Hello Paul.

I have a question about the impact bankrupcy has on credit scores. I had filed chapter 7 in 2007 with a discharge in 2008. I went today for an auto loan and was told that my credit looked good, no debt, and timely loan payments. He said that he would guess by looking at my credit report I would have high 600 score but instead I have a 558.

I know that it hasnt been that long since I filed but I have paid off 2 loans since then and have one now, with timely payments being made, which is secured. I have known numerous people who have filed bankrupcy and within months they were getting car loans and even buying a house.

When do your scores go up? Why does it seem that mine is so low while others must be higher, given the same circumstances. I just dont understand. Will anyone help me rebuild my credit or will I just have to wait it out?

Thanks.
Marisa (more…)

Hello Paul,

My name is Nick and I am contacting you on behalf of one of our client’s, callcreditcheck.com (http://www.callcreditcheck.com/).

I came to your site through Google (who doesn’t, right?) and was immediately impressed with what you’ve built, both in terms of the quality and quantity of the sites content. Your site also appeared under very specific keyword terms on Google. This immediately highlighted to me that the content of your site bears direct relevance to services offered by my client. The purpose of this e-mail is therefore to request a link from within one of your articles on this blog domain (http://brokencredit.com/) that points to the Call Credit Check homepage (http://www.callcreditcheck.com/). I hope you agree that a link from this page would be beneficial to your users, and also relevant to the content displayed already on this page.

Alternatively, would you consider letting me write some relevant and unique article content for inclusion on your blog (that contains the mentioned link)?

What are your thoughts on this? Could you please respond to my request either way once you have reached a verdict?

Your support would be greatly appreciated.

Kind regards,
Nick

My atty is negotiating with my bank’s atty regarding an investment condo I own that is in litigation. The lender’s atty said they will entertain either a DIL or short sale but that the DIL carries no 1099C.  I believe bank’s attorney is incorrect.

My accountant tells me not to worry about the 1099C as it is business but I need to know if I took the DIL and they mark it as above, will my credit be tarnished. There are no late payments as Im up to date (performing loan). I  am under the impression that a DIL, no matter how it is reported is still a foreclosure as such and the credit companies have specific codes that will be inserted in my report no matter what how the DIL is reported. Am I right?

The lenders atty said they would probably put Disputed but Resolved.

On the other hand, a short sale will give me a 1099C that can be dealt with & probably a hit on my credit report for shorter time period.

Please take into consideration that I’m UP TO DATE ON EVERYTHING.

Steve (more…)

What would you most like to accomplish AFTER rasing your credit score?

1. Just settle debt
2. The financial well being we used to have, and minimize the amount of debt we incur from here on out.
3. buy a home
4. refinance mortgage
5. Purchase a home
6. Purchase a home, we have medical bills with liens from long ago. over $6K worth. They are preventing me from getting a Habitat for Humanity Home.
7. purchase business
8. Purchase a home
9. Would like to start looking for a new car and eventually a house as well as being able to apply for lines of credit to have just in case a problem arises where I need emergency funds…ex: car repairs
10. get a home
11. Get a promotion
12. purchase home
13. mortgage my lease to purchase home with increased score.
14. Get a credit card to pay off the ATV loan that my exhusband defaulted on.  Then sell the ATV and pay towards the loan.
15. purchase new vehicle and home
16. Help others
17. Purchase a home
18. self esteem
19. in forclosure, need to save my home if possible. Am now sueing in state and federal court for fraud, etc.
20. buy a home
21. large purchases
22. Buying a home, having credit cards.
23. purchase a car and get some credit cards
24. purchase a home and a car
25. BUY HOME
26. I would want to accomplish buying a new house.
27. New home purchase…will have to short sale home (included in BK) soon, one year after discharge.
28. raise my credit score so that we can qualify for our new mortgage
29. Apply for a mortgage
30. Buy a house

And how about you?  What would you most like to accomplish after rasing your credit sccore?

Register for our FREE CREDIT REPAIR SEMINAR and…

Obtain a FREE CONSULTATION with Brian Aber of HTDI Financial (optional at your request).

Hey Brian, 

Once a negative item has been deleted from your report how long does it take for your score to go up?  If a bureau has not replied within 45 days a reinvestigation via mail is it true that those items have to be deleted by law. I hired a credit repair company and she said to just pull a new report in which they have not made any changes. Responding via mail means nothing the USPS can be slow. 

What are your thoughts? Please advise?  I always thought they had to be deleted because of no response isn’t that true?

Thank-you Kindly!

Diane (more…)

I’m currently attempting to complete a short sale on a townhouse that I have outgrown and is approximately 100K upside down. I am 100% current on all payments, and the lender has approved the sale and will report it as paid in full for less than the amount owed, which I first thought was great. However, they stated that Fannie Mae would not allow me to close on the sale until I was at least 30 days delinquent. I had found lenders that claim they would be willing to give me a new mortgage because of my excellent credit and the fact that I was current on my existing mortgage (I believe given language in the 8/13/08 Fannie Q&A publication… question 7), but of course the 30 day delinquency will kill that option.

