I need a loan and some people have suggested that I look into a home equity loan because it would have lower interest rates than credit cards. The money I need is not for a home and I don’t have enough collateral for the amount I’d like to borrow. I have a good credit score (over 700) but I also have student loans and credit card debt. I earn enough to make all my payments and I have always payed on time. If I can’t get a home equity loan, what kind of loan can I get? What amount and interest rate would I be able to get? I’ve searched online, but all the bank terminology only confuses me. If anyone could explain all this in more “user friendly” terms, it would be really appreciated!
The money I need is basically a business expense, but I don’t think a lender would consider it a business loan.
Oh, and one “minor” detail… I don’t own a home.
I recently paid an old debt of $900 and I am now debt-free. However, my credit score is only 550 due to financial problems over the past few years. I really need to build my credit so I can buy a car soon. I would rather not get a credit card to build my credit. What are some other ways to build credit?
A few delinquent accounts on my credit report will pass the seven year mark in a few months. I have heard that seven years is the limit for these to stay on your credit report, is this true? Also, will they be removed from my report automatically or do I need to do something once the fall off date has passed?
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I have a credit card that I never use. How does this account affect my credit score? Does it just show on my credit report as an open account in good standing or does it not show up at all since it’s not being used? Would I be better off closing his account?
Over a year ago I paid off all of my accounts that went to collections and all my credit cards. I recently purchased a new car with a co-signer and I pay more than the payment amount every month. However, my credit score is still in the 400′s! What else can I do to improve my credit score?
I want to apply for a credit card that starts out with a minimum credit line of $300. This would be my first credit card. If I get the $300 credit, I want to make a purchase for like $200. Is this a good thing or a bad thing to do? Can someone give me some good tips on handling a credit card without getting bad credit?
btw, I will mostly be using this card to try to start a home business.
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I recently opened a new credit card and then my fico score dropped 50 points shortly afterward. How long will it take for my credit score to recover from opening a new account and regain those 50 points?
What is Travel credit card? Is this a good credit card company for a visa card? I’m thinking about getting a visa card and I want to know if that travel credit card allows you to earn points when you use it for purchases.
First of all, what exactly is equity and how do you build equity in a home? How is the equity reported to your lender? Lastly, how do you pull the equity that you’ve built up out of the home without getting a home equity loan? Thank you in advance for any help.
If you make more money this year than last year, will that affect the amount you qualify for on a mortgage?
I know that lenders look at your tax return from previous years to determine your income, but I am making more this year. Will the mortgage amount that I can qualify for be be determined by the lower income I made last year?
I would like to settle a closed credit card account that has been charged off and bought out by a collection agency. The collection agency is offering me a discount if I pay the account in full. If I do this, will my credit report eventually show this account closed and paid off like the agency said it would?
I want to buy a home but I am not sure what size mortgage I could get. I make $40K/year and have no outstanding debt. The only bills I have now are rent and utilities. My credit score is pretty good (around 680+). About how much will I be able to qualify for?
Whenever I apply for any kind of credit, I tell the lender what my credit score is but they still check my credit. All the advice I have seen talks about the importance of knowing your credit score, but what’s the importance of knowing my score when the creditors run it anyway? Also, how do we know that the interest rates that we get are the best available for our credit score? Is there some sort of chart that we can check our credit score on that will tell us what rates we qualify for?
I’m looking for information about getting pre-approved for a mortgage (I have excellent credit) and how to lock in the best possible interest rate. Does the lender who you get pre-approved with affect your final rate? Should I get pre-approved through more than one lender? Nine years ago, we were pre-approved for a home but we ended up getting an interest rate that was 0.375 % higher than the average rates were at the time. I was told that we had to take whatever rate was available on the day escrow went through. I felt cheated, but it was too late because the loan had already gone through. So this time I am trying to be more careful.
Also, I don’t think we can go through our local office since we will be purchasing a home in another state. Of course, there are the big lenders with offices everywhere, but I am afraid they won’t give me the best rate. What do you think?
Thank you for your time and any information you can share with me
I am a college student and I would like to get a credit card for emergency purposes like unexpected car repairs and things like that. I have two store credit cards, which I always pay in full before the due date, and I have an excellent credit score because of those accounts. I am looking for a card with no annual fee and a low interest rate. Which credit card would be good for me to get?
I got pre-qualified for a home loan and my credit and debt to income ratios are good according to my realtor. How often do you see a pre qual that gets denied, I’m just worried because I know how today’s economy is (although it is getting better). I am applying for an FHA loan
I would like to know what a credit report will look like after filing chapter 7 bankruptcy. Does it show all your accounts along with the balances just with discharged on each, or is your credit report simply blank with just the bankruptcy on it?
I”m thinking about buying a used car soon and I was wondering if there is a way to check what kind of loan I qualify for without it being an inquiry on my credit report. Is there a way to do this? Also would pre-qualified or pre-approved inquiries hurt my credit score?
My credit score is 713 according to Equifax
I would like to know all about home equity loans and if that would be a good choice for me. I have payed off my car loan and all my credit cards, but I have a lot of student loan debt. My problem is what to do about the student loans and how to pay them off. I have heard about home equity loans and about them being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow? Does it add to the years to pay off your house? We only have eleven years left to pay off our mortgage and we really don’t want to add to that. I’m just wondering what are some good options and good ideas so we won’t have to stress out about debt and bills and such. We have been trying to pay off all our debts and so far have done pretty good, but those student loans are still there.
I want to know if I would be approved for a $300,000 loan. My credit score is around 650-675, I earn $5700 gross and take home $4250 monthly. I pay $365 per month in credit card debt and $235 in student loans. I am a first time home buyer and have a very small amount to put down (under 10k). Does anyone have a rough estimate on what I could qualify for?
I would prefer to keep the mortgage + taxes + insurance under $1700 per month
I have a good credit score but I have unpaid collection accounts on my credit report. Would a lender expect me to pay those before approving me for a mortgage? Will they really care about what is on my credit report as long as my credit score is high?
I have been paying down the balances on my credit card accounts for some time now but the changes have not shown up on my credit report. I have not looked at my credit report, I am relying on a service I have that alerts me when my scores go up or down or if there’s any inquiries. Is it necessary for me to ask the credit card companies to report the balance changes? Why does it seem that negative items are reported really fast, but positive reports take forever? Is there any way to speed up this process?
I live in the State of Georgia and I am being sued over an old credit card debt that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card accounts are considered a written contract or an open account in the State of Georgia, the statute of limitations may or may not apply. The statute of limitations is 6 years for written contracts and 4 years for open accounts . Does anyone know for sure which type applies for credit card accounts in Georgia? The account is with Citibank MasterCard and was opened in the late 80′s or early 90′s. Thanks.
I have recently paid all of my credit in full and my credit score is slowly rising. I, like a lot of people, made mistakes and damaged my credit when I was younger. My Scores range from 579 – 618. Is this high enough to get a car loan? If not, how high does it need to be?
A good friend and I are thinking about buying some acreage together, but we’re not sure if lenders will give mortgages for multiple parties, even with a good down payment. Anyone know?
I paid about $90,000 for my home 9 years ago. It was a TLC home and I’ve fixed it up dramatically: new roof, walls, siding, porch, heating system, well, etc. My home was appraised at $275,000 last year. What part of this is equity? Am I eligible for a home equity loan? I don’t want to go into it without fully understanding what it is. I also don’t want to go to my banker with stupid questions. The reason for the loan is I’m considering building my own home.
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