Does a negative credit rating really stay on your report 7 years?

Long story short… before I started college my dad and I took out a line of credit at a local credit union. I received financial aid and didn’t need or use it. I was 18 at the time and my dad was the primary signer and I was an authorized user or co-signer. I had no credit at the time so this really helped me get credit fast and was able to get credit cards, other loans, etc.

Anyways. My dad was using the account to help build me credit. Well… he forgot to make two payments on it. Once in January and once in June. They were both 30 days late. Now because of the missed payments I have on my credit reports from the 3 major companies that this is a potentially negative report. The account has since been paid off and closed. Since I wasn’t the primary user will this really stay on my credit report/score 7 years? Both payments were small and in the -50 range. BUT Discover card got wind of this and decided to drop my line of credit with them about 1k even though it really had nothing to do with me. I explained that to them and because my name is on the account it effects me too.

Basically, will this stay with me for 7 years? My other 9 accounts are all satisfactory and in good standing; never late and always paid.

Is this my credit score?

I just applied for a school loan through pnc with a cosigner. After i applied, PNC has emailed me with a document attached about my credit score. Is this score mine? or is it my cosigner’s? or mixed? The document only had my name in the title and never mentioned my cosigner.

I’m a student and this is my first private school loan. Last year i received some subsidized and unsubsidized loan through the school. I aslo have a credit card but i’m not sure how that works. My dad, my siblings and I have credit cards with the same credit card number and my dad pays for it all. and each of our cards has our own names on it.

with all that, is it possible the the document with the credit score is mine? i looked it up and the score is in a good range.

credit score question?

I have a credit score of 596 where does this fall in relation to creditors is it really bad or just kinda bad borderline good? Is there anyway to improve this score? i have 4 open credit cards(2 which will be paid off next month) but the other 2 are in the 2000 range on balance i also have 2 student loans that equal about 8,000. Do student loans bring down your score when in deferment? Oh there is also a library account that has gone to collections that i didn’t even know existed but its only 70 bucks. lol. Will it help if i pay this off as well?

First Time Homebuyer!! HELP!?

Me and my husband have recently been looking Into buying a home. Here Is our situation. Our credit Is not so perfect. We have a fico of 580. The reason for the low score is we have a few unpaid medical bills. Anyhow, as for credit history of 5 years we have a car loan @0 a month. and we have about 6 credit cards NO BALANCES and EVERYTHING has always been paid on time and in good standing.(other than a couple of medical bills that are 4 years old) Also, we are not rich people. We have a Income of about 33K a year. We would like to know If we would be able to qualify for a home loan at the price of ,000-0,000. We have found several homes In our area for that price and would like to buy. Our question Is can we qualify with the the fico, and income and price range?? Are there loans with downpayment assistance or ZERO down. We filled out a pre-qual for bank of america and sort of got the run around. The girl was YOUNG(inexperianced) and seemed to not know what she was talking about. PLEASE HELP!! Anyone with the knowledge and training In this area to help us would be great! We were told to go to one place that does CalHFA(downpayment assistance program) loans and you need a 680 Fico which knocks us out of doing that one! By the way we are In the Southern California area.
Ping pong….If my Fico Is to low to get any kind of loan then why did Bank of America tell us we could get a loan? They even prequalified us with credit ran and everything. They just wont help us with downpayment. Im really confused now.

What can I do to help my mom out with getting another house?

Right now my mom only makes about k a year. She’s a widow, and I live with her helping out with a lot of stuff. I’m capable of doing my own things, but I’m not married right now (and don’t plan to be within the next 2-3 years at least)…I enjoy helping her out, and we get along very well.

I make a little over k a year. I have excellent credit (a recent random score pull had my score at an average of 763). I have k in available credit spread over 6 credit cards – about a little over k currently being utilized and I’m paying that down as quickly as I can. Her recent MyFICO score was 719, and I know she has some credit card debt probably ranging from k to k.

We’re sick of our current house. We have 3 people living in a 2 bedroom house, basically…with one bathroom. It also needs a lot of repairs that I’m not qualified to do. k left on the mortgage…my mom refinanced about 6 years or so ago to pay off a debt that a family member caused her to have because of their stupidity in involving her in something (she learned from it, big time). However…that may go down to like k or maybe a little lower if it was paid off immediately and all of the other interest was eliminated due to us selling the house.

We need at least a 3 bedroom, 2 bath house. Looking to buy in or around McDonough, GA (currently living in Atlanta, GA). I don’t want to co-sign on a house and have my name on it for 30 years or whatever. I’d rather it stays in her name, since it is basically what she wants to be her "last house." I help her with bills and such, and I’d like for my income to be somehow considered in addition to hers…but not as a cosigner. Is there any way to do this without my name getting on anything as if I’m jointly purchasing the house with her?

I’m pretty handy…I can fix a lot of things around the house. We’re looking at getting a house k at max. I’ve seen a lot of foreclosures and also general house sales online at various websites, and we’re going to go look at some in person today, just for the heck of it. I don’t want her to get in over her head for anything once I do have a life in the future and move out to get my own house. But I also want her to have a nice house to live in, in a better area than where we live now. I don’t even know how to go about selling our house in that it needs so many repairs on various things that we’d just rather not bother with (changing out all the galvanized piping, etc.)

