Renting a house with bad credit?

Post date: July 1st, 2011

I have just gotten a divorce. My ex lied to me a LOT about paying our bills and mortgage ( my bad for not checking up on him sooner) and then when I asked for a divorce he moved out, stopped contributing to our community debt, didn’t pay any child support (until ordered), and got a slimy attorney who forced me to get a lawyer myself, leaving me to fall behind in trying to keep up with bills. Needless to say we are losing the house, my credit is now labeled "bad" and I need to find a place to live for me and my kids.
I make a good living, can prove that I have the means to pay rent ( my boss even said he was willing to be a reference). My questions is, will having my Father cosign a rental application ( he has excellent credit) help me qualify? Should I explain to the rental company "why" my credit score is bad? Are there any programs through HUD that can help someone facing a foreclosure and bad credit qualify to rent?

He has good credit, good paying job I have bad credit, low paying job can we get a mortgage loan together?

Post date: June 28th, 2011

We are engaged and would like to blend our families and lives. He owns a home and uses it as rental income. he has been preapproved for a second mortgage loan at 220k. He has good credit history, score of 750 and makes 70k. The house’s we like are about 280k. I have fair credit and only make 18k a year. I have a school loan I make payments on, My car will be paid off in 3 months and the bad debt is settled but still I have a low score of about 400. What can I do to help us get a house? Will anybody consider my income, and is my income enough to get the additional 60k loan we need for a home?

Let's say I have bad credit & 10 credit cards, wouldn't it be harmful to have a tradeline?

Post date: June 24th, 2011

I think that having a tradeline doesn’t do any good. Correct me if I’m wrong, let’s say I have 10 CCs with bad credit history, am I right in saying that having another credit card listed on my credit report is damaging to my score? Isn’t that wha ta tradeline is? Listing a credit card with excellent history? I always thought that having a new credit card always brings your score down because a credit card is a revolving credit unlike mortgage or auto loans. So even with a tradeline on my report, even with that tradeline having excellent history I believe it will be detrimental to my score instead of helping i up my score.

I paid off my debt to get a mortgage, but I need to raise my credit score 15 more points for smaller down pmt?

Post date: June 21st, 2011

I recently paid my credit card off in full along with other small debts I had accumulated. I just applied for a mortgage with my fiance (who has worse credit than me) and the broker told me that in order to go from a needed 10% down payment to a 3.5% down payment we need to raise our median score by 15 points. If we paid his debt in full in June, how long could it take for our median score to raise those 15 points? I have no debt left so how can I raise my score? I have student loans but they are in deferment because I am back in school completing my degree.

I need some advice because we are getting married next June and would like to purchase a home before then. My dad is giving us ,000 as a downpayment for our wedding gift (and ,000 for the wedding) but since we have a wedding to pay for and about 00 left in debt (his) to pay we won’t have more than the ,000 to put down.

Any help is greatly appreciated! Thank you!

Can I get a mortgage with bad credit?

Post date: June 18th, 2011

Last time I checked my score was a 620. I have enough to put half the purchase price for down payment on a house is it possible to get a loan for the other half I do not care what the interest rate would be because I make enough money to pay above what the monthly payment would be to pay the loan off faster and I only want the loan for 15 yrs. Either way the payments would be cheaper than rent at this point. My credit has charge offs and write offs due to a lay off 8 yrs ago which caused me to lose everything. Paying back the debt is not an option because I consulted with an attorney about filling bankruptcy which I was unable to do because I had to much in liquid assests and he told me not to file,and not try and repay the debt (1) because I would go broke trying and that is stupid,and (2) because they have already been written off which means they have filed it as a loss on taxes so it would be double dipping . The main thing that shows up on my credit is a repo from 8 yrs ago it was auctioned off and they have never contacted me nor came after me regarding any excess amount owed but it still shows up on the credit report as well as all the other crap I lost. I was under the impression that after 7-10 yrs all the stuff is supposed to come off your credit anyways,so why is it still showing everything from the beginning of my credit history to now? some of the stuff is 10 yrs and older(older being the good payment history) I even got a credit card to start a payment history a yr ago and that was how I got my credit score up to the 600’s it was worse. I just want to purchase a home I don’t want to be stupid and buy up a bunch of other stuff on credit I just want to get a house , and pay cash for everything else that way if something were to ever happen again and I lose another job I will never be back in the position I was in before. Is it possible to get a loan with my credit history if I pay for half the value of the house up front?

