Owner: Consumer Credit Help URL:http://www.homebuyinginstitute.com/help/ Join Date: Thu, 18 Dec 2008 10:46:07 -0600 Rating:0 Site Description: This blog offers free credit advice to U.S. consumers on topics ranging from credit score improvement to mortgage qualification. Site statistics:Click here
Credit Score of 505 With Negative Entries - What to Do? 2008-12-17 19:08:49 Reader Question: "I am a 22 year old, and when I first turned 18, I applied for tons of department store credit cards and never paid anything. I currently have a credit score of 505 and have 37 negative items on my report, all from 2004. I have since gotten married and become more financially stable, with no current credit cards, no car payments, or anything of the sort. I am having trouble raisin Read more:Credit Score
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College Students and Credit Card Debt 2008-12-17 16:50:25 Reader Question: Why do credit card companies target college students so aggressively, when many of them are already buried in debt?Yours is certainly a valid question. I've seen quite a few news programs about college students running up a lot of credit card debt by using their cards carelessly. Of course, these same programs often fluctuate between news and sensationalism. But in general, there Read more:College
, Credit Card Debt
Credit Card Companies Changing Payment Due Dates 2008-12-17 12:27:30 Reader Question: Why are the credit card companies allowed to change the dates on payment due dates? I'm talking about anywhere from 1 to 6 days. Then I get hit with a late payment fee along with a rise in my interest rate. I do everything electronically and they still find a way to get me, forget the fact that I've never been late in the past and my financial situation has not changed. You are no Read more:Changing
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Getting a Home Loan Before Starting New Jobs 2008-12-17 11:52:52 Reader Question: My husband has good credit but very little work history or income. I have bad credit but good work history and income and just finished school. We are moving to another town soon. Is it possible to get a home loan before actually starting our new jobs that will be offering higher incomes? I think you're going to have a hard time getting a mortgage loan without current income. It m
How Can I Improve My Credit Without Using Credit Cards? 2008-12-17 10:46:31 Reader Question: How can I improve my credit score without using credit cards?That's an excellent question, and it shows that you already understand something about the world of credit -- that using a credit card responsibly is one way to build a credit history.It does seem sort of like a trap or a scheme, doesn't it? The credit card companies (scourge of the earth that they are) would certainly w Read more:Cards
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How Do I Clean Up My Credit Report History? 2008-12-17 10:07:35 Reader Question: How do I clean up my credit report history?That depends on what you mean by cleaning up your history. If you're referring to erroneous information that should not be on your credit report, then you should dispute those errors through the reporting agency that sent you that particular report.Here are some of the most common errors that people clean up / dispute:Credit accounts sho Read more:Clean
, Credit Report
, History
Does the Free Yearly Credit Report Give You Everything? 2008-12-15 09:15:42 Reader Question: Does the free yearly credit report give you everything that is in your credit report?Yes, because they are one and the same.By law, you are entitled to one free credit report per year, from each of the three reporting agencies that collect and distribute that information. Keep in mind there are three reports produced by three different companies (Experian, TransUnion and Equifax), Read more:Credit Report
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Where to Find Credit Card Debt Consolidation Help 2008-12-14 11:39:55 Reader Question: I want to buy a home within the next couple of years (preferably next year), but I have several credit cards that are nearly maxed out. I was considering a debt consolidation plan of some kind to help out with this. Is this a good idea to help me get qualified for a mortgage loan late on? And where can I find credit card debt consolidation help that's legitimate?You've actually to Read more:Consolidation
, Consolidation Help
Can a Credit Card Company Take My House? 2008-12-13 09:24:52 Reader Question: Can a credit card company take my house away if I don't pay them?No, a credit card company has no right to take away your house if you don't make payments, because you never agreed to put your house up as collateral when you opened the account. At least, I hope you didn't.The bank who holds your mortgage can certainly take your house away, if you stop paying the mortgage. That's c Read more:Credit Card
, House
Why Don't All Three Credit Bureaus Agree? 2008-12-12 18:57:07 Reader Question: I recently ordered my credit reports from all three of the credit reporting bureaus. The information varies from one report to the next, and there's a mistake on two of them but not the third. Why don't all three of the credit bureaus agree with the information they provide? The easiest answer is that they are three different companies, and they collect and distribute data indepen Read more:Three
Three Major Consumer Credit Reporting Companies - Who Are They? 2008-12-12 13:02:44 Reader Question: In my research, I have read a lot about the three major credit reporting companies and agencies. I am confused about who these companies are. I also see them referred to as bureaus and agencies. Is this all the same? Are they part of government? Any clarity you can provide is much appreciated. First off, thanks for expressing your appreciation. You'd be surprised by how rarely we Read more:Companies
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Improving FICO Score After Chapter 7 Bankruptcy 2008-12-11 21:18:41 Reader Question: I filed chapter 7 bankruptcy and it was discharged over a year ago. Since filing, in order to improve my credit, I have a low-limit credit card, an auto loan, and a student loan, all of which have been paid on time for over a year, they are reporting to the credit bureaus as such. However, my FICO scores are not improving. I'm hoping to be able to purchase a home within the next Read more:Chapter
