August 14, 2011

Cosign Entwine

Filed under: Bad Credit,Credit Reports

I cosigned for my 21 year old to buy a car.  She was late on her july payment and I didn’t find out until the underwriter repulled my credit prior to closing on a refinance of my mortgage.This is the only negative mark on my credit and it reduced my score by 40 points.  I never received a notice from ford regarding the late status.  They didn’t even have my phone number or address.  Is it fair reporting practices to forgive a one time late paysment which is the first one in 12 months? What is my option??

Tenika (more…)

February 24, 2010

Consumers Paying Credit Cards Over Mortgages

Housing Wire – In what it is calling a historic trend reversal, credit score provider FICO, is seeing more borrowers with a high credit score preferring to pay their monthly credit card bill over their mortgage.

“We’re identifying lending industry situations in FICO Score Trends that to our knowledge have never been seen before,” said Dr. Mark Greene, CEO of FICO, in a statement. “Economic instability is creating unknown risk in lenders’ credit portfolios as well as counter-intuitive trends in consumer behavior.”

The shift to a consumer preference to stay current on unsecured debt, as opposed to secured debt, began last year. In 2009, 0.3 percent of consumers with FICO scores between 760-789 defaulted on real estate loans, compared to 0.1 percent who defaulted on credit cards. In 2005, credit card delinquency risk was three times greater than today. In 2008, the lower to credit cards being just 1.6 times more likely to become 90 days delinquent than were mortgage loans.

The results echo data released by credit info provider, TransUnion, earlier this month. That study from earlier this month, found the share of borrowers who are delinquent on their mortgages but current on their credit cards rose to 6.6% as of Q309 (from 4.3% in Q108). At the same time, the share of borrowers that are delinquent on credit cards but current on their mortgages slipped to 3.6% from 4.1%.

November 19, 2009

14.41% of All Mortgages Delinquent

Filed under: Bad Credit,Mortgage

“The combined percentage of loans in foreclosure or at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.”

Delinquencies Continue to Climb in Latest MBA National Delinquency Survey
MBA – 11/19/2009

October 1, 2009

Chargeoff With No Late Payments?

Filed under: Bad Credit,Credit Repair

Is it possible to have no late payments and still have a chargeoff with a creditor. Isn’t that considered to be reporting incorrectly. Afterall how can one have no late payments and a chargeoff?? What type of letter can one send to get this corrected? please help!!!


Diane (more…)

September 29, 2009

Late Payments During Short Sale

Your website has been very helpful, thank you!
I was unable to find this question in your site.

Whether the mortgage company can still report to the credit agencies the lack of payments during the short sale process?

I just received their short sale packet, but I am unable to pay. Can I dispute it if they put something on my credit report? I will be doing the QWR letter, but what about after they respond to it?

Thank you Paul!
God bless you!
Michelle (more…)

July 25, 2009

Delinquent Property Taxes

Filed under: Bad Credit,Real Estate

I’m not sure if you can answer this question. I’ve been reading it to clear up my credit but I have a different question now.

I’ve been renting a house for about 8 years and for the last 5 years I’ve been paying the property taxes. We heard that you can sometimes get a house by paying the property taxes. Is this true?

Lenore (more…)

November 21, 2008

Should Denise Default?

Filed under: Bad Credit,Short Sale

My husband and I have been trying to sell a house in Pittsburgh for 11 months now. We have been making every payment on time even though we are not living there. At this point, we need to get out from under the house. 

Our agent has suggested a short sale.  However, the banks won’t talk to us until we are two months defaulted on the loan. Our credit scores are in the high 700’s.

Do we default on the loan and risk lowering our score to get out from under the house?

Denise (more…)

July 28, 2008

What Happens If I Don’t Pay My Credit Card?

Filed under: Bad Credit,Credit Cards

I have a credit card account that was closed because it was maxed out and i was not able to pay the minimum at the time (went on for about 5 months). Now that the account is closed, what happends next? I don’t understand the process. Can you please help me?

Wilfredo (more…)

July 7, 2008

Go Away 30-day….No! Stay!!!

Filed under: Bad Credit,Credit Scores

Hello Paul,

I am beginning the process of obtaining a mortgage and pulled my credit reports only to find a car loan on them that I didn’t recognize.  The loan was listed as a joint account with my dad.  I spoke with my father who said that he had opened the account up when I turned 18 to help me build credit.  While I appreciate his thought process I am a bit disturbed about him doing it without my knowing. 

The 36 month loan was paid on time every month except one where it was paid within 30 days.  I’m wondering if having the loan on my report despite the late payment is better than not having a loan on it at all?  Can you please help me figure out if I should leave it on or dispute to have it removed.  Currently my score is 645 but should go up some as I have found a couple of errors.  I have 1 credit card that has been paid on time every month for 8 years and the rest of the information on my report relates to utilities so I don’t have alot of credit built yet.

Thanks in advance.
Lisa (more…)

June 10, 2008

Timeline of Credit Reporting

Filed under: Bad Credit,Credit Reports

I have a fair credit. When I got my three credit reports, I found things that have expired – that is, they were over seven years old. When do these things get taken off your credit history? I thought it was after seven years. Two are credit cards that have been closed 9 years ago – one was car lease that was in dispute with the lease company. That one is over eight years. My m,orage broker told me last uyear that these things would be taken off automatically. Is this true?

Michael (more…)

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