Mortgage Loans

[Luna2012]

I am thanks! I literally got my fico yesterday and already tried to see what I can clear up I wouldnt wait till we were sitting in front Of a loan officer, we JUST started talking about buying its not something we are going to do tomorrow, but I figured I might as well start to try and see what I can fix, why wait

[FrugalRican]

Good, and I saw you've posted a few other threads, so you seem to be on the right track.

And I was right there with you, trust me. Had my DGF not hinted to me about looking up my credit report, I never would have seen how "poorly" I was doing versus the expectations I had in Credit Fantasy Land.

Best of luck!

[webhopper]

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FrugalRican wrote:

I thought I had already posted here? I guess it didn't go through.

Anyway, again, Luna I'd advise you to tell him now. You just found out yourself.

I've seen people be surprised by their SO's being on ChexSystems or having terrible credit and it was never a quiet scene shortly afterward.

Let him know what the situation is so it can give you two a better sense of timing. The last thing you want is having him find out in front of a loan officer, and trust it's never easy to break the news and then realize one of the two in the party didn't know. This forum is a wealth of knowledge for credit repair, but it'd definitely help if you had his support as well in doing so. Who knows, he might even try to help you out as well with all of this. I know I'd help my DGF. She helped me.

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My SO was upfront with me about his foreclosure in 2009 and past credit problems that were due to his layoff and being underemployed afterwards... If I had found out without him telling me, I would have been offended and I wouldn't have trusted him again with anything money related and the relationship would have ended. Financial infedility is not tolerable to me at all.   After I found out his situation, I helped him settle old debts, I paid off his current auto loan of 15k which was financed at 22%. He changed careers, and doubled his take home pay. I added him as AU / ACM on my Chase Card, Discover Card and Amex. We talk about money and goals and budgets, no big deal now. He trusts my judgement, I'm joint on his account. He's joint on mine.   We work together on everything and are getting married in May.  Although he wasn't able to be joint on the house loan, he helped me in getting the house by paying for inspections and we lived off of his paychecks, while mine were used to cash flow the Down Payment...  I didn't have anything saved, and we needed a house like immediately. I borrowed 7k from 401k and cash flowed the other 7k with my paychecks because we were living off his paycheck.  

Its possible to work together even if one person has past credit problems.

[Catacam]

I feel the need to say that Luna found out her scores yesterday. I'm pretty sure she understands that she needs to have that discussion and that we should all be positive.

This board is for educaton and support which I know she is getting, but positivity is a good thing!  

[webhopper]

Definately I think Luna's story will be very positive

She seems to be on the ball with getting everything organized with a plan of attack...  Attack Mode is great when you have a partner in crime (significant other) Muahhaha!

Besides, a partner with a lower score is way better than no partner at all!  I wouldn't have gotten my home without my significant other's support both mentally and financially

[Luna2012]

Yes thank you! Positive is good! I'm not dumb just someone who made past credit mistakes! I appreciate the support and knowledge on here, people come here for help, advice, encouragement not to be scoulded!
Thank you again for the positive comments and advice

[K_J]

DO you have other Derog on your Credit file other than the 2 collection accounts. was 558 your lowest score of the three??

[drkaje]

It's good to have a starting point for repair. Be sure to pull all 4 reports!

I really wasn't trying to scold anyone, LOL! I've been in the position of finding out about the ex wife's credit issues (way too late) and definitely wish it had been disclosed sooner.

[Luna2012]

K_J I have a few others I'm trying to figure out how to tackle that I've also posted in the credit rebuilding forum. I have two first premier charge offs that show a balance of around $500 each. I'm not quite sure if I pay these since they are old accounts (not out of the seven years yet though) or what approach would benefit me most I have a Jefferson capital account that I don't know what it is so I'm going to send them a DV letter

[Education44]

I would agree. Tell him now -- he's going to find out anyway. I thought about hiding my credit situation from my husband because we are considering applying for a home loan. It was such a load off my shoulders when I came clean. He is very proud and supportive of me for being honest and for all the clean up work that I have done in the past few months with my scores. He had no problem allocating almost $5,000 from our savings that I needed to help clean up my report. I have come from scores around 560 to scores of 700 (transuion), 686 (equifax) and 696 (experian). Just start working on cleaning up your report.