Frustrated about credit report (m)

Avatar for joyleft2
iVillage Member
Registered: 03-27-2003
Frustrated about credit report (m)
6
Fri, 06-13-2003 - 8:27am
Hi, I have posted before WAY back when. I'm a 32yo mom of soon to be 5 (due 6/21) married to a wonderful man (with perfect credit I might add LOL!) anyway during my first marriage I wasn't so lucky. My ex filed chapt 13 (on around $5000 debt) while we were legally seperated so it did indeed go on my credit report. That was in 1995 and I'm still reaping the whirlwind. My credit score is anywhere from 648-680 (depending on which co is checked). I feel like my credit will never be GOOD again. I pay all my bills on time. It's been 8 years. However since you pay on chapt 13 for 3 years (my ex paid it all as I was never involved I never even went to court. This happened in SC and I believe just because we were technically still married I'm just stuck with the negs) then I'm assuming that I have a couple more years for this to reflect on my report. I have put a note in my credit report saying it was from a previous marriage we were seperated yada yada but does that really do any good? Also in Dec of 2001 a family member used my name and social to obtain a credit card which they defaulted on. I did not find out about this until I pulled my credit report to do an annual check in July of 2002. Since I had lived at that address years ago and they were a blood relative I was told there was no way to prove it wasn't me and I was responsible for the debt. I paid the account so it would show paid on my report. But then that added a 120+ day LATE on my report but it does show paid off in full (I didn't make a deal with them I paid the entire amt and closed by customer). This family member suffers severe mental disorders and doesn't even realize the severity of what she's caused. It's made me to have a lot of hard feelings to her not to mention now I have to carry once again a serious neg on my report. I have also noted the account and I have a fraud alert on my report. I have 2 credit cards (target and a mastercard) that I never charge up and I always pay on time and a school loan that has never been late. How long til the +'s outweigh the negs?? Will I always be a credit risk because of this? I have a real hard time seperating who I am from what my credit report says. My Dh is wonderful about things. I'm a SAHM but I handle all the bills. He knows I would never do anything to jeopardize his credit. It very important to me that his stays *perfect*. Now my question is would we ever be able to have a mortgage together? As I said my score is in the mid to upper 600's and his is in the mid 700's. The only thing his report says he can do to improve is have a longer credit history (I swear TIME is everything!) How about rent a house? We live in base housing now and are soon moving. I'm worried to death my credit will somehow get us turned down for a rental. Is there anything else I can do? I can't sleep at night I'm so worried about this! Thanks, Joy
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iVillage Member
Registered: 08-14-2002
Fri, 06-13-2003 - 8:49am
I'm a bit confused - what score would be considered *Good* on a credit report? Allright, 648 might be considered low, but 680 sounds pretty darn good to me.

My current scores are 642, 694 and 702 and are considered to be *very* good, in the words of two mortgage companies. I had no problem getting 100% financing with low interest (no points) just a few weeks ago on a home purchase. My fiance bought his home a few years ago with a score of 613 - and no, he didn't pay down any points. We've both been working on getting our credit cleaned up, and our scores are now in the same range.

There were many years I struggled to get that score above 600. The first time it hit 614 was a day of celebration for me - things were looking up! IMHO, your score doesn't sound all that bad, and you have only a short time to go before it takes a big turn for the better.

Your glass really is half full, you know, not half empty. And it's getting more filled every day. Keep your chin up, Joy!

Msfit

                  &nbs

iVillage Member
Registered: 03-29-2003
Fri, 06-13-2003 - 8:49am
You know that credit score is not that bad. My dh (who is also in the army, we live in housing right now too) has a credit score of 650. We are in the process of buying our first home. He is the only one with income and the Mortgage Broaker told us that his credit score was actually the norm of what he sees in first time home buyers. You probably could get qualifed for a mortgage. It probably wouldn't be a huge mortgage maybe even less than $100,000 but depending on the area that you are moving to that may be okay. Here at Ft. Sill most houses are under $75,000. With your dh having a higher score and being that he is the main income source it might not be as hard as you think. Call a mortgage Broaker and tell them that you want to know what your options are. Be honest and up front. Right now with the economy being so slow Mortgage broakers need to close as many loans as they can so they can get paid. They are so willing to help. It could not hurt to call and ask. Just tell them that you are not ready to have your credit pulled. You can give them your credit score and dh's and tell them the outstanding balances and any negitive things. You may have to pay a little higher in interest at first but, if you pay on time for a few years you can refinance to a lower rate later if rates stay low. Definetly call a Broaker, they has relationships with all kinds of different mortgage companies and can find you the best rate possible for your situation. Individual banks work within a certian range or credit worthiness and will turn you down if you don't meet their individual standard. Remember that you are not your credit scroe. You don't have to be afraid of people judging you on your past history. Just keep doing what you are doing and one day soon your score will be great! I know it's hard to wait but sometimes you have too. Good Luck to you!! I hope you can get things on track soon!

Nikki

Avatar for joyleft2
iVillage Member
Registered: 03-27-2003
Fri, 06-13-2003 - 9:31am
Thank you so much. I think I just feel like such a failure when I hear that the "average" American has a score of 700+. I'm going to try to just have a positive attitude and continue to pay things like we are. I know I'm *not* my debt (or credit report as the case may be :-) but I'm the first to admitt it's very hard to seperate the two. I do appreciate your insight and helpful info. I just would never want my Dh to suffer financially because of my past. Thanks again! Joy
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iVillage Member
Registered: 03-31-2003
Tue, 06-17-2003 - 9:04pm
Dear Joy,

I really do understand! I was staying up nights worrying about my credit score- it was at 630. I worked on it, got all the incorrect (and a few correct, but nearly expired things) taken off and it went UP tp 637. My husband's highest was at 704 (lowest 680) We EASILY qualified for a VA refinance loan of (blush) $197,000 for 6%. Ou bank officer said we were Good- to very good and especially with the VA, absolutely NO problem. Why don't you go to a mortgage broker or a bank and find out what you qualify for and just how good your score is? But I REALLY would hold off, base housing isn't that bad and you can really save up while you are there. Do some searching on the web and see, especially about the VA loan. Lots of luck. You are NOT your credit score (although it does look nice, doesn't it :)

Pat
iVillage Member
Registered: 03-31-2003
Wed, 06-18-2003 - 6:07pm
I agree with the others, your scores aren't that bad. You should easily qualify for a mortgage. What I would question is how the bankruptcy is showing up on your credit, if it was your husband who filed. Just because your married, doesn't automatically include you as part of the bankruptcy. If you didn't file for bk, then I would definately do whatever it took to get it off of my credit report. good luck.....
Avatar for joyleft2
iVillage Member
Registered: 03-27-2003
Wed, 06-18-2003 - 11:02pm
Thank you all so much! I just got a report from Transunion (my score with them was 670 so I'm confused as to how the free credit score site scored me?) anyway I didn't see the BK on my report (will it show up on mine or just when a business pulls it??) However there is the car that we had together (my name was joint on it) that he turned in to the bank. I was NOT present when that took place and infact begged to keep the car before hand but he had me convinced it was just in his name. I was a SAHM during the marriage. Can I do anything about that? Did I have to present when the car was turned over once again I never signed anything?? That was in 1995 so when will it fall off my report? ARGH I swear my ex did his best to make sure it would be a while before I could ever get my financial house in order ~ we've been divorced for over 8 years and his info keeps cropping up on my report (prior addy's etc). I really have learned from past mistakes and I love to come here, ya'll really keep me focused on my main goal. No debt and a nice savings acct. Joy
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