Currently viewing the tag: "credit"
Question: Need a home loan with fair credit…?
Me and my fiance are getting married on May 10 and we want to purchase a home. We found a PERFECT home for us in our town that has been appraised at $ 80,000 and is being sold for $ 40,000 (please keep in mind we live in a small rural town where the median price for a home is $ 50,000.) The home was a foreclosure that is currently owned by a couple that “flips” houses. My credit is 540 and his is 550. Up until a year ago his was perfect but he went through a divorce. My credit is bad because of bad checks that were written out. Im getting my taxes back in a week and will finally be able to pay off everything negative that is on my credit report. We were told that there is no way that we will be able to get a home loan bc of our credit, but i still think there is something that can be done. Ive never owned a home and he has previously owned two-one that burned in a house fire and one that is ex is currently living in. Is there anything that can be done, or where is a good place to begin…
Answer:
Answer by Luis S
If you can get an FHA loan, maybe, but I doubt it because you probably have collections and chargeoffs, otherwise, not to be harsh, but you need to get your finances in order, and pay your bills, and get some money into savings.
Then you need to develop your credit. There are plenty of major credit card companies that offer secured credit cards, and you can develop it that way. Use them for gas and groceries, then pay them off at the end of the month. It will take you about 2 years to get things back in order.
Heres another update on the house 
Question: I’ve got very little money, and my credit isn’t great. Is there a way that I can invest in Real Estate”?
I just declared Bankruptcy…is there a way that I can invest in Real Estate being Bankrupt, or is that even possible?
Answer:
Answer by Claudia
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inflation.us After doing research on Loan Modification Default Rates and Shadow Inventory Rates i am in shock. This is very serious people. I feel very bad for all the responsible people who have been paying on their loans like clockwork hoping to use equity to subsidize their retirement. Can anyone say “poof” Links www.mgic.com mhanson.com
Question: What does “insufficient loans secured by real estate” mean when you are rejected for a credit card?
I was rejected a credit card for that specific reason. I don’t own real estate, nor does the credit reporting agency who’s information was used by the bank to see if my credit was good enough have anything about “real estate” in their report. Please let me know if anyone has any insight. Thanks.
Answer:
Answer by Judy
Just in case you are under 21 – no one under 21 will be able to get a credit card unless they have an outstanding credit report.
Real estate loans may mean mortages.
Try applying for easier to get credit cards such as Kohl’s, Jcpenny, target, or a gas card.
To get top credit, pay in full each month.
Carrying balances not only destroys your credit – it can easily destroy your life.
Get your credit reports for free at
annual credit report . com
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