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I'm not sure what you think is affecting your score from 12 years ago. Even bankruptcy drops off after 7.
He has judgements and some inaccurate things reporting, but he can't correct the inaccuracies without risking the judgement holders finding out where he lives.
Wouldn't the inaccuracies have dropped off though? The judgement I understand since while the initial debt may have been old, if they're actively pursuing it and keeping it alive, it's sort of a recent thing.
Wouldn't the inaccuracies have dropped off though? The judgement I understand since while the initial debt may have been old, if they're actively pursuing it and keeping it alive, it's sort of a recent thing.
The inaccuracies are all 12-year-old charged off debts that are traded at deep discounts among debt scavengers who re-age the accounts, thereby keeping them on my credit report.
While my income treads the poverty line, I *am* collectable, and thus I am unwilling to do anything that might get a judgment holder to pounce and thereby impair my ability to meet current obligations like rent.
I'd like to come up with a lump sum settlement on the judgments, but until income improves, that's unlikely to happen.
Wouldn't the inaccuracies have dropped off though? The judgement I understand since while the initial debt may have been old, if they're actively pursuing it and keeping it alive, it's sort of a recent thing.
The old debts were sold and re-aged, which isn't legal, but he won't dispute anything because of the judgments. He could qualify for BK to get rid of all of it, but he hasn't gone down that path. I told him to dispute online and not change the old info, but he won't or hasn't.
The inaccuracies are all 12-year-old charged off debts that are traded at deep discounts among debt scavengers who re-age the accounts, thereby keeping them on my credit report.
While my income treads the poverty line, I *am* collectable, and thus I am unwilling to do anything that might get a judgment holder to pounce and thereby impair my ability to meet current obligations like rent.
I'd like to come up with a lump sum settlement on the judgments, but until income improves, that's unlikely to happen.
"After all, one can't complain. I have my friends. Somebody spoke to me only yesterday. And was it last week or the week before that Rabbit bumped into me and said 'Bother!'. The Social Round. Always something going on."
"After all, one can't complain. I have my friends. Somebody spoke to me only yesterday. And was it last week or the week before that Rabbit bumped into me and said 'Bother!'. The Social Round. Always something going on."
Ha, not very far upwards. I only make $30,000 a year. I pay taxes, too and I earned this benefit through hard work and discipline.
There is a gulf between the $30,000 homeowner who can retire with some wealth including a paid-off home, and a burger flipper whose rent will never be paid off, who will never own a home, will never be able to retire, and will die penniless.
Someday, within the next few years, I hope to purchase a home and will likely be financing it with a mortgage. Therefore, I would need to get approved for a home loan. As we all know, getting approved for a home loan depends on a variety of measures.
However, my friend who works at Bank of America told me that he has seen many people get denied a home loan, simply because they haven't used their credit card enough, EVEN though they have very good credit scores.
So here's my big fear. I always only use a debit card 100% of the time, except for maybe one purchase per year or every two years on my credit card (which I pay off as soon as possible). I've been using my debit card for like 10 years now. My credit scores average out to 735, which is considered "very good."
My friend said that I could still get denied for a home mortgage, because I don't use my credit card on a consistent basis over the long term.
Is he correct?
Personally, I much MUCH prefer using a debit card, because it's simple, straightforward and eliminates double transactions and having to accumulate credit and all that nonsense.
I just want to make sure I'm not screwing myself over.
I think your friend is exaggerating. Your credit score is fine. Concentrate on building a 20% down payment, keep those cards open and minimally active, and you'll have little trouble getting a loan.
Last edited by randomparent; 09-13-2014 at 10:27 AM..
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