Home arrow Mortgage Forums arrow Credit Problems and Repair arrow

Credit Score vs DTI

Author Message
Icon Mini Profile jdbellmon





Joined: 12 Aug 2008

Posts: 8

5.19 Dollars($)
Post Posted: Thu Aug 21, 2008 9:29 am    Post subject:
Like 0
Dislike 0

I currently have 3 active cards. A Captial One Visa, Chase Visa, and a Citi Bank Master Card. They are all in good standing and have no balance at the moment.

My Capital One Card is used all the time and always paid off at the end of the month and I pay no interest on it. I use it primarily for gas.
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Sat Aug 23, 2008 3:20 am    Post subject: RE:
Like 0
Dislike 0

Hi jdbellmon,

I agree with you in the sense that it's not easy finding out which credit repair company is a good enough to deal with. That's the reason I think it's better to take a lender's advice when it comes to repairing your credit, though at this stage when you have unpaid bills, I doubt whether a lender would like to sign a deal with you until you pay off at least a few of the unpaid bills. So, yes if you can find out if it's a legitimate company, then you can avail their services. You can check some of their client testimonials or even google with the company name and find out if there are any complaints against it.

Thanks
Icon Mini Profile elnoralittle
elnora.little
Community Expert
Community Expert

best lender badge

Joined: 01 Oct 2008

Posts: 285
Location: Maryland
26.35 Dollars($)
Post Posted: Wed Oct 01, 2008 4:57 pm    Post subject:
Like 0
Dislike 0

Under FHA they don't require you to pay off collections, however you should definately follow George's advise so that you can booster your credit score.
The first being the student loans. If they are federal student loans, VA and FHA both want them to be in good standing.
Medical collections can be explained.
Depending on how long your medical collections and other collections have been outstanding, you might be able to work out a payment deal with the creditor.
Don't be hesitant about calling them and asking for a lower interest rate on credit cards, and settling the collections at a lesser balance than owed.
Collection companies are attempting to collect a debt, they are authorized to negotiate.
The worst they can say is no and you are no worse off than you started, but then again they can also agree to a lower payment.

_________________
Elnora Little
First Home Mortgage
First in Customer Service!
301-437-5605
susie83185

Guest







Post Posted: Fri Oct 17, 2008 12:31 pm    Post subject: va loan
Like 0
Dislike 0

i have a question im applying for a va loan have low credit score but paid off all collections and deliquent accounts i have had no late payments in over 2 years have a great explanation letter what is the chances i will get a mortgage
Icon Mini Profile banker0679

Community Expert
Community Expert

best lender badge

Joined: 15 Nov 2007

Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
Post Posted: Mon Oct 20, 2008 6:20 pm    Post subject:
Like 0
Dislike 0

Hi susie83185

I hope we answered your question in the other thread.

thanks
Robert

_________________
there's always hope!

"My credit score shot up 68 points!"
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
 Previous  1, 2
Page 2 of 2

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.088 seconds.