Where to get a VA Home loan mortgage for low income but good credit, cautch 22, MINNESOTA?

Post date: June 15th, 2011

I just got out of the military last year and am looking to buy a home w/ a VA home loan. I’m in college full time and working for the federal gov’t part time. Because I only work part time my income APPEARS to be very low right now temporarily while I am in college. I have a rather high credit score of 724, but here is the cautch 22. I figure in order to get approved I would have to show a higher income such as adding my wife to the mortgage. But she has very bad credit score. So what do I do? I have the good credit score but temporarily not enough income, she would add to the income but lower the credit score. The funny thing is, the homes we are looking at we could afford easily with our eyes closed no problem. We have been paying nearly 00 a month rent for the past year on time perfectly and I never miss a payment on anything but do lenders ever look at that kind of thing, perfect rent payment history?
Any advice? Any suggested VA mortgage lenders in MINNESOTA?

With a credit score in the mid 500's is it possible to lease a car or qualify for a mortgage?

Post date: June 10th, 2011

My best friend’s credit score is about 550, and she wants to lease a car and possibly buy a house in the future, with a score like that can she? I know that her credit was much worse, and she has been keeping up to date on her bills and is trying to bring it back up above 600. Please let me know, she asked me this morning and I wasnt sure about the answer to give her.

Do you agree that the credit score system is very flawed?

Post date: June 6th, 2011

the credit score system is now used to judge personal character instead of financial management. I often hear some companies say, "your credit score tells what kind of character and morals you have" Credit score checks are used to decide if person should be hired or not, even though the job has nothing to do with finances. A lot of bad loans were issued to people who could not pay mortgages, and the lender ignored their bad credit. Also your income is not even considered a part of your credit score. You can be poor and still have excellent credit and you can be very rich but still have poor credit. The amount of income should be big factor in credit score. For example if you make more than double the median income, i.e. beyond K an year then your credit score should increase. And if your job is minimum wage, your credit score should decline. If you pay off an entire loan for car or mortgage, your credit score still goes down. If you close a credit card, your credit score goes down even though closing credit card is a good thing because it makes you debt free. Clearly the credit score system is very flawed. You only have good credit score if you have revolving debt — that is you keep paying the debt regularly but are never 100% debt free. If you keep paying your full balance each month, credit card companies don’t like you and do not send good report when they report to credit bureau. But if you keep paying minimum balance always or little over minimum, credit card companies send favorable report when they report to credit bureau and your score actually goes higher.
also often people tell you, "you should take loans and credit cards, because that will build a good credit for you".
also i have heard, "loan and credit card is excellent opportunity to build good credit"
if you are always debt free and never took any loan or credit card, you are categorized as risky borrower, and you would be denied any kind of loan or card.
also another very big flaw: you file bankruptcy and your credit score is destroyed. However, you become debt free which is a very good thing. Being debt free itself should INCREASE your credit score.
peanut butter: why isn’t income a part of your credit score? is it okay to have minimum wage worker with 800+ credit score and a person with 0,000+ income a credit score of 400? Income determines how likely you are to pay your debt. Why is it irrelevant in credit score?
peanut butter: if your income is 0, how long would it be before you fall into delinquincy? your credit is good directly because of your income. no income or little income is why people can’t pay their debts and they default

Credit Score and Mortgage Loans?

Post date: June 3rd, 2011

I have a had a really bad year and gotten
behind on house pymts. Mortgage company
has let me catch up and I am on track now.
I would like to sell my home and get something
less expensive. I was wondering how long I
would have to be on time with payments to raise
my score enough to get a new loan? Ar we talking
months or years? I have a college degree and make
a good income and have been at same job a long
time if that matters to the loan. I just really need to
get out of this neighborhood. Thanks

how essential is a credit score?

Post date: June 1st, 2011

is a credit score still essential? in what sense? there are lot’s of advertisments saying "0% APR and after that is 8.9% for bad credits." and then whenever i check my yahoomail there is always an ad that says, ’sour credit? sweet card." there are also cars, loans, credit cards, mortgages, refinance that requires no downpayment plus good APR rates. how essential are credit scores nowadays?