Is there any way I can repair my credit?

Deal Score0

I have had a repossessed mobile home back in 1996; 2 cars repossessed, 1 in 2001 and the other one in 2006. Now I want to buy an acre. It’s land with a small house build on it. I am going to put it under my daughter’s name and she is only 18 yrs old. Do yo think the bank would help me with a loan to buy this land? Thanks for your advice in advance. Do I need to have clean credit. I also have student loans that are in forbearance; That just means that I don’t pay till I graduate. But I have a sucky credit history.
I am here to ask for positive advice not for critical ones. If you can’t please you don’t help be writing shit. Keep it to yourself. If I went through bad things in the past, I have very good reasons I rather not post. So, please if you can’t help, don’t help at all.

10 Comments
  1. Reply
    Ryan M
    July 21, 2011 at 2:22 am

    NO bank in their right mind would EVER help someone with a proven track record of irresponsibility like yours!

  2. Reply
    Steve D
    July 21, 2011 at 2:26 am

    Doubtful – most likely, your daughter is going to need a co-signer for the loan if you put it under her name. Since you would most likely be the co-signer, your credit comes into play.

  3. Reply
    Dixie Darlin'
    July 21, 2011 at 2:45 am

    The repossession’s from 1996 nor 2001 should no longer be on your credit, the reporting period is 7 1/2 years.

    The repossession from 2006 is still being reported and is negatively impacting your credit, however after 2 years the negative impact does loosen up a bit.

    With only one repossession showing on your credit, no judgments (what happened to the deficiency balance from the repo?), collections or liens then you might stand a chance of getting a mortgage.

    Most lenders are now requiring a credit score of 620 or above. So if you meet their requirements,you might get financed with a mortgage broker.

    The most important thing is that you have no recent late payments like in the past 24 months and have tried to re-establish your credit since the repossession.

    I suggest going to http://annualcreditreport.com and pulling your free credit report (once a year) from all three bureaus. Then sit down and carefully go over your credit history. There might be accounts listed that you do not know about.

  4. Reply
    CatDad
    July 21, 2011 at 3:19 am

    The repos from 1996 and 2001 should be off your credit report by now, but the one from 2006 will still be there and this will pose a big obstacle to you unless you have a gigantic down payment on the property.

    Negative info like this has to age off naturally….

  5. Reply
    overnightdeejay
    July 21, 2011 at 3:20 am

    wow…

    you lost a home in ’96…
    a car in ’01,
    and another car 3 years ago?

    and now your first thought is to put your next home in your daughters’ name????

    you need to figure out why your not able to make your payments on time first, and resolve that issue first… If I were your daughter I would be fighting you tooth and nail on this one… If she cosigned, or worse yet, took on this loan, and you didn’t make the payments, then it’s her on the hook… not you…

    So far you have 4 bad loans and no good loans, and your only current credit is in forebearance, and you next thought isn’t to resolve your problems, it is to drag your daughter down with you…

    All i can say is Wow…

    If your credit sucks, ( do you even know what your scores are?) and your only option is leaning on your children, I doubt the bank will give you the time of day… You really need to start making your own paymennts. until that happens. you’ll always have troubles…

  6. Reply
    Goober
    July 21, 2011 at 3:45 am

    no quick fixes to clean your credit, they will just screw u…you now have to suffer the consequences of your life decisions and/or fate…sorry charlie…

  7. Reply
    Alexander
    July 21, 2011 at 3:56 am

    How exactly can you repair your credit? Here are the simple steps in repairing your credit by yourself. The first step in repairing your credit is to get your credit reports and review them. It is better to obtain credit reports from more than one credit bureau and get reports from the bureaus that are well-known and reputable in your country. The difference is that these credit bureaus are most likely the ones from which companies will get your records.

  8. Reply
    Doctor Deth
    July 21, 2011 at 4:50 am

    You cannot “REPAIR” your credit – if you have a negative transaction on your credit report – it will stay there for 7-10 yrs, even if you pay it off – it will show it as paid or cloised, but it will still be there the more time that goes by since your last negative transaction, your score will eventually increase.

    if you have to get a loan for the land, then chances are you will not be approved – putting it in your daughters name is irrelevant – if yo are not using her income and credit record to qualify for the land loan, then you would have to use YOUR credit record – I bought some land 18 months ago and needed 20% down to get approved, plus more cash for closing costs – do you even have that much money?

    with a car repo only 3 yrs ago and 2 within the last 10 yrs, plus student loans debt , I seriously doubt you will get approved for the loan

  9. Reply
    Pengy
    July 21, 2011 at 5:27 am

    At 18 your daughter has no credit and most likely has not held a job for 2 years so that option is out. check your credit report and if at least 620 you could go FHA with 3.5% down and make sure you have cash for closing (around 6%) plus appraisal fees, inspections costs and insurance for 1 year

  10. Reply
    CR-Guru
    July 21, 2011 at 5:40 am

    First I’d like to disagree with one of your responders by saying, no problem is too big to overcome, there have been many people with worser situations than your own who have rebounded to have great credit and own homes.

    With that being said, you deserve my honesty in telling you what you’re trying to do will be hard but still possible. First let’s tackle the real estate part of the question. Forget about trying to obtain a conventional loan right now, you’ll just be embarrassed. Instead focus on obtaining a home using the following methods:

    1. Owner financing – this owner of the home becomes the bank. this is very rare but it doesn’t hurt to inquire. you technically buy the home with the owner accepting payments with the home as collateral. if you don’t pay, she can foreclose just like a bank.

    2. Lease Option – You lease the home with the option but not the obligation to buy. this gives you an opportunity to prove yourself and if you follow through you should have good enough credit to buy.

    3. Hard Money Loan – It generally requires a 30+% downpayment, double-digit interest rate, and a short amortization period (generally 2 years or less) the goal here is to improve your credit and refinance into something conventional by the end of the loan.

    With that being said, fundamentally fixing your credit will require hard work. Focus on the following 5 factors in the stated order to begin the road to recovery.

    1. Payment History 35%
    2. Amount Owed or Debt 30%
    3. Length of Credit History 15%
    4. New Credit 10%
    5. Types of Credit Used 10%

    For more information, please visit & follow: http://clean-credit.blogspot.com/.

    Thanks and Good Luck!

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