage, card or personal loan, or revolving credit (credit card, etc.), and I found out you are using a credit restoration organization to correct your credit, I am going to interpret that you have no self-control to do it on your own. Period. I was told this, in paraphrase, by both car loan issuers and mortgage lenders.

Accept that you are probably not going to resolve the credit problem within 12-24 months, but the far end looks good. Now, while I was doing all that I just suggested to you my spouse and I STILL GOT A MORTGAGE. As in your case, your significant other is good credit. While it needs to be a little better, a No-Doc (No Income Verification) loan for two-years can be granted.

NIV loans are typically not conducted through banks, and as such you need to find a qualified mortgage broker for NIV. What this does is that the traditional front/back-end ratios (percentages) based on your income is removed. We did this because my credit was bad, but my equivelent income was half the household. This, only the person with good credit was on the NIV loan, but proof of twice the good creditor's personal income was shown. As such, the mortgage was grant, but at a hisgher interest rate (+10%).

After two years my credit was cleaned up, positive credit history for two-years established, and we were able to refinance with ME on the mortgage ar 5.625% rate. During the two year period of time we showed that we were capable of paying a hefty load while still cleaning up my negative history and at the same time establish positive credit events. Post refinance I was able to be the co-borrow on a Bimmer as my credit was now 'good enough' for the best car loan rate.

Hope this helps.

 

[welst10]

Originally posted by: Sasha

Originally posted by: amdforever2
Well...............have wifey get a CC, and put you on it. Have her cosign a car loan for ya.
Wait a few years, don't fvck up anymore.
Or
go to www.creditboards.com and read
read a lot

I would not bother getting another credt card. Storytime:

Student loans in default for +5 years ruined my credit. I couldn't even get a checking account. I used the Will B. Ford loan consolidation program to get those loans out of default, but the credit was still terrible and I still couldn't get a checking account. Yes, it was that bad, and no credit card debt ever, but no credit cards issued in my name either.

Then someone told me of what he did to restore his credit and minimize the negative entries on the credit reports. First, get all of your credit reports. If you have to, pay for them! Now, dispute everything on them. Let the FCRA's run the rabbit in investigating everything. BTW, FCRA is Fair Credit Reporting Agency (Equifax, etc.).

While the rabbit is being run by the FCRA's deposit money into a Certificate of Deposit at a bank that will allow you to use it as colatterral for a personal loan of equal or less amount. Make the repayment terms 12-months and pay it off in 3-4 months. Repeat a couple times at same bank and do the same with other banks. You will not believe how this will work.

Now, in 8-10 months time you should have removed some of the nagtive entries on your credit reports, and at the same time started seeing new and positive entries from secured loans. This does work, but you need to be able to put up whatever the minimum personal-loan value is in a CD. You can call backs at will and speak to a loan officer to determine whether or not they will accept a CD issued by their bank for collateral on a personal loan at their bank.

Now, while the rabbit was run and you are building new and positive credit entries on your reports you need to start addressing the remaining negative entries. Simply either get your name (and your responsability) removed from them, or arrange for repayment on a time-schedule. Repayment on a time-schedule is good because it shows that you have the means and the will to repay them. In other words, it shows responsible consumer credit management.

DO NOT open any new credit accounts other than the personal loan(s) I mentioned above. DO NOT seek the assistance of credit-restoration entities, include not-for-profit types. These agencies are reflected upon very badly, and especially by mortgage lenders. If I were looking to loan you money, whether it be a mortgage, card or personal loan, or revolving credit (credit card, etc.), and I found out you are using a credit restoration organization to correct your credit, I am going to interpret that you have no self-control to do it on your own. Period. I was told this, in paraphrase, by both car loan issuers and mortgage lenders.

Accept that you are probably not going to resolve the credit problem within 12-24 months, but the far end looks good. Now, while I was doing all that I just suggested to you my spouse and I STILL GOT A MORTGAGE. As in your case, your significant other is good credit. While it needs to be a little better, a No-Doc (No Income Verification) loan for two-years can be granted.

NIV loans are typically not conducted through banks, and as such you need to find a qualified mortgage broker for NIV. What this does is that the traditional front/back-end ratios (percentages) based on your income is removed. We did this because my credit was bad, but my equivelent income was half the household. This, only the person with good credit was on the NIV loan, but proof of twice the good creditor's personal income was shown. As such, the mortgage was grant, but at a hisgher interest rate (+10%).

After two years my credit was cleaned up, positive credit history for two-years established, and we were able to refinance with ME on the mortgage ar 5.625% rate. During the two year period of time we showed that we were capable of paying a hefty load while still cleaning up my negative history and at the same time establish positive credit events. Post refinance I was able to be the co-borrow on a Bimmer as my credit was now 'good enough' for the best car loan rate.

Hope this helps.

wow. great story. now pics?

 

[Gibson486]

heh, i know how you feel. I just found out that not paying your late Blockboster fees goes on your credit....oh well, that will take time to repair....yours is much worse though, good luck.

 

[TygGer]

Originally posted by: Gibson486
heh, i know how you feel. I just found out that not paying your late Blockboster fees goes on your credit....oh well, that will take time to repair....yours is much worse though, good luck.

Are you serious?

 

[WannaFly]

How do you forget about card accounts with $10,000 balances?

edit: equifax 3-in-one credit report its like $40, but VERY detailed.

 

[Ausm]

Run a magnet over the 3 credit bearues hard drives ...problem solved

Ausm

 

[SP33Demon]

Originally posted by: Sasha

Originally posted by: amdforever2
Well...............have wifey get a CC, and put you on it. Have her cosign a car loan for ya.
Wait a few years, don't fvck up anymore.
Or
go to www.creditboards.com and read
read a lot

I would not bother getting another credt card. Storytime:

Student loans in default for +5 years ruined my credit. I couldn't even get a checking account. I used the Will B. Ford loan consolidation program to get those loans out of default, but the credit was still terrible and I still couldn't get a checking account. Yes, it was that bad, and no credit card debt ever, but no credit cards issued in my name either.

