Anyone have any knowledge on this?

[Christian]

I'm looking into buying a house within a year and as many of you know, I need to get an SUV before Ocotber for the new addition to the family. I have started to look real close at my credit and I've found out that it SUCKS fat baby's balls. Stefan, I saw a post you had about credit and you know I can "rap" with you all day about a topic. I really need to get this under control guys, like now...

I guess I'm asking is does anyone know any good tips, strategies hell even some counseling that actually works worth a dime? I did a debt/income analysis and I was about 75/25 which is considered good, I just can't shake this stuff man. I mean I deal with other people's credit ALL day at work and mine is the fuggin' pits. I really need you guys on this one, someone has to have more knowledge in this field that I do.......

[3.4 [deployed]]

http://clarkhoward.com/

[ellik]

being a first time buyer helps you out a lot, even if your credit isnt the greatest, qualifying you for several private and federal programs aimed specifically at getting you a mortgage and house ownership rather than renting.

have a sizeable chunk of money in a bank account for a few months without touching it before you go and apply. dont rack up inquireis to your credit right before asking for a home loan either. taking out a car loan is probably going to work against you to some degree. also, dont look for the most expensive house you can afford. my wife and I are closing on our first house end of next week. we looked for quite a while, and came accross a deal we couldnt pass up. selling price is about half of what we figured we could stretch to afford. its been on the market for a while, so seller is eager to unload it. we offered the full asking price, but requested a 6% seller assist in the closing costs. that means instead of knocking the final price that the seller gets down, he gets the asking price but pays 6%of that toward closing costs. That nearly eliminated any upfront money. We also were able to nit-pick a dozen little things 'wrong' with the house. some of them the seller fixed, several of them he is giving us back as credit.... basically a personal check for us to fix them ourselves after closing. In the end, we need about 2g's on closing day, but nearly all of that is going to be given back as a credit.

[Christian]

Originally posted by 3.4 [deployed]:
http://clarkhoward.com/

Know anyone who used this personally? Thanks by the way

[Christian]

Originally posted by ellik:
being a first time buyer helps you out a lot, even if your credit isnt the greatest, qualifying you for several private and federal programs aimed specifically at getting you a mortgage and house ownership rather than renting.

have a sizeable chunk of money in a bank account for a few months without touching it before you go and apply. dont rack up inquireis to your credit right before asking for a home loan either. taking out a car loan is probably going to work against you to some degree. also, dont look for the most expensive house you can afford. my wife and I are closing on our first house end of next week. we looked for quite a while, and came accross a deal we couldnt pass up. selling price is about half of what we figured we could stretch to afford. its been on the market for a while, so seller is eager to unload it. we offered the full asking price, but requested a 6% seller assist in the closing costs. that means instead of knocking the final price that the seller gets down, he gets the asking price but pays 6%of that toward closing costs. That nearly eliminated any upfront money. We also were able to nit-pick a dozen little things 'wrong' with the house. some of them the seller fixed, several of them he is giving us back as credit.... basically a personal check for us to fix them ourselves after closing. In the end, we need about 2g's on closing day, but nearly all of that is going to be given back as a credit.

Thanks, I know the truck is going to hurt, but I have been thinking about getting the truck un her information and then having the house in mine, is that better? Also I have had some success looking into some frist time buyer programs that seem pretty good, but as far as the credit goes; I look at it as a measure of "ME" and I MUST get it better RIGHT NOW!!!

[SolarYellow]

Let me just give you a few cents worth of info. A good friend of mine works for a mortgage company and believe it or not, you can get a mortgage surprisingly easy even with poor credit. What will help you substantially is if you have paid rent by a check for one year along with having the utilities in your name and having them paid for a year as well. This doesn't sound like much but in reality, it can help you greatly since it does show some stability. Another route one can consider is filing for bankruptcy. This shouldn't be a consideration unless one is in extreme financial turmoil. Nevertheless, declare bankruptcy today, tomorrow you can get a mortgage for a home. You might not get a very good interest rate but you can refinance down the road. What I am saying is that don't think that you won't get approved for a mortgage because your credit is poor.

[imported_admin]

Originally posted by SolarYellow:
Another route one can consider is filing for bankruptcy. This shouldn't be a consideration unless one is in extreme financial turmoil. Nevertheless, declare bankruptcy today, tomorrow you can get a mortgage for a home. You might not get a very good interest rate but you can refinance down the road.

Rule #1: Ignore what he just said here. I don't know what planet he's talking about, but people with recent bankruptcies do NOT get approved for mortgages here on Earth.

If your debt is so overwhelming that you have to file bankruptcy and default on all of your loans then you have no business buying a home. Period.

Originally posted by Christian:
I need to get an SUV before Ocotber for the new addition to the family.

Eh, why?

You have a baby coming so all of a sudden you have to buy a huge, lumbering, overpriced, terrible-gas-mileage POS overpriced SUV that costs an arm and a leg to insure and is overpriced and did I mention overpriced?

"We're having kids, we must naturally immediately sell our cars and buy SUV's and minivans!"

This is the biggest joke of the past decade. Its tragic, really.

Family sedans are called family sedans for a reason. You can do just fine with a Ford Taurus, Pontiac Grand Am, Chevy Malibu, etc. Why would you all of a sudden need an Expedition just because you have a child the size of a small cat to lug around? MY parents never had an SUV when I was growing up, we did just fine. Just don't go inviting the entire soccer team to ride with you and you won't have a problem.

Originally posted by Christian:
I have started to look real close at my credit and I've found out that it SUCKS fat baby's balls. Stefan, I saw a post you had about credit and you know I can "rap" with you all day about a topic. I really need to get this under control guys, like now...