, Score
How Do I Fix My Credit Score as Quickly as Possible? 2008-12-11 18:18:25 Reader Question: Somebody told me that it takes years to increase a credit score, at least in a significant way. Is this true or is there a shortcut to the process? How do I fix my credit score as quickly as possible?Depending on the actions you take, you can actually improve your score in weeks or months -- as opposed to years. If somebody tells you it took them years to fix their credit, it's pr Read more:Credit Score
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, Score
Home Loans for People With Poor Credit 2008-12-11 15:17:11 Reader Question: I hope to buy a home next year, and if I do I'm going to need a loan to pay for it. I have a poor credit score, but I'm working on improving that. Are there home loans for people with poor credit these days, and if so who offers them?I have some good news and some bad news for you. Let's get the bad part out of the way first.Because of everything that has happened to our economy o Read more:Loans
Disputing a Collection Item on Your Credit Report 2008-12-08 19:17:59 Reader Question: I am currently trying to dispute a duplicate collection entry item though since I had originally disputed the older one, then Experian sent a response back that it "was already disputed and verified" for both duplicates. Can't I do something?I'm not sure I understand the exact nature of your question, as you intend it. If the duplicate entries are exactly the same, then Experian s
How to Improve Credit After Bankruptcy 2008-12-07 19:42:54 Reader Question: We filed bankruptcy, it has been discharged, now we want to buy a house. But our credit scores are low. We don't owe anybody. How can we improve our credit scores?It sounds like you filed a Chapter 13 bankruptcy, which includes debt repayment. That type of filing can stay on your credit report for up to 10 years, but it has to come off after that. The Fair Credit Reporting Act lim Read more:Improve
Paying Off Debt to Increase Credit Score 2008-12-04 19:41:01 Reader Question: I have paid my debt in full. How long will it take for my score to rise?In the previous Q&A session, I explained how certain types of debt have a bigger impact on your credit score than others. If you paid down a lot of credit card debt, then you'll have a much better credit utilization ratio. This can account for as much as 30% of your overall score.As for how long it takes t Read more:Score
Will Paying Off My Bills Raise My Credit Score? 2008-12-04 19:25:21 Reader Question: Will paying off all of my bills raise my credit score?It can certainly help. But you should be selective with what you pay off first. I would start with your credit card balances. As far as bills go, this will help improve your credit score faster than anything else. And to explain why, I have to hit you with some heavy financial terminology.Credit Utilization Ratio -- (n) The per Read more:Bills
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Free Annual Government Credit Reports - They Don't Exist 2008-12-03 08:53:38 Reader Question: I am trying to find the website where I can obtain the free government credit report I'm entitled to once a year. But none of the websites I've found are government sites. Where do I go to get my annual reports?Actually, there is no such thing as a government credit report -- this information is issued by private companies, not by Uncle Sam. This is a common point of confusion amo Read more:Annual
, Government
How to Dispute Medical Bills on My Credit Report 2008-12-02 10:40:19 Reader Question: I have a medical bill on my credit report from when I was 17 years old. Is there a way to dispute that?I don't know how long ago 17 was for you, but for the sake of education I'll assume that was more than seven years ago. In that case, yes ... there is a way to dispute the medical bills that are still on your credit report.According to the Fair Credit Report
ing Act (FCRA), negati Read more:Bills
, Dispute
How to Establish Credit for the First Time 2008-12-01 18:31:59 Reader Question: I am saving up to buy a house next year, and I keep hearing how important it is to establish good credit when applying for a mortgage loan. I have not used credit cards in the past, but I have paid rent for many years. Is that enough to establish credit for myself, and if not what should I do?We answered a similar question just a few days ago, so I would start by reading that resp Read more:First
, First Time
Can a Business Credit Card Affect My Personal Credit Score? 2008-12-01 17:28:44 Reader Question: Can a business credit card affect your personal credit score?There are two answers to this question -- yes and no.If you are the owner of the business and have applied for a credit card to use for business purposes, the issuing card company will pull your personal credit report. They use this as a factor when making a decision to extend credit to your business. This means that th Read more:Affect
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Debt Management Program - Qualifying for FHA Loan 2008-12-01 09:39:27 Reader Question: Does going through a Debt ManagementProgram
with CCCS help you qualify for an FHA loan quicker?For the information of all readers, CCCS stands for Consumer Credit Counseling Services, a company that counsels consumers on financial issues such as debt management, credit score improvement, housing, etc.As for your question about FHA loans, it might be best to address that question
Removing Unpaid Medical Bills from Credit Report Before 7 Years 2008-12-01 08:46:15 Reader Question: Can past-due medical bills be removed from you report before 7 years?A lot of people have been asking about unpaid medical bills lately. Sadly, it's indicative of a common problem in this country. With the rising costs of health care and pitiful state of our insurance companies, a lot of Americans are unable to pay their medical bills.In a previous Q&A session hyperlinked abov Read more:Bills
, Years
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