Rudysdad

43 Contributions 12 People Helped Top Contributor

Member Since: January 2016

Most Helpful Contribution

Planning to pay off my credit card of 11,000.00 in the next 6 months. How will that affect my score?...

Jul 17, 2016
Helpful to 2 out of 3 people

Wow, what a condescending first response to your question. The answer to your question is not that easy. There are many factors that go into your scores. What is the total available credit? What is your current utilization? Age of accounts? So just for an example, lets assume the $11k you talk about is a high balance and that is the only card you have, paying it down to less than 19% will have a great impact on your score. But that is assuming those factors. In a nutshell, try to keep the overall utilization of all of your available credit to a minimum and you will see positive effects on your score. I hope this helps better than someone giving you a smart aleck, holier than thou answer that is not in the least bit responsive to your question.

Activity (43 Total Contributions)

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I had Chptr 7 six years ago. I didn't reaffirm mortgage. Can I buy new house and then walk away.

Sep 20, 2016
Helpful to 2 out of 2 people

The response stating you have to wait TEN years is absolutely incorrect and is horribly bad information. If you google chapter 7 and waiting periods for mortgages, you will see what the actual time periods are what FNMA looks at for mortgages. Jwsister, is highly uneducated on this matter and continues to give people an uninformed answer. Bottome line, you do not have to wait ten years, but you do need to have re-established credit and follow the waiting timeframes since the discharge. Also, in your particular case, you will have to qualify with both mortgages. I would not recommend walking away from the current one though.

Why is my credit score low? (freshman in college)

Jan 04, 2017
Helpful to 1 out of 1 people

Based on the info provided, it may simply be that you have very few accounts/tradelines to help build your credit profile. Obviously make sure you pay the student loans on time once the payments begin. To help build your score and credit profile, since you mentioned you do not have a credit card in your name, consider obtaining a secured card. This is an excellent way to start building your score. Make sure when you do that you do not exceed the recommended utilization on that card. Best of luck.

My student loans are currently in forbearance, will this hurt my chances of purchasing a home?

Sep 23, 2016
Helpful to 1 out of 1 people

Again, the first answer is bad information, which is pretty consistent with that poster. The answer to your question is that having student loans in forebearance does not disqualify you from buying a home and NO, you dont have to have them paid off. The lender will have to evaluate how long they are in forebearance for to make a determination whether to use those payments as a calculation against your monthly debt payments. Even if you are not currently paying, they most likely will consider the debt payment in your DTI.As long as your debt to income ratios are in line with the lending guidelines with the student loan payments factored in, you should be fine as long as all other loan criteria are fine.

Will filing bankruptcy clear off a forclosure ?

Jul 25, 2016
Helpful to 1 out of 1 people

I would not agree with the first response. Signing over responsibility for the payments in a divorce settlement DOES NOT in and of itself relieve you of the obiligations in the note on the home. The only way to have that happen would be for your ex to have re-financed in his name only which is what would have legally transferred the responsibility to him alone. Divorce decrees, of which I have had one, do not alter notes or legal obilgations signed jointly unless the grantor of those obligations/notes have agreed to remove one party or the other. I would, if possible, consult an attorney to determine the best way to protect yourself and avoid bankruptcy if possible.

After filing bankruptcy with a particular credit card how long should I wait to reapply?

Jul 17, 2016
Helpful to 1 out of 1 people

The first response provided to you is inaccurate. If you take the opportunity after filing to be diligent about rebuilding credit, you should be able to within a year or two. Start with a secured card and gradually build from there. Keep utilization to a minimum and NEVER have a late payment. I speak from experience. I had to file and was discharged 5 1/2 years ago. I have since had two new car purchases without a penalty interest rate and have 3 unsecured credit cards, 2 from Cap One with $10k each. So dont get discouraged by some elses innacurate doom and gloom response and focus on rebuilding.

when trying to rebuild credit ,which is better secured or unsecured credit cards

Jul 09, 2016
Helpful to 1 out of 1 people

The credit scoring model does not place a value on whether it is secured or unsecured. It is how you use the credit provided to you, secured or not. So, if you are rebuilding, secured may be the first option. Go ahead and get started with that but make sure the utilization amount remains below 30%, 20% utilization is even better. Dont charge up the full amount, use it sparingly, pay on time, never late and you will benefit from any type of credit card.

Credit dropped by 39 points.....Why?

Jul 08, 2016
Helpful to 1 out of 1 people

Having a bad mark is definitely not better and it is great that the tax lien has aged off. There are so many factors that go into the scoring models, its sometimes anyones guess. Just keep doing what you are doing and those points will get added back in. I hope that helps better than someone just telling you to go read  and assuming you had not done so already when you were asking the community for an answer based on our experiences.

Planning to pay off my credit card of 11,000.00 in the next 6 months. How will that affect my score?...

Jul 17, 2016
Helpful to 2 out of 3 people

Wow, what a condescending first response to your question. The answer to your question is not that easy. There are many factors that go into your scores. What is the total available credit? What is your current utilization? Age of accounts? So just for an example, lets assume the $11k you talk about is a high balance and that is the only card you have, paying it down to less than 19% will have a great impact on your score. But that is assuming those factors. In a nutshell, try to keep the overall utilization of all of your available credit to a minimum and you will see positive effects on your score. I hope this helps better than someone giving you a smart aleck, holier than thou answer that is not in the least bit responsive to your question.

Credit card use question.

Jan 04, 2017

An answer to your question is that it will not help raise your score. The credit scoring models do not look at how many time you used the card each month. Rather, they will look at your utilization of that particular card AND the payment history. The payment history is only based on the one due date each month. I hope this is more helpful than someone telling you to to go look somewhere else for an answer since THAT person already answered this for others. Not sure how this helps YOU since you would not know that he/she had done that.

How to improve credit score to good standing in 6 months?

Jan 03, 2017

Paying double on your car loan will not have an affect on your score, it will simply lower your balance and have no impact on your utilization, which is based on revolving credit lines (credit cards, etc...)

You can either apply for a loan or get a secured card. Secured card might be a better option for you with the outstanding collections you have. The secured card would have positive impact over time.

The biggest impact on you right now are the lingering collections. They will drop off so you do have the option as your are probably doing of just waiting them out.

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