Posted on: 14th Mar, 2009 09:10 am
My fiance is planning a DIL on his home. We are not married yet and my credit score is over 800. I know his score will be dinked but what position are we in to buy in the future because my credit will not be effected by the DIL.
Also in anyones opionion...do you feel the the current administration will consiter helping people to rebuild thier credit to buy in the future because there are soooooo many people in this postiion?
Thanks for you comments...Carol
Also in anyones opionion...do you feel the the current administration will consiter helping people to rebuild thier credit to buy in the future because there are soooooo many people in this postiion?
Thanks for you comments...Carol
you may be able to buy a place on your own, but you will need to qualify using your income only if you want to leave him off of the loan.
as far as helping people with low credit scores is concerned, you will see guideline changes soon. however, they are initially geared towards helping people to refinance and stay in their current homes. i believe there may be no minimum credit score requirement if you qualify for that program (du refi plus).
as far as helping people with low credit scores is concerned, you will see guideline changes soon. however, they are initially geared towards helping people to refinance and stay in their current homes. i believe there may be no minimum credit score requirement if you qualify for that program (du refi plus).
Rebuilding credit can be a primary reason why secured credit cards can be quite helpful though could be costly. Rebuilding credit is possible, the truth is that it will not be clean or easy. Loans and standard charge cards will not be a choice, but secured credit cards might. Despite high interest rates and the requirement for collateral, they can help you repair credit slowly - so long are you're willing to provide collateral up front and pay hefty charges for the privilege of banks reporting your made payments to the credit agencies.
Rebuilding credit is something one is personally responsible for.Other than having secured credit cards, make sure you are not late in payments for your other loans-car loan, student loan.