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.

first time home buyer loan help…?

im getting a foreclosed house soon and i went to get pre approved at bell mortgage. what they offered me was a FHA type loan with Nehemiah program gift. im looking at homes in the 115,000 – 150,000 range. what bell wrote up for me as a good faith estimate written and signed, was a 130k fha fixed with a 2950.00 down payment provided by a non profit. and at 5.500 % 30 years a p&I of 732.16 dun and said is 976.43.which i want to lower id like to be at 00 after utilitys, at least this is what i know i can afford,im not even sure if its possible.is there a better program out there for me. I WONT RENT!
i live in andover mn with a 690 credit score, i aint got much in the bank and currently have little debt.(about 10k) i currently live with my parents so no rent. i work for my dad but get taxed through payroll. i make 20.00/hr and its very rare to work less than 50 hours a week in mid summer, but i dont work from mid nov. – april. in the winter i collect seasonal unemployment=351.00wk.
to thicken the plot i got t-boned on my motorcycle and have a year and a half lawsuite in the works. im guaranteed getting between 0,000-0,000, keep in mind my lawyer gets 33.3%. i was waiting to buy a house but now i dont want to wait any longer, my lawyer tells within a year. and no i wont be paying the house off because i plan to invest into more to make a future out of it. so for now i aint got much to offer. read my other questions to get more info on that. or email me

Can you Still Buy a House with Bad Credit? ?

I have a bit of a dilemma. I am 27 years old and I am about to get a pretty good sized promotion and raise at work. I want to start looking for a townhouse or condo in the area I work because I have been renting for the last 2-3 years and I am tired of throwing away 0+ a month for housing.

My credit is horrible. My credit score right now fluctuates between 590 and 610 and is damaged due to several stupid credit mistakes I made in college. I have a 3-year car note that I will have paid off in February 2009 and I have never been late or missed a payment on it. I also have a student loan that I am paying off and have made sure to always pay that on time. My dad’s realtor told me that should help bump up my score a bit after a couple more months and the reason it hasn’t helped so far is because I haven’t had either note for 3 years. I also will have more money freed up after the car is paid off to pay down my credit card. The last time that I paid off my card it raised my score almost 70 points so I think that will also help.

That having been said, I am really worried/nervous about even trying to look for financing, especially given all of the horror stories out there about mortgages. The townhouse/condo I would be looking at would be in the range of 0-150,000 and I could afford monthly payments around 0. I am going to try to save up a bit for a down payment but it probably wouldn’t be much more than a couple thousand dollars. I am planning on starting this process probably in 3-4 months so I have a bit of time to save up and pay off some debt. My dad’s realtor said I should still be able to get financing even with poor credit but I am worried I will get stuck with a really bad interest rate or loan. Any advice? It would be nice to hear from someone who has purchased a home with less than perfect credit to get some pointers.

Car Loans for College Students?

I need a new car! Right now I will take a used car! Currently I have a 1995 Canada made Dodge Neon which is giving me problems. I would like to get a Chevy Cobalt or Mazada 3. The problem is as an college student with a credit score in the 630-650 range and a monthly income at best 1000-1300 range…financing is a problem. I dont know where to turn or what to do!!!! My dad has had recent credit problems although recently he has paid off a car and my mother is good credit and a great income but saids she is max out or has too much in her name. Is there anything I can do??? Online Loan?? etc

Did they just ruin my credit rating?

I only had a credit card for about two months. I’ve been using it very responisibly, trying to build a good credit score.

Two weeks ago, I went out and bought a new used car, with my dad as a cosigner. We filled out the papers to authorize one credit check, got approved, and we got the car.

The past few days, I’ve been getting several letters in the mail saying I’ve been approved and declined for various loans. I noticed that they were all in the range of the car’s price. Curious, I called the dealer, and they said that to give me a good rate, they checked with several credit companies to open an account for me. I didn’t approve that, I only approved them to do one credit check.

Now from my understanding, if you have many credit inquiries in a short time, that lowers your rating heavily.

Did this harm my credit score, and if so, how badly? And how can I fix it?

Buying a New Car with Auto Financing and a Low Credit Score?

Currently I am looking to buy a New Car Somewhere in the k dollar range. I am looking to pay less then 0 a month and understand I will have to pay a high interest rate. My Credit Score is 439 but I have 00 cash to put down. I did have another car loan just in my name which was repoed but I did the reedem the car after paying like 00 to the bank. The car was Pontiac G6 but totaled in an accident and the bank was paid off fully by insurance
My dad who has a 544 credit score is willing to Co-Sign the loan. I know his score isn’t that good either but he can show income of ,000 a year if that helps at all.

Around what amount would I be able to finance up to for a car? I’m guessing anything over k is too much. Also what do you think my monthly payments would be and what interest could I expect to pay?

Extra Info: I’m a college student but currently own 2 websites and make about 0 a week of those 2 sites total but don’t really have enough history to show income.
10 points to the best response

Having a cosigner for a car loan with a really good credit gets you the best interest if your credit is fair?

I’m financing a car, and my credit score is fair or good I think (my fico score is 672) so I’m getting my dad as a cosigner (his fico is 742) to get a better interest rate. If I do that should the interest rate be the average of the interest rates we will get as if we were applying on our own? I’ve never missed payments or anything, but my credit history is not old enough yet. I’m getting a 2008 Honda Civic and after my down payment I’ll borrow around 8k-9k, so my payments are in the range of 190 to 250 if I do it in 60 months, but I can pay off the car within a year. I only want to get a good reliable car that is good on gas plus I want to have a record of having a car financed.