@Anonymous wrote:
I am trying to repair my credit.(675), In June I will have 12 mrtg payments on time and want to refinance the house. I did not qualify for a modification to lower my interest rate (6.5%), they did however put my 2 late payments on the end of the loan. What type of loan was it, FHA, Conventional as examples?
My husband is not on the mortgage,we were not married when I bought the house. I have 2 credit cards with high % owed. I am going to take a TSP loan and pay them down to 10 %. If you are taking out a loan your chances of approval to refinance become more slim.
My husbands credit report only has 2 cc on it with low balances. His score is 638. This score may not qualify for a mortgage, it all depends on the lender.
We are in need of a new car. Here's the big question... Should I refinance with him on the loan ? They would use the lower middle score and as I mentioned it depends on the lender if he would qualify.
He profits 25 k after tax $. (self employed carpenter) A lot more verification for his self employment would be needed and it would be based on his last 2 years tax returns and then averaged out. I gross 55k.
Would using his income and his credit get us a lower interest rate on a mortgage? Since he is not on the loan now you would more then likely have to apply as if it was a new loan and once again his middle score would have to qualify.
If we get a new car on his credit would that effect getting him on the loan.( reasonable 20 k car)? If he is making 25k a year his chances of buying a new car for 20K usually isn't very good. But to answer your question yes it would impact a decision as his score would lower and his income with additional DTI would have a negative impact on how much he would be approved for.
Also how long after paying down my cc debt should my cc score improve? If you pay down your debt any changes to scores or history would apply as soon as the debt is reported to the credit bureau's.