I know there are closing costs on our house and the new house, as well as lawyer fees, realtor fees, document fees, and probably some other fees that they’ll come up with along the way. She can get a "hardship" loan from her job, where they sell stock they’ve given to her for free in the company…and she’ll get at least k+ from that. I’ll be spotting for a few thousand, as well. We pay over 0 a month for mortgage now…and it looks like it may be a similar monthly mortgage if we got a house at k or so and put down around k at least for a down payment.
Also…what can we do if the house we’re currently in does not sell for enough to pay off the existing mortgage? I’ve been told they don’t "roll over" the remaining balance to a new mortgage anymore. That concerns me a good bit.
She also wants a "fixed rate" mortage…instead of the current, crappy adjustable rate that keeps only going up, and never down or staying the same.

What kind of credit card can I apply for that rewards me because of excellent credit?

I have excellent credit, all 3 scores in the 758 to 798 range. I only have 2 credit cards, but theyre both just basic cards from when I was 18. They don’t offer benefits/rewards or anything. What card can I apply for that gives rewards to people with good credit?

I have a credit score of 708 and looking to buy a car around the $20-30K range.?

I have spent the last year rebuilding my credit and have been able to get it into this range for roughly 6 months. My credit to debt is great ({content} debt on 3 major credit cards) but am worried that my credit history is limited. I tried a year ago to buy a car when my score was 650 and got declined. Don’t want to go through the agony of finding a car only to not be able to purchase it. I have good job history as well as very good income. Looking to put down anywhere from 00-6 as a down payment.

What are my chances of getting approved?

Will we be able to buy a house?

My wife and I want to buy a house when our lease is up in ~4 months.

My wife has been at her current job for about three years, but has sub-par credit (not horrible, but not good…low 600′s).

In August, I will have been at my job one year (though I started as a temp in May 2007), and I have ‘ok’ credit (mid to high 600′s).

We will have about -5k to put down (maybe more if absolutely needed). We make 00 per month (pre-tax), have about 0 per month in debt (car payment and credit cards) and could afford up to 00 per month on housing, which from my understanding would put us at about 0-275k.

HOWEVER, we want a mortgage that is easy to pay, and are looking at houses more in the range of 0-175k (and hopefully have a mortgage payment of 0 per month or so)

Even though we are not ideal borrowers (in terms of job longevity and credit scores), will the fact that we are looking for a mortgage that is well below our means make it easier to get a loan?

My FICO scores vary widely – will I qualify to get a loan?

My FICO scores are 616, 682, 734…for the three bureaus. I would like to buy a home but I don’t know if my credit is good enough to actually afford one with these scores… In the past, I defaulted (horribly) on my student loans and I have no credit cards. However, I have rehabilitated my student loan and I’m going to attempt to apply for a credit card to bring my worthiness up.

Should I wait until I increase my score but miss out on a possible deal or should I try to buy something now? I am looking for something in the 150K range and I would put down 10-15%.
yes – I got my scores through myfico.com – and they gave me those scores from the 3 agencies. fyi – I live in NYC but I imagined it would be harder to get a loan here. The lowest score (616 – transunion) does not reflect that I have rehabilitated my student loan. I am calling direct loan to see when they update their credit info.. thank you to all of you for your input and advice.

Would you buy if you were me? And would you move to a "lesser" neighborhood in order to own?

I am 28, have been renting apartments for about 7 years, and live in a high cost of living area. I am a teacher, have been on my job for 6 years and have a credit score in the 700s. I do have debts (student loans and credit cards) that I manage well. I am set to pay off the majority of my credit cards soon. And I am newly married.

My husband and I are currently renting a 1 bedroom apartment. When the lease is up in 8 months, we are definitely moving out. We are going back and forth over whether to rent or buy. The thing is….we don’t have a lot of money saved to put down but I can qualify for the FHA. And I am currently a teacher and see a lot of programs advertised for teachers getting mortgages.

Here’s my issue. Our new place as a rental will probably cost between 1600-2000 a month and that’s to downgrade our neighborhood. I don’t want to pay that to rent. If we buy a home, we may pay that or less for the mortgage.

The other situation is that the homes I feel comfortable choosing (around 0,000) are not in great areas. Some of the homes are situated in bad neighborhoods and some of the neighborhoods are kind of ok but not that good (at least not compared to where we live now). It’s like we would be going from a place that’s kind of upscale to one that doesn’t have a good reputation. I look at it as starting out and think it’s OK. My husband doesn’t seem to understand that there is nothing in our price range close to where we live now.

The things is… I make more money than my husband at the moment. My mom has told me that I should just make the choice as to where to live since it mostly hinges on me.

My husband wants a house but is absolutely resistant to living in a bad area or an area that he perceives as bad. He is from the Caribbean and has never lived in the "ghetto" in the U.S. Ever since his mom has brought him and his siblings here, she has worked hard to keep them out of the rough neighborhoods. As bad as this sounds, he doesn’t really want to live in an all black neighborhood—and we are black. I have no problem with being in a black community since I am a black woman but I don’t want to put a rift between us either. He wants to be in a place that has a diverse group of people.

Anyway, I’m looking at a home as an investment and don’t plan to live there the rest of my life- maybe for the next 6 -7 years until I upgrade. What would you do if you were me???