Bad Credit Rating

[sparkofcreation 0]

Can anyone tell me if these bad debts will stay with him for 10 years and also perhaps recommend someone or somewhere that he can go and speak to, to try to sort his credit score out.

This is BS. My credit score was below 600 (low enough that I was denied an apartment I applied for) and I had about $10,000 in credit card debt (besides $40K in student loans) and some late/missed payments. After three years of on-time payments and then getting enough money to pay off all the credit cards, and getting a new card that I pay off religiously, my credit score is well above 700. It's still possible I'll have some problems, but I'm not worried because I know my score is on the border between "good" and "excellent" and much better than most people's.

There is no way to "sort your credit score out" except to make on-time payments and dispute anything on your credit report that's wrong. Don't make the mistake I did of using a credit-counseling company unless you really need someone to explain credit to you; otherwise the money you pay them is a total waste that's better spent paying off debt.

[Nikita2Charles 32]

Best thing for your fiancee to do

1) Get a copy of his credit report

By law you can get a free credit report annually by the 3 credit report agency

https://www.annualcreditreport.com/cra/index.jsp

2) keep making his payment on time, whether it's phone bill, gas bill, any payment.

At time when you have credit problem it's not good to close the credit card, The best thing to do is to set up a monthly payment plan with the card company and STICK to it, over time it will shows that you are credit worthy.

If there's enough balance on 1 major credit card, you can check if they have a NO FEE balance transfer with a LOWER interest rate , then you can combine your cards into ONE

But BUT DO NOT CANCEL the card that you transfered the funds from,

what it does it keeps that money open to you for usage and it counts on your credit rating, The more you pay and the word is CONSISTENTLY paying all your bills on time, your credit score will start to go UP.

3)AlSO if you have to ge a mortgage, you can sign up with an HFA loan, Housing Federal assistance, based on your income, they have some loans program where you have to attend a financial planning class as part of the loan requirement, but each state is different, the word is patience

Good luck

Edited November 24, 2006 by Nikita2Charles

[missy_antha 0]

He paid all of his debts off in May 2005 which was 18 months ago.

So I don't understand how when he got his latest credit score about 3 months ago it was the same as before he paid it all off - it didn't appear to have moved upwards at all.

That's not right is it?

He paid his debts off in May 2005 which was 18 months ago.

What I don't understand is that when he got his latest credit score about 3 montrhs ago it was the same as May last year. It hadn't gone up at all.

That doesn't seem right does it?

[boboroad 0]

Although his score may still be reflected by past debts, if his debts are paid, this will show. And when buying a house this is what they are looking, paid off debts vs debt to income ratio. Now that bad ratings will still apprear for 7 years from the last reported date. He can now that debts are paid, if they are showing so, get with the major three credit bureaus and dispute the files. But the are all kinds of mrtagae lenders there to lend a helping hand, just becareful of hiked-up interest for such assisatnce.

[edsperfect 25]

A little harsh Ed, but reading some of the horror stories on here and how some people are taken for a ride I can see where you are coming from.

He lost his job a few years ago and got himself into debt, it can happen to anyone. However he's the one who will have to support me not the other way around, as I won't be able to work when I first arrive. He doesn't even have a credit card now.

Also he is the one who has just inherited $50,000 not me!

It was harsh i admit that but i did it on purpose because of the horror stories and the fact some people attempt to look at the world through rose colored glasses rather than reality. Not knowing all the facts, some of which you just added, maybe it was too harsh. I just hate to see people take a few that "everything will be all right" when they may have no ability to change the other person. I have been around too long and mayhbe have become a shade cynical because of what i have seen happen to some nice people. Mostly women b ecause sometimes they think with their heart rather than their brain.

As long as you know what you are getting into. GOOD LUCK

[sercontigo 1]

I am a loan processor with a Major US Bank. It's true that many things affects one's credit rating. He should pay down his revolving debt to 20% or less, make timely payments and not apply for any NEW credit. Its true that you are able to buy a house in your name and he could be titled on the house with you. We have many foreign borrower programs. If you send a private message to me, I will give you the phone number of a person who is brilliant and very smart. She will help you do what's best for both you & your fiance.

[Fandango 1,440]

Credit repair companies often help as well.

[chas3121 0]

so you are saying that since i have closed the credit cards and have been making ontime payments to pay it down for the last two years my credit rating is ok? total debt owed now is just over 10g