I am debating trying to pay off a BIG amount($4000) and am not sure how to go about it. I don’t have the money for min. payments and don’t have any marks on my report yet. So how bad is it to get this on my credit report?

One 30 day late can reduce your score by 50 to 100 points

A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score by Fair Isaac. The FICO score ranges from 350-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula.

Here is a percentage breakdown of a FICO score:

35% – Payment History
30% – Debt Ratio
15% – Length of Credit History
10% – Types of Credit
10% – Number of Credit Inquiries
Most people are aware of the three credit reporting agencies TransUnion, Equifax and Experian. The average difference in score between the highest and lowest of your three FICO scores is 60 points. This is the result of each of the credit bureaus having different items on their report. some correct, some incorrect and some that are not being reported in full compliance with credit law.

I am currently going through a divorce and one of the main reasons I am divorcing my soon to be ex is that he has ruined me financially. My house is foreclosing and I need to find an apartment between Dighton, Ma and Bridgewater, Ma. Here’s my problem. My credit since I have been married is terrible. I am very dependable and have been at the same job for almost 8 years. I can provide personal and professional references and pay a few months rent in advance if need be. What can I do? People with bad credit have to live somewhere, right? Help.. I don’t want to end up homeless. Any ideas or suggestions would be great.

Listen. Credit scores are VERY overrated when it comes to renting. Normally they only make a difference if you are looking at a place you probably cant afford to begin with. In my life I have never heard of anyone I know getting rejected from an apartment. And i know some people with AWFUL credit. Just look around and someone will let you in no problem.

I have bad credit and I would like to refinance my mortgage so I need some help repairing my credit at a decent price. Any suggestions?

Everybody wants you to go to xyz company. It took you awhile to get bad credit and it will take you a while to repair it. It is very simple pay off your bad accounts or bring up to date. After that pay consecutive payments for two to three years. There is no quick fix. Items on your credit report stay for 7 years so all you can do is to show that you are paying on time.

I have bad credit, and was interested in joining the Air Force reserves. I am curious if this is going to affect my ability to obtain a security clearance or not. I am having such a hard time getting in touch with a recruiter, and am still waiting for my calls to be returned. I am curious if this is a waste of time for me or not. I am planning on fixing my credit, but have been financially unable to do so.

It will definately affect your chance of a SC. That is one of the main components of getting a clearance. It basically tells them of your responsibility and trustworthiness. If you can pay your bills on time it shows those to values, and you need those same values because with a SC you will need to keep secrets. It definately isn’t impossible though, so give it a shot.

You may also have some difficulty of joining, but it shouldn’t affect you too much on this aspect.

Man. My company ran out of buisness long time ago, and I need about $1000 quick cash, but my credit is bad. After all research, the only option I have seems OrchardBank. How much credit line do they offer to someone with real bad credit under 520?

The average is a $200-300 credit limit. And they will probably charge you about $70 annual fee which they will deduct from your credit line right away.

I’m looking to rebuild my credit, and a credit card seems to be the most popular way to get it done. I have had bad credit, and am now told that it is up to zero. What kind of card can I get, or can I even get one?

Might want to try checking your SPAM inbox. We seem to get tons of these emails of companies that will help rebuild bad or no credit w/a credit card.

How does bad credit come off your credit report once you have passed the 7 year deadline?

if you are looking for the free credit report usa national site, check out this site

http://free-credit-report-national.com/

Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating.

I am planning to go to US in April. I will be in credit however have missed payments etc and have a bad credit history. Will this affect me getting a visa?

A working visa can be denied for a whole host of reasons. You should talk to your sponsoring employer’s immigration lawyers. BTW, you cannot get a work visa for the US withouit a sponsoring company.

I have only owned old cars that were passed on to me by my father. I have never actually went to a dealership and bought a car before. I feel trapped! The car I have now is falling apart! My parents and friends eathier have no credit or bad credit, but mostly just bad credit. So there is no way I can get a co-signer! I called a credit union today and they also said they couldn’t help me. So I am confused. My father has purchased all of his cars through a credit union… Can someone please help me?!
& yes, Kia rejected me also!

You need a buy here pay here lot, or try J D Byrider-they finance almost anyone.

Single Mother, in a bad car accident several years ago…result bad credit from collection companies for unpaid medical bills

I want to buy two acres of land, I have no money for downpayment, can anyone point me to a lender that does lot land or land loans with a credit score of 549.

sorry but you are out of luck, especially vacant land