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Jacky S
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0.10 Dollars($)
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Post subject: Credit Score After Bankruptucy |
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| I have just recently been discharged from a chapter 7 Bankruptcy. Prior to filing, I had a credit score of 585, roughly how many points did that decrease in my score? Also, before filing and during the time I was in chapter 7 I was/am making on time monthly payments on my student loan, did that have a positive impact on my score? I have made some BAD financial decisions in the past and now I’m getting a fresh start to rebuild my credit. I just want to know where I stand on my road to financial recovery! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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jacky, i don't have the information at hand to tell you how many points you gain by completing a chapter 7 bankruptcy. however, by being in repayment on your student loans and continuing to make payments, you'll surely be on that recovery road. keep in mind that the waiting period before you'd be eligible for consideration of a mortgage is at least 4 years, and credit would need to be re-established. obtaining a new credit card or another loan in the next couple of years and then paying in a timely fashion would benefit you down the road.
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George M. Akerley
Loan Consultant
860-221-5044 |
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anonymous138
Guest
0.10 Dollars($)
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Post subject: getting a personal loan |
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| I want to get a personal loan for 7,750 . but my credit score is only 675...what are my chances of getting approved for the loan? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi anonymous,
You need to speak to lenders who give personal loans. They will judge your financial situation and your credit and then decide whether you qualify for a loan or not.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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i have to agree with james here, but at the same time, it's pretty obvious that you pay your bills regularly. that ought to be beneficial to you when you apply for a personal loan.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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Post subject: |
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As it is one of the unsecured category loan , banks always make sure that person does has a good credit score before approving these kinds of loans but if you are a first time borrower then it will be more tough.  |
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Sarbear
Guest
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Hi, I am currently applying for a joint mortgage with Abbey. We currently have a mortgage with Nationwide but have sold and moving across to get a better rate.
My concern is that I already have 2 buy-to-let mortgages. One is for £24k and the property is worth around £120k and the second is for £45k and the property is worth £65k. We are applying for a 75% LTV and both have perfect credit scores (we were rated by the Nationwide when we were looking around). I'm just worried how they'll view my buy to let mortgages. One is my name and the other is joint with my mum. I'm worried it will hinder us. There is a small downside on one of the mortgage meaning I pay out just over £100 a month for it.
We can borrow nearly £300k according to their calculator but are borrowing £175k.
Any thoughts or insights? I'm worried about it even though I feel I shouldn't be.
Thanks |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi Sarbear,
The 2 buy-to-let mortgages will effect your debt to income ratio. Keeping in mind the present market situation, the lenders will check your credentials and see if you can afford another mortgage or not. They would also check whether or not you are making regular payments on your buy-to-let mortgages. Your credit score and income are the other factors which help you in getting approved for the loan.
If you satisfy all the required criteria of your lender, you can get the mortgage. |
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Joyce
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Post subject: Credit Score |
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I had a credit score from Trasunion of 706 last month, and now it is 646?
How can that be? Nothing has changed. DOes having a lender checking your credit report make it go down? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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that would have an impact, joyce; but there had to be other things going on that would have dropped your score that much. review the two reports again and see what, if anything, is different. for example, higher balances on credit cards would adversely affect you.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Tonya
Guest
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Post subject: FICO score and alternative scores |
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| can you qualify for a mortgage load with a Vantage score? why is the Vantage score and FICO score so different? |
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concernedsister
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Post subject: Low Score does not make sense |
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| I have been to many lenders in the past that will look at my CR and say this looks great and then they see my score and frown. I have had 1 30 day late on my car (over 6 months ago due to a surgery) and nothing else in the last 4 years since my bankrupcy discharged. This last January (prior to the late) 1 of my CC's lowered my available credit because of my score. This lowered it more and caused the remaining cards to double the interest rates (some are now over 33%)! As a result my score is down to a 618 so I can't do anything to get rid of the debt quickly and no one will even give me a secured loan. What can I do? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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sis, take a good, hard look at the report and see if you have a high balance on a credit card that you can quickly make a payment on. doing so, once reported, ought to give you that bump of 2+ points that you need. also look to see when the last report came in on your car loan. if it was last reported in may, now might be the time to look again since we are in june. another month of prompt payment often will make that small difference you need. i see that all the time.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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Post subject: |
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sister,
your current score is 618 and I hope you are planning for 620.Akerley rightly said just a 1 good payment will surely give a boost of +2 points.
but if you are looking for the better credit score then make sure you are having solid plan for it.This credit score building is discussed several times in this forum.we have a separate section for these queries.
keep in touch. |
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dante123
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Post subject: consumer score v.s mortgage score |
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| am trying to get a house but they said i dont have a mortgage score yet but i do have a consumer score of 691 but they dont see that when they full my credit they said i dont have mortgage score yet.am confuse can u tell me what is wrong with my consumer score and why they cannot use that? |
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