Archive for the ‘Credit Score’ Category
Credit Score Point System
April 19th, 2011
Question: New SSN, New Job, H1B Visa. Car loan possible?
I'm on H1B work visa and started working Oct 1st. Received my SSN card 3 weeks ago, so I'm very fresh and obviously don't have any credit at all.
I checked my experian report -just in case - and saw that the "secured" credit card that I got from Bank of America in 2008 is in the system, but doesn't show anything except that. No score, no number, nothing...
Based on that, I'm looking at a $15,000 car from a private party. I am willing to put $7-8k as down payment and want to finance the remaining.
Do I have any chance to get a car loan?
I am working full time for a month now and my annual salary is $54,000. I have paystubs etc. but no Credit Score/point.
Where to go? Where to ask?
If I go to bank of america and explain the situation, do I have a chance to get a $8,000 car loan?
Any kind of help is appreciated.
Answer: Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carinsurance.yoll.net
How To Understand a Credit Card Point System
Posted in Credit Score | 
Tags: blog, blogger, Credit Score, credit score point system, digg, news, score point, web2.0 | 
No Comments »
Credit Score Of 650
April 16th, 2011
Question: I'm trying to raise my score to buy a house, should I add my fiance' to all of my credit accounts?
We will be buying our house together, she has a 750 Credit Score and i have a 650 Credit Score. Would it help to add her to my credit cards? Would it hurt her? I know they look at both people for a mortgage so any suggestions would help. We will probably have all CC debt paid off before we apply FYI...
Answer: Absolutely do not add her to your accounts. That would bring her score down.
Paying off all the credit cards is the best thing you can do to improve your score quickly.
You may want to resolve any derogatory items on your Credit Report. Most mortgage companies will require you to settle them before approving you.
If you have single entry items like cell phone, utility, or medical bills, you should be able to negotiate a delete for pay settlement. This would help your score. Be sure to get the settlement agreement in writing and keep it, along with your payment proof, forever. Do not give the collection agency direct access to your bank account.
650 Credit Score Good Or Bad
Credit Score Calculation
April 14th, 2011
Question: Debt Ratio calculations ? car or house option , i want both ?
Why is debt ratio calculated on gross amount and not the net amount ? When bank factors in car payment, they are not factoring how much the insurance would be for car going toward det ratio ? should they ? this is a hidden expense with car payment that varies ?
Credit Score 655, B rating.
My pay is 2990 gross amount, i live by net amount.
-Student loan 333 a mth. because of 30,000 dollars debt.
-Rent $350 mth.
-Utilities,heat $150 winters mth..
-Cable $30 mth
-Groceries 200 mth.
my honda accord lx ,car valued at 1700 blue book. worth nothing to banker she said.
banker said i could have 15000 car w/ 300 mths paymets for 5yr and a 80000 house at 7% interest, w/ 5% cash back for closing costs ?
How are they calculating this to be true ? TDS calculations explanation.
Is she setting me up to be house poor in the end by saying go for this car and house on 2990 income to date?
Answer: Ratios will vary depneding on credit and income. They figure everything on gross. Loans can be made on up to 50% total debt of your gross. If you make 2990, a loan officer COULD give you a loan on total debt of 1500 or so. 330 student loan + 300 car deducted from 1500 leaves 870 for a house payment. The remaining bills; cable utilities, insurance , groceries etc... are assumes to be paid from the other 50%. If you take home 2300 of your 2990, and spend 1500 on bortgage, car payment etc.. that leaves 800 to pay your other bills. If this leaves you money to live on, then go for it. If not consider keeping your old car and just getting the house.
Scrubs - End Credit Score (Credits Theme)