Hello All I was on this board a couple of years ago â?? currently I have â??cleanâ? reports â?? no late pays, no C/Os, all bad stuff from the early â??00s is long gone, but I have lower scores due to high debt â?? I am currently in the middle of a divorce was has drained me. Prior to leaving I was paying all the household bills â?? while my husband paid the mortgage and 4 years of diapers and formula for two kids my household bills added up quickly. I left the home as the mortgage is in his name only and there would be no way I could pay the monthly payment by myself. I found a condo to lease that is very affordable but I have two small girls (4 and 6) â?? and my goal is to give them a backyard. I am currently on all my cards and I pay more than minimum every month but canâ??t seem to get anywhere as interest rates are high and when I get somewhere with a card something comes up â?? car insurance, rental insurance you name it with and with no extra cash for the month I have to use the card(s) again. I have called to ask to lower the rates on the cards â?? some did down to 15% which is better than 25% I was paying but some wanted to closed the card for a year in exchange for a rate lower than 10%. I need the line of credit in case something comes up now. I have a full time job - 45 hours a week, but because I have the girls all week and every other weekend I canâ??t find a part-time job that will fit, I can only afford to give up 15 to 20 hours a week without losing it â?? my mind as well as time with the girls. My mom helps with extra food â?? but doesnâ??t have extra cash to share â?? we get by â?? but I want to do more than just get by. My reason for coming back here has to do with mortgages, with this new stimuli bill â?? I am very interested in the 8,000 tax credit you can get for 1st time homeowners and I live in Michigan â?? and in my county we have a lot of foreclosure homes at great prices. I have 401K that offers loans and/or withdrawn that can be used for down payments on home purchases â?? currently I have over 20K in there that I can use for either a hardship loan or withdrawn, I can pay down some of my debt or I can use the money for a down payment. What would be better â?? with drawing the money and paying down the debt in hopes of raising my scores â?? leaving me with NO down payment or take a chance with my score and use the 20K for a down payment and/or purchase points? With the exception of the high debt â?? I have nothing wrong with my reports â?? I have not applied for credit in three years, I am current on all accounts, paying more the min, no C/Oâ??s, no collections, no BK nothing but high debt but as of 2.7.2009 my highest score is 616. I have 7 months before my lease is up for renewal â?? so itâ??s this summer that I would have to make a decision. Would there be anyone out there who could give me an opinion. I thank anyone who could response. Desemona's Building A Rocketship
Can you get anyone to add you as an authorized user to their cards "if" those cards had good utilization? That could bring your scores up considerably.
Being Added as AU HI The only person would be my mom - but I thought AU's don't count anymore. She wouldn't do it anyway - she got burned by my older bother in the 90's - co-signing on a car loan - he had late pays - didn't have it repo'ed but took him over 5 years to pay it off with at least 10 30+ on it. She helped my out during the move-out and has offered to pay 1/2 of daycare so I am afraid to ask for anymore. Thanks. I guess I just what to know if a moragate with a clean report with a low 616 score w/ 20K down payment is due able.
She doesn't even have to give you the card, so she can't get burned. All she has to do is call them and add you as an authorized user. She should ask them to send the card to her, and she can just keep it.
Without knowing your balances and bebt ratio it's hard to answer.If you withdraw some of your 401k amd paid on your balances,what would you use for a down payment?If you did do that your scores would go up.But how much is a different story.Can your mom watch the girl's if you got a 2nd job.The girls are really at an age when they do need their mom.But the job market is pretty tight and if you could get one it would help.It's really hard to tell you what to do,but start planning now for this summer.
The Part Time Job Hi All Currently I am offered overtime at my full-time job - I take as much as I can - I get about 5 to 6 extra hours a week - currently my mom lives about a 1/2 hour away. Anyone living in Metro Detroit knows there is no clear route from Farmington Hills to Clarkston during rush hour traffic. So no free babysitting during the week. I have them every other weekend so that really only leaves me four 8 hour weekend days to get that extra job. As for being an AU on any of my mom's cards - to be perfectly honest I think she only has one - very old school on credit - she refuses to get an ATM card. I think my brother burning her all those years ago really got to her. My understanding and how I found out about it was she went to refi her Condo in 2002 when they were offering all those great rates and she had issues cuz the car loan was still showing. I am afraid to ask for anything credit related. As for the debt ratio - I have about 21K in credit - 19K used - told you high. My 401K offers either a hardship loan or hardship withdraw where you can use it for debt relief. They offer a loan or withdraw for the purchase of a home â?? but you canâ??t take both. I canâ??t take 10K and put it to debt and 10K to a home at the same time I already checked. So the question (or opinion) is will a score of 616 with 20K down get me a mortgage in the next couple months or do I take the 20K pay down debt hoping for at least a 680 to 690 score hoping that the high score will get me a better rate â?? but leaving me with zero down. I am just looking for opinions â?? experiences â?? before I get laughed out of the mortgage brokersâ?? office. Desdemonaâ??s building a rocket ship