Then someone told me of what he did to restore his credit and minimize the negative entries on the credit reports. First, get all of your credit reports. If you have to, pay for them! Now, dispute everything on them. Let the FCRA's run the rabbit in investigating everything. BTW, FCRA is Fair Credit Reporting Agency (Equifax, etc.).

While the rabbit is being run by the FCRA's deposit money into a Certificate of Deposit at a bank that will allow you to use it as colatterral for a personal loan of equal or less amount. Make the repayment terms 12-months and pay it off in 3-4 months. Repeat a couple times at same bank and do the same with other banks. You will not believe how this will work.

Now, in 8-10 months time you should have removed some of the nagtive entries on your credit reports, and at the same time started seeing new and positive entries from secured loans. This does work, but you need to be able to put up whatever the minimum personal-loan value is in a CD. You can call backs at will and speak to a loan officer to determine whether or not they will accept a CD issued by their bank for collateral on a personal loan at their bank.

Now, while the rabbit was run and you are building new and positive credit entries on your reports you need to start addressing the remaining negative entries. Simply either get your name (and your responsability) removed from them, or arrange for repayment on a time-schedule. Repayment on a time-schedule is good because it shows that you have the means and the will to repay them. In other words, it shows responsible consumer credit management.

DO NOT open any new credit accounts other than the personal loan(s) I mentioned above. DO NOT seek the assistance of credit-restoration entities, include not-for-profit types. These agencies are reflected upon very badly, and especially by mortgage lenders. If I were looking to loan you money, whether it be a mortgage, card or personal loan, or revolving credit (credit card, etc.), and I found out you are using a credit restoration organization to correct your credit, I am going to interpret that you have no self-control to do it on your own. Period. I was told this, in paraphrase, by both car loan issuers and mortgage lenders.

Accept that you are probably not going to resolve the credit problem within 12-24 months, but the far end looks good. Now, while I was doing all that I just suggested to you my spouse and I STILL GOT A MORTGAGE. As in your case, your significant other is good credit. While it needs to be a little better, a No-Doc (No Income Verification) loan for two-years can be granted.

NIV loans are typically not conducted through banks, and as such you need to find a qualified mortgage broker for NIV. What this does is that the traditional front/back-end ratios (percentages) based on your income is removed. We did this because my credit was bad, but my equivelent income was half the household. This, only the person with good credit was on the NIV loan, but proof of twice the good creditor's personal income was shown. As such, the mortgage was grant, but at a hisgher interest rate (+10%).

After two years my credit was cleaned up, positive credit history for two-years established, and we were able to refinance with ME on the mortgage ar 5.625% rate. During the two year period of time we showed that we were capable of paying a hefty load while still cleaning up my negative history and at the same time establish positive credit events. Post refinance I was able to be the co-borrow on a Bimmer as my credit was now 'good enough' for the best car loan rate.

Hope this helps.

Great post... I will have to try this. Do you know how much, on avg, paying off a secured loan (your CD) will boost your FICO?

 

[Nitemare]

Originally posted by: TygGer

Originally posted by: Gibson486
heh, i know how you feel. I just found out that not paying your late Blockboster fees goes on your credit....oh well, that will take time to repair....yours is much worse though, good luck.

Are you serious?

No he is not

 

[woowoo]

Originally posted by: Nitemare

Originally posted by: TygGer

Originally posted by: Gibson486
heh, i know how you feel. I just found out that not paying your late Blockboster fees goes on your credit....oh well, that will take time to repair....yours is much worse though, good luck.

Are you serious?

No he is not

Yes they "Can" report it.
Will they?


To the OP
Let the wife buy the house.

 

[Gibson486]

Originally posted by: Nitemare

Originally posted by: TygGer

Originally posted by: Gibson486
heh, i know how you feel. I just found out that not paying your late Blockboster fees goes on your credit....oh well, that will take time to repair....yours is much worse though, good luck.

Are you serious?

No he is not

Actually, i am. I just got a letter from a collection angency a few days ago telling me to pay up....

 

[Freejack2]

Enh, maybe this is a question better not asked...

 

[Vic]

Originally posted by: Gibson486

Originally posted by: Nitemare

Originally posted by: TygGer

Originally posted by: Gibson486
heh, i know how you feel. I just found out that not paying your late Blockboster fees goes on your credit....oh well, that will take time to repair....yours is much worse though, good luck.

Are you serious?

No he is not

Actually, i am. I just got a letter from a collection angency a few days ago telling me to pay up....

Take a close look at that letter. If it's like the one I received a couple of years ago, it's a fake that Blockbuster sends out to intimidate you.


OP: if you want to fix your credit, you just need to start paying all your bills on time. After a couple of years, your credit should be fine. You should not open new credit until your credit is repaired.

 

[HardcoreRobot]

will my public library report if i have some unreturned books?

hehe

(but really, will they?)

 

[mcveigh]

Originally posted by: WannaFly
How do you forget about card accounts with $10,000 balances?

edit: equifax 3-in-one credit report its like $40, but VERY detailed.

well I never received any statements, I had thrown the cards out years ago. I had always thought the cards were my fathers, I didn't realize I had a joint account I was 18 and stupid.


edit: why no more credit cards? I have i think just 2 left both are being paid on time, we don't use them, and they will be paid off by the end of the year. I was thinking of paying them off evey month but using them to buy something every month...just to show a history of consistent payment.