Posted on: 12th Sep, 2009 05:55 am
My oldest son is 31 years old. He will be married next June. He has a good, secure job making $40K+. His future wife is a public school Guidance Counselor making $45K+. They recently applied for mortgages at various bankers. After looking at his credit rating the mortgage people determined that he can only qualify for FHA. His lower credit rating was based on some problems he had 5 or 6 years ago that he essentially worked out soon after the problems developed.
My question is: How long does a credit rating follow a person and how long does it take to build up a good rating? Can an appeal to those who determine the rating be made? Between my son and his future wife they earn almost $90K and are disappointed about this latest development in their search for their first house.
My question is: How long does a credit rating follow a person and how long does it take to build up a good rating? Can an appeal to those who determine the rating be made? Between my son and his future wife they earn almost $90K and are disappointed about this latest development in their search for their first house.
Mark
If they are looking to buy sometime next year, then there is PLENTY of time to increase their credit scores. The first thing they should do is get a copy of their credit report. I often offer advice to my customers as to how to raise the scores. Sometimes, it can be done in only a month or two. They should speak to a qualified loan officer first.
If they are looking to buy sometime next year, then there is PLENTY of time to increase their credit scores. The first thing they should do is get a copy of their credit report. I often offer advice to my customers as to how to raise the scores. Sometimes, it can be done in only a month or two. They should speak to a qualified loan officer first.
If you son cleared all the defualts 5 to 6 years ago, he will need to wait for another 2 years to clear it from his credit report
ANy reported incident remeins for 7 years on credit report
ANy reported incident remeins for 7 years on credit report
