the first step is to pull all 3 of her credit reports. then, you start improving her scores by having the innacurate info removed. (i garuntee there is innacurate info, such as credit cards she filed on still reporting her as being late on payments).
like i said, pay the $39 bucks, and give me a hollar. id be glad to help.
like i said, pay the $39 bucks, and give me a hollar. id be glad to help.
RPM, I just pulled mine and i have a 738, 750. They could not pull my other report, they were asking question on loans 2 years ago.
one more question. my wife leases a car. on her report it says the lease was included in the bankruptcy, but we have been paying on it for years now. but it is not showing an on time payment in the reports.
Can this be fixed?
her score is a 578
Thanks for all your help
one more question. my wife leases a car. on her report it says the lease was included in the bankruptcy, but we have been paying on it for years now. but it is not showing an on time payment in the reports.
Can this be fixed?
her score is a 578
Thanks for all your help
THAT is kind of hard to fix. they WILL report it for sure when the lease is up. see, she didnt re-affirm the contract, so sometimes they will refuse to continue to report.
sometimes if you call the company and talk to them about it, they WILL start reporting it again though, so you should try calling them and requesting that they report it.
also, you can dispute it with the credit reporting agencies so that they will try to get the most current info as well.
sometimes if you call the company and talk to them about it, they WILL start reporting it again though, so you should try calling them and requesting that they report it.
also, you can dispute it with the credit reporting agencies so that they will try to get the most current info as well.
Bigbet,
Get a good accountant to help you set up a C-corporation. Put all your expenses in there, sounds like most of them are for running your business. If you are running a business and have potential credit issues such as a bankrupted wife, you will definitely come out ahead. Right now I don't think you will get a good loan and despite what people say on here, you can't get banks to just "ignore" your wife on your application since you live in CA, a community property state. The reason she goes on there is that she has to sign the loan as well, you can't enter into a contract for an asset of that size without her signing on since this is a property you both have to own together, by law.
Another reason to do the corporation is that it sounds like you could line up a good business loan for it. Structured properly, you can get a loan and pay off your student loan with it. So you essentially would have ZERO debt. But still going to be hard to get around the wife's bankruptcy.
Get a good accountant to help you set up a C-corporation. Put all your expenses in there, sounds like most of them are for running your business. If you are running a business and have potential credit issues such as a bankrupted wife, you will definitely come out ahead. Right now I don't think you will get a good loan and despite what people say on here, you can't get banks to just "ignore" your wife on your application since you live in CA, a community property state. The reason she goes on there is that she has to sign the loan as well, you can't enter into a contract for an asset of that size without her signing on since this is a property you both have to own together, by law.
Another reason to do the corporation is that it sounds like you could line up a good business loan for it. Structured properly, you can get a loan and pay off your student loan with it. So you essentially would have ZERO debt. But still going to be hard to get around the wife's bankruptcy.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> how long does it take for a Bankruptcy to be cleared from credit? <HR></BLOCKQUOTE>
Ten years if I'm not mistaken. However some financial institutions want to know IF you've ever filed when you apply for a loan not all do, though. I guess it's the "If they do it once, they'll do it again" mentality.
Ten years if I'm not mistaken. However some financial institutions want to know IF you've ever filed when you apply for a loan not all do, though. I guess it's the "If they do it once, they'll do it again" mentality.
ITS only supposed to be held against you for 7 years but shows up on your reports for 10. as time goes by, it hurts you less and less though. also, it is very important to maintain VERY good payment history AFTER the bankruptcy.
you or dave mathews are welcome to email me....
JDXPRS@YAHOO.COM
you or dave mathews are welcome to email me....
JDXPRS@YAHOO.COM
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by RPM:
if 60,000 is your gross income before paying taxes, than you are not doing so well. you are currently OVER 40% on your debt/income ratio.
you should seriously consider paying some bills off before applying for a mortgage.
im also basing this on the idea that your current home bills are not included in that $2200 per month. debt to income ratios do NOT count bills such as electric, phone, cable, etc.
only car payments, credit card bills, student loans, and things like that count.
mortgage companies will prefer you are at or below the 32% mark. some of the more aggressive companies will accept 36% and less.
hope this helps. <HR></BLOCKQUOTE>
NOT TRUE at all!!!!!!!!!!!!
You can go as high as 55% with ALOT of banks and with some programs you don't need to check ratios.
Also, RPM said don't consider a mortgage without a score of at least 680...RPM, that's the dumbest thing I've heard on this board yet!
if 60,000 is your gross income before paying taxes, than you are not doing so well. you are currently OVER 40% on your debt/income ratio.
you should seriously consider paying some bills off before applying for a mortgage.
im also basing this on the idea that your current home bills are not included in that $2200 per month. debt to income ratios do NOT count bills such as electric, phone, cable, etc.
only car payments, credit card bills, student loans, and things like that count.
mortgage companies will prefer you are at or below the 32% mark. some of the more aggressive companies will accept 36% and less.
hope this helps. <HR></BLOCKQUOTE>
NOT TRUE at all!!!!!!!!!!!!
You can go as high as 55% with ALOT of banks and with some programs you don't need to check ratios.
Also, RPM said don't consider a mortgage without a score of at least 680...RPM, that's the dumbest thing I've heard on this board yet!
sherman,
first of all, i didnt say you CANT get a mortgage with a debt/ratio of over 36%, im simply saying that MOST places will want your ratio in that area. the only way to get a mortgage without your ratio being in the right area or lower, is if you have EXCELLENT CREDIT, or you are paying an increased interest rate.
also, as far as the 680 score goes, i did NOT say you cant get a mortgage with under a 680 score. BUT if your score is under 680 you will pay a higher interest rate. with a 680 or higher, you can get the best rate just about anywhere.
first of all, i didnt say you CANT get a mortgage with a debt/ratio of over 36%, im simply saying that MOST places will want your ratio in that area. the only way to get a mortgage without your ratio being in the right area or lower, is if you have EXCELLENT CREDIT, or you are paying an increased interest rate.
also, as far as the 680 score goes, i did NOT say you cant get a mortgage with under a 680 score. BUT if your score is under 680 you will pay a higher interest rate. with a 680 or higher, you can get the best rate just about anywhere.
RPM makes a good point. If you have a score in the 650 range the rate can be 9% and have 20% down requirements as at that point getting PMI becomes very difficult. Amazing how much banks nail you for subprime loans in today's market, but then again I have heard default rates on subprime loans can go as high as 5%, even in today's heady times for real estate. Conforming loan default rates are near 0% just because if you can't make your payments, you can usually sell fast and be covered.
