(This will be long)
My husband and I are currently in the process of repairing our credit. Our story is much like a lot of yours - past irresponsibility. No excuses, just stupidity. And we are paying for it.
Our current credit issues are -
Mine -
Several derogs and high util, short credit history
His - Several derogs and high util.
My most recent derog is 4 yrs old, his is 3yrs old.
Today I spent the better part of my kids' nap HIPAAing medicals, DVing and a couple of PFD's. I pay double the minimum on the CC's we do have -
Me - Cap 1 ($1000),
Him - Cap1 ($500), BOA ($500)
Joint - HSBC ($300)
We don't have much as far as CC debt. Util on them right now is at about 82%. We are going to use taxes to pay them in full, but I am afraid they will cut our already mediocre limits if I do (as has happened to a few people). Would they cut limits on such small CLs?
My main question - My husband and Father-in-Law (FIL) took out a HELOC together 6 years ago. We lived at FIL's and were trying to fix the house up, etc. Then we had kids and could no longer be happy living together. So we moved out. FIL is finacially reponsible and has paid the HELOC on time every month. We are planning on buying a home in 4-5 years (no point in trying now. I already know we would be denied, we do not have a good downpayment, etc) and we will probably need that HELOC off his credit by then(ETA - I didn't mean off his credit, I meant closed.). FIL is currently paying 7.25% on it. If he refinances, he could get 4.25%. THREE % off! He won't do it. We want him to refi to get my husbands name off of the loan, but he wont do it. It is because he does not want to deal with the bank right now. He has a FICO (from myFICO) of 784 (I pull his reports for him, he does not have a computer, and does not like giving info to some person on the phone - but the internet is safe according to him. LOL) So I know it isnt credit issues that are holding him back from refi. Did I ask my question yet? No. Ok, would it help or hurt my husband if FIL was to refi now? This is my husbands longest open thing. Never late.
And I have to say, I have learned SO much reading this forum. I had no idea about the HIPAA process, PFD, DV or anything until the last few days. I was just sitting on my credit reports waiting for them to get better. Way to be proactive, huh? Sheesh.
Message Edited by grc319222 on 07-31-2009 09:41 PM
