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Archive for January, 2007

Question: Turned down for a loan for the first time despite great Credit Score?

I have always payed my bills on time and for the first time ever, I have been refused a loan. Is this the credit crunch affecting the amount of borrowing still? I was referred to a company who charges 35% interest. I obviously declined. When is it likely to get any better?
Only new thing is I have changed jobs and adresses in the past 3 months. I earn £45,000 so it's not an income problem

Answer: That's messed up. I really hope that is not happening on a large scale in England (UK, USA,anywhere). Freezing credit will only exacerbate the problem. I can and would expect them to turn you down in the state we are in (economically) if your credit was "risky", but if everything is as good as you stated, (and I believe you to be an honest person!) it would be detrimental to the economy if this is happening on a large scale (as in like most, or all lending institutions). That is what the banks in USA did after the crash of 29' and it proved to be disasterous (not lending and freezing credit). We NEED the free flow of *unrisky* credit and loans to get us back on track economically. (among other measures of course)

I'm sorry, I kinda' forgot who I was answering. I'm sure you understand the economy. I knd of misread the question too.
I hope everything works out with what you need. If you work hard and are responsible, as in paying bills on time, etc, you should NOT have to worry about receiving credit. It is ppl. like YOU that keep this economy going. You should not be punished for the irresponsibility of others.
It's like all you needed was a pulse or finger twitch to get credit before...and now we are paying for it.

PS. I have NEVER used ANY credit card when or if I could not pay it back IN FULL at the end of the month.
I am proud of that...but it was mainly my father pounding it into my head my whole life. There are just way too many ppl. living way beyond their means. THAT is the problem. He has been predicting this economic situation for as long as I can remember. (Although he has been proven correct, that probably doesn't help the fact that he has lost about 1/2 of his retirement already because of this type of behavior)
If you are wondering..I blame the borrower more than the lender in today's current situation. Both did things wrong, but I believe it is the responsibility of the person to PAY their bills first and foremost. After all, they are THEIR bills. They were not forced or tricked into getting them as ppl. like to pretend. Ppl. want to live beyond their means and it has gotten WAY out of control; and now we are where we are.

"Ted" is correct, but I do not know the laws or practices in the UK. But you should ask. It couldn't hurt.

PS. I'm sure you can do better than 35%! WOW! I think that's worse than the MOB or a loan shark even! Good luck "Abby", you deserve it.
I hope everything else is good with ya' though.

Will Loan Modification Ruin My Credit Score?

Question: with a Credit Score of 715 how much would i need for a down-payment on a conventional home loan?

are they as strict as FHA?

Answer: It depends on a lot of things. This would be a better question for a bank.

What Kind of Credit Score Requirements does an FHA Loan Have?

Question: How fast can Credit Repair be done?

I want to repair my credit quickly, like within 6-12 months have everything cleaned up and improved scores. Is this possible? How likely?
Thanks.

Answer: There is no fast way to do this. If you have bad credit it takes years to clean up. A bankruptcy 7-10 years. Bad payments on credit cards 2-3 years. 6-12 months is an unreasonable expectation. A good rule of thumb is figure it will take about as long to get out of bad credit reporting as it did to get you into it. Assuming you continue to pay all your bills on time.

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