Repair Credit Score

Archive for September, 2007

Question: Credit has been repaired and now I have no Credit Score at all!?

I used a Credit Repair agency that has done their job(before they were shut down) and now I have no good credit! How and what should I do to quickly retreive a good Credit Score for a mortgage loan, preferably in the next year?

Answer: Rica..the link the other person left are law agencies and repair companies. YOU don';t need that. YOU need postive trade lines to report. First you can get at least two Credit cards that are easy to get..BUT..always pay the in FULL each Month...after all you are just using them to obtain "Postive credit lines on you report". Go to orchardbank.com and apply..they are easy to get and will more than likely give you-400-1000 to start...then get Capital one...they'll give you 200-400 to start. If for some r4eason you are declined from them..they both offer secured cards, that where you put up $300 in cash and you have a limit of $300 in an account. ALWAY pay in full and never carry a balance...with two postive lines reporting you improve your score 5-10 points per Month. After those are established try for a prime card like Bank of America and then CitiBank..BUILD...that's what's it's all about!!!

Good luck

Mortgage Assistance : Can a Bad Credit Mortgage Be Used to Consolidate Debts?

Question: Purchase 250k home on 18k income but.....?

The cost of this mortgage is 250000. An annual income of 18000. Yeah, obviously no one can get a loan for that amount considering the low income. What if 200000 is put down as down-payment and a balance of 50000. Can or will a lender loan 50000 to complete the transaction? with an excellent Credit Score of 785. No other debt other then 1 $500 credit card debt. Will any lender approve this considering the income? According to mortgage calculators out there, 18000 annual income should be able to loan 50000plus. Your take
The house is located in Shelby County, Alabama. Chelsea Park

Answer: Don't think you will qualify. I'm figuring that your principle and interest payment @ 5.5% for 30 years will be $284 a month. Your insurance about $60 a month, and your taxes anywhere from $260-$300 a month depending on your local tax rate. I figured a rate of 1.25% to 1.40% of the sales price.

That comes to $604-$644. Your front end ratio be would 40% to 43%, way above the Fannie Mae and Freddie Mac approved guidelines.

If the tax rate is lower in your state then your might be able squeeze in. If you live in Texas or in a state with where the property tax rate is more in the 4%-5% range there wouldn't be any chance.

Poor Credit Home Loans - Some Valuable Facts!

Question: 808 Credit Score.......good or great?

My Credit Score is 808......good or great......what is the percentile.......

Answer: FICO Score, it's excellent. 750+ gets the best rates. Anything over 800 is just bragging rights.

Vantage score, its good. Vantage scale goes to 990 vs FICO's 850.

Pavneet Singh tops in CAT exams with 100 percentile