My question is whether this is an actual Fannie Mae policy. The same Q&A publication states, “A short-sale, however, can refer to situations in which the servicer/investor of the mortgage agrees to a payoff of a lesser amount than is actually owed, even on a current mortgage.” So how is it they have language in here that clearly states a short sale can be on a current mortgage yet at the same time require a mortgage to be delinquent?

Considering this, how do people who get moved because of their jobs purchase new homes? I work for the military and have seen situations where an individual with outstanding credit history gets moved to his next post and has to do a short sale through no fault of his own, thereby damaging his credit. Are there options out there for people like this? Private lending? Thanks in advance for your information… your site is very informative.

Dave (more…)

The Declaration of Independence was the document that announced to the world the American colonies status as free and independent states.  It was adopted in Congress on July 4, 1776.  The final sentence reads: “And for the support of this declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes and our sacred honor”.

(pause)

I want the best for everyone everywhere and this article won’t travel down a political road, other than to make a comment that we, as a people, have become complacent.  I’m reminded of these words: “But many [that are] first shall be last; and the last first”.  I’ll now turn this article’s steering wheel into the Personal Finance Path.  Woah!  Look out!  It’s a rocky road and for some there’s a roadblock up ahead.  Fortunately, with a little maneuvering, the roadblock can be avoided altogether.  And don’t ask me about the cliff – we’ll get to that later.

The Broken Credit Blog is thankful for the many positive responses from readers who’ve shared true to life experiences of how they’ve triumphed over adversity.  It’s the goal of this site to be a positive voice in the marketplace sharing free information to anyone desiring credit score improvement.  This month marks our forty-second-month on the internet and we’ve recorded over two million hits in one month.  We are at the same time, amazed and thankful – it keeps us writing and working for you.

In my view, personal finances are similar to personal fitness.  I regularly see people working out at the gym with a personal trainer.  The same trainer may be working out with one person on one day and another on another day.  Regardless of that person’s fitness level, the trainer’s goal is to improve that individual at that time.  It doesn’t matter how out-of-shape or how Olympic-world-champion someone might be – the trainer’s goal is to assist that person with improvement.  Such is the same as the Broken Credit Blog’s role.

Are you facing foreclosure?  Free Avoid Foreclosure Seminar

Beginning credit repair? Free Credit Repair Seminar

Obtain Your Free Credit Report

Thousands of Credit Repair, Mortgage, and Avoid Foreclosure Secrets Revealed Here

So, wherever you are, and whatever your station in life, this trainer wants to see improvement in you.  I hope everyone enjoys their 4th of July and remembers what prompted the celebration in the first place.  Now then, after everyone has finished eating hamburgers and hotdogs, it’s time to start working out.

Hey you with the 672 FICO, give me eight more reps!

Wow, am I glad I found your site. I live in Southern California and am thinking about short selling my one bedroom co-op condo. I bought the place before I was married and had a baby. My husband’s name is not on any of the paperwork. Technically, we are not in distress since we have never been late, have money in the bank (about $7K), have a decent APR but want to move since our daughter is getting a little old to share a bedroom with us.

I bought the property in 2006 for $222K. I currently owe $150K on the mortgage and another $23K on a HELOC with the same lender from Pennsylvania. A similar unit in my building recently sold for $150K.  I think we will be close to covering the mortgage amount but would be completely short on the HELOC.  Do you think the bank will accept this short sale and would we be able to buy another property? We wanted to buy a house with an FHA loan right afterwards.

Also, if the bank does accept the offer what would be the best way to have it reported on my credit report.

THANKS A MILLION!

Rebecca (more…)

I have been in Escrow for the past six months. We were approved by a private lender and the BOA through the builder.  We have not been able to lock in a rate and we have not chosen our loan agent yet. We are waiting for a new home to be built.

I recently checked my credit score on creditreport.com and was shocked that my credit score was 587!  I contacted my realtor and she said I am may not be able to get a loan.  I am wondering if it is because of the credit inquiries and because I paid off a an old collection acct. a couple of months ago. 

I have been current will all my credit cards.  My lender mentioned rapid rescoring.  How many additional points will I be able to get with rapid rescoring?  Can I obtain enough so I would be able to qualify for the FHA loan? 

Any information would be super helpful.

Michelle (more…)

we are current on all of our mortgage payments and have never been late. we have a 1st and 2nd mortgage. We are seriously considering a short sale on our home. Our goal is to cover the 1st mortgage but the second (w real estate what it is today) will not cover the second. If we handle the short sale and approach the bank with a buyer before ever having been late on payments will credit be effected or can we negotiate with them so that we can repurchase immediately after the short sale of this home.

Laurie (more…)