Your Questions About Check My Mortgage Application

Joseph asks…

Will applying for another credit card improve my credit rating?

I have been checking my credit score on experian recently as I am moving house in the next year so will be applying for a new mortgage. One negative factor in my report is that my highest credit limit is low. This is because I applied for this credit card when I was a student several years ago.

If I were to apply for another card and get a higher credit limit would this improve my score or lower it as it would leave a credit application trail on my report?
I just phoned up and increased my current balance. PS I pay off my balance each month.

admin answers:

Request that the limit on that current credit card be raised.
And please make sure you pay that credit card in full each month.
Many advisors tell you never to open new credit before buying a home.
Do not carry credit card balances – this can seriously hurt you.
^ It almost sounds like you are.

Sandy asks…

Out of HS First Time renter/buyer questions?

I live in Sacramento, and I graduated HS in June. I’ve worked a professional job since June. I bring home around $2100 post taxes, not counting the occasional overtime that comes with my job (I’m in IT). I have about $3000 in my savings and checking… I would have more, but I’ve been helping my parents with their bills. Long story short, I got into an argument with my parents, my dad especially, and he told me that I wasn’t pulling my weight. This is the second major argument we’ve had in a month, and the first one he told me to get out of the house. I came back about 6 hours later with a lease application and called his bluff.

In any case, if my math is correct, I can afford between $800 to $1050 a month for a mortgage / lease.

Should I try to get a foreclosed home cheap, or should I just rent?

How large of a loan could I get and at what interest? I have done nothing to harm my credit… but then again, I haven’t done much since I graduated.

Thanks.
I called his.

admin answers:

I would rent an apartment because you have to take in account moving expenses and you will need to furnish the apt. Keep saving and buy yourself a nice starter home in a couple of years. Also with your parents they are probably in a hard spot and could use some money and they think that you should help them out even more than you have. It is your choice but just think of how much they spent on you those first 18 years. Lol.

Laura asks…

What is the qualification for being considered homeless in VA?

Here’s my situation. I am a nineteen-year-old college student who is trying to get federal financial aid (a Stafford loan, technically) for my last year in college, which has already just begun.

I need to file a FAFSA (Free Application for Federal Student Aid). I recently left my parents’ home because they are abusive and overly controlling and manipulative in the lives of their children. Unfortunately, the FAFSA requires parents’ tax and personal information (including SSN’s usually) unless the student can show they are independent by checking of an option from a list. I do not qualify for the age option – I am only nineteen and would need to be twenty-three, which I think is rather silly since technically the age of eighteen is that of a legal adult.

However…on to the homelessness idea. Being homeless or being at risk for homelessness is one of the options listed that can enable me to fill out the FAFSA without my parents’ information. Since moving out of my parents’ house, I have been living with my fiance and his family. However, they are almost constantly on the brink of losing their house because of mortgage payments, so really I could lose that home as well without too much warning at all.

To add to this, though I’m not sure if it counts…at the current time and during the school year I live in a dorm, though I highly doubt that counts as having a “home.”

Can anyone advise me on what the actual laws of Virginia state concerning being homeless? What does it take to be considered homeless or at risk for being homeless? Explanations or links with pertinent info would be appreciated.

admin answers:

Virginia has aid programs for assisting the homeless. I’m providing you a link so you can pick the department to contact for your specific area… Contact them.. The numbers and addresses are in this link.

Http://www.dhcd.virginia.gov/HomelessnesstoHomeownership/PDFs/HIP_Service_Areas.pdf

Susan asks…

Where can I get a student loan?

Look. I’m 8th of 500 in my graduating class, I have a 5.2 GPA (Because AP classes bump up GPA a lot) and I am incredibly intelligent. Fact is, my parents have a $1,350 monthly mortgage and two new cars on the driveway, and a history of being late on payments.

Both my parents were ineligible cosigners for a Wells Fargo Collegiate loan. This is due to bad a bad credit score. This came as a HUGE reality check to me, because now I CAN’T go to A&M University, which I dearly wanted to attend.

Where else can I get a student loan?

Can I apply for an Unsubsidized Stafford Loan, even with parents with bad credit scores? Also, would this Unsubsidized Stafford Loan be gotten from a bank, like Wells Fargo? Because I noticed they also had Stafford Loan applications on their site. And can the Unsubsidized Stafford Loan be gotten directly from the school, because I’ve noticed a trend that any school I applied to has given me the option to apply for this Unsubsidized Stafford Loan and some kind of “Supplemental Plus” loan.

I’ve completed my FAFSA, I received NO money from it, because my parents’ yearly income is right at 100k, yet somehow their money disappears. I’m applying for Scholarships, and have applied to probably 30 so far, and I’m not exactly hopeful of those bleak results, as I would think many people are applying to the same ones.

Any help is appreciated, thanks!

admin answers:

Most financial institutions offer students loans, like credit unions and banks. If you would have qualified for federal loans, the loans would be through different lenders. I got one through Bank of America and another through Direct loans. You should look to see what your bank has to offer. Never get a credit card loan for school, those low rates are only temporary.

Lizzie asks…

How long should I wait in-between denied credit card applications to apply for a new one?

I am a 22 year old with no credit history what so ever. Yes, i have checked this with the creditors. I have never had any open lines of credit and no bills in my name.

With that said, I am planning to buy a house within the next couple of years and I am trying to build credit so I will not have any problems getting a mortgage. Since August 2009, I have applied to 2 credit cards. Both were denied for the same reason(s) as follows: “current account has not been used enough”, “credit limits are too low”, “available credit on account is too low” and “insufficient amount of credit is reported on credit bureau report”.

I have been told that the only way to begin to build my credit is by applying for department store credit cards or store only credit card without the Visa/MC connection. A department store credit card will do me no good as I refuse to shop at the GAP 5 days a week. So, i have decided that my next best option is a WALMART store only credit card and/or a gas station only credit card as these two i know i will use on a weekly basis.

However, what is the average amount of time i should be waiting in between each of these credit applications? My second (last) denial letter I received on October 29th 2009. Some people have told me I can apply for store only credit right away, some have said 45 days, 60 days 90 days and even 6 months!

Please help! I need to build credittttt!!!!

admin answers:

You should not go around applying for credit in too short a period of time, not matter if it is 30 or 60 or 90 days, no matter what, those credit applications affect ones credit scores.

Your best bet is to forget a card for now, you would do better to open a secured credit card with a credit union. You simply deposit funds into an account that they hold to cover your credit purchases. If you deposit $500 then your credit line would be $500. Use the card and pay it every month and pay more then the minimum. After about a year, you will have enough of a history to help you obtain credit cards.

When it comes to getting a mortgage, they (the lenders) want to see a history of how you make payments and how you handle your credit. They look at more then just your income. They also want to see the types of credit you have (revolving accounts, loans, and auto financing.

You could start to build your credit if you were to shop around for an auto (nothing too expensive, even a used one real cheap will help you build a credit history). Shopping for things such as auto loans, loans, student loans and mortgages done so within a short period of time will not affect your score, FICO recognizes you are “rate shopping”. FICO states within 15 days for older scoring methods. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

You can go to the source area I have referenced to learn more on how to build ones credit, this is free info from FICO.

Hope this helps answer your question.

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