Step one: go to www.equifax.com and pay the $12.95 for your "Score Power" credit report and FICO score. This will give you a good ballpark feel for where you stand right now.

Second, your credit history and credit report are two very different things. When people talk about your "credit", they are referring to your current score which is a snapshot in time. It could completely change overnight, which is why its really not all that accurate.

There are a million variables and the only way to fix your credit is to take a personalized approach--generic advice given on the internet is about as useful as a condom machine in the Vatican. "Pay your bills on time". "Don't go over your credit limit". Wow, really? I never would've thunk it! [img]graemlins/slap.gif[/img]

I'm going to send you an e-mail with some personal questions about your financial situation that probably shouldn't be disclosed here. If you don't feel comfortable answering any question in particular then that's cool, no biggie. I am not a "certified financial planner" but I am a licensed financial advisor. Slight differences. And I'm no wizard with mortgages (we're buying our first house after the wedding next summer) but I know a thing or two about credit. Hell, the bank approved me for that snazzy new Toyota Corolla in my apartment's parking lot, right? ;)

[Christian]

As for the truck Stef, I'm not looking into something brand new. I need a larger vehicle and this happens to be the best deal around IE-reliability, size, comfort and price. I just finished paying for my maro and the SUV's payments are going to be less than I am accustomed to paying.

As far as the bankrupcy thing, thanks man but I'm not that far left. My biggest issue is late payments on a card my mom had to have when she was going through her divorce (not with my pops, her second joint). So, I don't have anything really off but that one and MAN it is WAY OFFF!!!! Thanks Stef, I think any advice from a person whi has been through an ordeal and has a good outcome can help anyone who is going through something familiar.

Oh, I may take a couple days to repl because I'm on my way to Ohio to FINALLY be with my wife again, fuggin' transfer and promotion took forever to get here. So I'm going to be away from the box for a minute, maybe monday morning-but to any and all help; both used and rubbished ;) ......thanks!

[SolarYellow]

In today's economy, a bankruptcy will not stop you from getting a mortgage. Believe me, I know enough people in the business who will tell you that. Granted, you won't get one if you have no job or means of paying but regardless, you are still able. Contrary to what you want to believe, a bankruptcy can actually help you.

[BLLDOGG]

you are so full of **** with the bankruptcy thing man. my mothers credit sucks but she pays here bills. she filed for bankruptcy over seven years ago and this past march we tried to get a house and there was no way. first time buyer didnt help. we couldnt even get one with the highest rate or whatever. noone in oklahoma would let us have one.so screw you and your bankruptcy bull****.


have a nice day :D

[fbirdgt01]

Originally posted by Stefan:
</font><blockquote>quote:</font><hr />Originally posted by SolarYellow:
Another route one can consider is filing for bankruptcy. This shouldn't be a consideration unless one is in extreme financial turmoil. Nevertheless, declare bankruptcy today, tomorrow you can get a mortgage for a home. You might not get a very good interest rate but you can refinance down the road.

Rule #1: Ignore what he just said here. I don't know what planet he's talking about, but people with recent bankruptcies do NOT get approved for mortgages here on Earth.

If your debt is so overwhelming that you have to file bankruptcy and default on all of your loans then you have no business buying a home. Period.

Originally posted by Christian:
I need to get an SUV before Ocotber for the new addition to the family.

Eh, why?

You have a baby coming so all of a sudden you have to buy a huge, lumbering, overpriced, terrible-gas-mileage POS overpriced SUV that costs an arm and a leg to insure and is overpriced and did I mention overpriced?

"We're having kids, we must naturally immediately sell our cars and buy SUV's and minivans!"

This is the biggest joke of the past decade. Its tragic, really.

Family sedans are called family sedans for a reason. You can do just fine with a Ford Taurus, Pontiac Grand Am, Chevy Malibu, etc. Why would you all of a sudden need an Expedition just because you have a child the size of a small cat to lug around? MY parents never had an SUV when I was growing up, we did just fine. Just don't go inviting the entire soccer team to ride with you and you won't have a problem.

Originally posted by Christian:
I have started to look real close at my credit and I've found out that it SUCKS fat baby's balls. Stefan, I saw a post you had about credit and you know I can "rap" with you all day about a topic. I really need to get this under control guys, like now...

Step one: go to www.equifax.com and pay the $12.95 for your "Score Power" credit report and FICO score. This will give you a good ballpark feel for where you stand right now.

Second, your credit history and credit report are two very different things. When people talk about your "credit", they are referring to your current score which is a snapshot in time. It could completely change overnight, which is why its really not all that accurate.

There are a million variables and the only way to fix your credit is to take a personalized approach--generic advice given on the internet is about as useful as a condom machine in the Vatican. "Pay your bills on time". "Don't go over your credit limit". Wow, really? I never would've thunk it! [img]graemlins/slap.gif[/img]

I'm going to send you an e-mail with some personal questions about your financial situation that probably shouldn't be disclosed here. If you don't feel comfortable answering any question in particular then that's cool, no biggie. I am not a "certified financial planner" but I am a licensed financial advisor. Slight differences. And I'm no wizard with mortgages (we're buying our first house after the wedding next summer) but I know a thing or two about credit. Hell, the bank approved me for that snazzy new Toyota Corolla in my apartment's parking lot, right? ;) </font>[/QUOTE]He's right.. that's why it's his job. I work on the car side of it all. I sell cars, and do finance sometimes. So i see a lot of people being bought with 475 beacon scores and loads of debt. With a good lump sum down... it'll be easier for the bank to get you bought.

[Everglades W68]

I just found this amusing:

SolarYellow
Still Green

[Christian]

.....still waiting on that e-mail Stef