Can someone help us ?

[Anonymous]

Hey,

Now I'm REALLY confused.....what's with the "solved" marker?  Solved my _ _ _.

Someone on the forum asked why we need credit....well, we would like to eventually get a business loan to refinance payment we owe to former business partner, whom I am buying out.  He financed the sale because of my status as newly self employed. My payment to him,  is in excess of all mortgages combined, and I have never missed a payment there either, It leverages me no credit score...another sore spot for me. 

But the most pressing need is not for credit per se, but credit score, because my daughter needs to rent an apartment for her last year of college, and as a student she has no income, and no credit score.  The apartment requires a 600 credit score.  My 584 is apparently not quite good enough.  Any thoughts on what I should tell my daughter, who will graduate in 2 semesters, and knows I have paid cash for her college? How do I explain to my family I am seen as so high  a credit risk I can't rent a $419/month apartment? And don't anyone put solved on my posts....nothing is solved.

[llecs]

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frustratedbeyondbelief wrote:

Now I'm REALLY confused.....what's with the "solved" marker?  Solved my _ _ _.... And don't anyone put solved on my posts....nothing is solved.

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Maybe whoever gave me that kudo clicked "Solved" by mistake. The solution has been removed.

[Anonymous]

A 600 is not difficult to achieve, especially if you have older mortgages with excellent payment history. Get a stupid small credit card!! Even First Premiere would give you the 16 pts you need very easily, and probably much more. I have raised my TU score 140 pts since August, and my EQ 90. I had no credit cards either. EX stayed the same, which is a complete mystery to me, but it will probably rise soon.

With all due respect, don't get angry, get busy! It's not hard, and then your daughter will see how you solved it, and will know it can be done. It's confusing at first, but start by reading the Credit 101 thread on the Rebuilding forum and your score will go up in very short order.

[Anonymous]

Dear Frustrated.  Who holds your mortgages?  Truck?  Where did you have all that cash for daughter's education.  You need to talk to those banks or credit unions and see if they can help you.

A credit card or two would help your score.  There is no interest rate if you pay before the due date so it's really like cash.

For instance I needed to rent a moving truck and I needed a credit card.  I bought fuel for the house and it is in another state--I needed a credit card even though I am going to pay it.  See what I mean.I also pay all bills on line so no stamps and I don't need to send it out 10 days before it's due.

What are the derogatives on your credit reports and what are the pluses?

PS: Who paid for those 5 cars you have and  who did you pay?

Message Edited by casinoannie97 on 01-06-2009 06:11 AM

Message Edited by casinoannie97 on 01-06-2009 06:13 AM

[Junejer]

Hi frustrated, I understand your pain, when you are doing the right thing, yet things seem to work out to the contrary. I think that if you add a CC to the mix, that a lot of your troubles will go away from a scoring standpoint (credit mix, CC util, etc.). How quickly you need to rent the apt for your DD (Spring semester?).

Also, as some others have suggested, you need to check your report to make sure that there are no surprises on the reports.

I agree with Annie insomuch as you need to head over to the institution where you have those mortgages, car loans and boat loads of cash to acquire a CC.

The FICO scoring system, like everything else in life, requires some finesse. Once you learn how to finesse it, it gets quite easy.

GL