How To Establish Credit With No Credit History But Bad Ones?
Ok here is my case, I only established my credit history 2 years ago, by having 2 credit cards and coincidentally that is when I lost my job!!
Long story short both cards were charged off by the lenders!!
Now, I am getting back on my feet and would like to establish new credit lines...
But, it seems that no companies want to deal with me, even to issue a new credit card for me....
Does anyone know where I can get a credit card for bad credit people like me?
I am really worried, if I cannot even get a credit card, how is it possible for me to get a mortgage.
Also what should I do with the 2 negatives on my account?
My score is around 550
Any help would be deeply appreciated!!!! :-(
dispute the charges see if the lenders respond in 30 days if not they get removed. I had several collections I got removed that way from when I was younger I disputed directly thru the credit reporting agencies website. That means I had to buy a report from them.
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Have you tried getting some of the easier cards like gas stations or stores? Not to abuse obviously but to help build back your credit.
Go get a secured credit card from a bank and make sure they report. At one time almost all banks and credit card companies were doing it. Capitalone, American Express, etc.
I think Household does one through Orchard Banks and that US bank has a secured card. There are also many others, just make sure they report it to the credit bureaus.
And yes, dispute, dispute, dispute the old charge-offs, though it may not be old enough to do that yet. Also you will need to be somewhat careful when doing this, you may reactivate you account enough to get the interest of a collection agency depending on what the amount was that was written off. Which in turn could cause more negatives to show.
thanks for the advise guys, I guess I will have to go thru the secured credit card way, but is it possible to obtain unsecured credit card any time soon?
And is it possible to obtain mortgages with my condition and no stated income? Do I have to have at least some money in the bank to obtain mortgages? If so, how much?
Great stuff Flacorps but the first link is not working...
anyways can someone answer my other question, apprecite it.
"Is it possible to obtain mortgages with my condition and no stated income? Do I have to have at least some money in the bank to obtain mortgages? If so, how much?"
If you can't open the creditinfocenter site your browser can't handle a secure web page (note the "SHTML" rathter than "HTML" extension on the file you will be opening--the "S" is for "secure"
.
Change browsers, change a setting in your browser, or use a friend's computer. The stuff there is important enough to jump through some hoops to see it.
All the previous posts suggest excellent ideas but you need to take the proper steps and talk with someone who can help.
Is your ultimate goal to buy a house ? If so then go to this website and look around.
http://www.all-creditmortgage.com
I have a simple first time buyers program that will get you started plus you'll get free advice.
You'll have to do a little work on your side but if you're willing to do that, I'm willing to give information on a great start in getting that home!
FYI...I was in your same shoes.
Thanks for the direction acm2004, I will definitely look into it.
I am actually looking to purchase a home and also investment houses, but no doc, and bad credit, that is my situation.
Quote:
On 2004-12-24 12:35, acm2004 wrote:
All the previous posts suggest excellent ideas but you need to take the proper steps and talk with someone who can help.
Is your ultimate goal to buy a house ? If so then go to this website and look around.
http://www.all-creditmortgage.com
I have a simple first time buyers program that will get you started plus you'll get free advice.
You'll have to do a little work on your side but if you're willing to do that, I'm willing to give information on a great start in getting that home!
FYI...I was in your same shoes.
Sample dispute letter:
Dear Experian,
I have paid so&so Co. debt in its entirety and they still show me as delinquent.
Attached is the proof. I have also attached a copy of my drivers license and
my social security card along with a copy of a recent utility bill with my home
address as proof to who I am.
I would appreciate having these items removed or corrected as soon as possible.
Thank You
See: http://www.mtgbrokerscorp.com/Credit.htm
for a compilation of mortgage lender and scoring info
that should prove interesting.
Good luck
Based on your situation, You can get a full doc loan at 70% to 75% ltv. You must have 12 months cancelled checks for the rent. You would have a high rate but it would allow you to start over.
Lori
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