Mortgage Credit Score, and the situation ..?

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My husband and I were looking to buy our first home in order to obtain FHA loans. But after doing some research for a few months ago, I discovered that my husband had a terrible credit 547th $ 11.170 for a student loan that his father was court ordered to pay the divorce was over 90 days at the end of the 9th separate occasions. His father has never said he did not repay the loan, and as she was called, but the contact was his father and mother or his home (which he does not speak). After talking to a mortgage specialist, we realized, would not be such that it would be good for us, even given the mortgage. Thus, some of my friends did say that they give us a place to stay financially so that we can focus on our work off their student loans. So my first question is, if we put more than $ 2,000 per month to its credit, how long does it take before you begin to get a credit score? Also, my husband threatened to take him to court for violation of the court, where his father then said he would be able to obtain $ 5,000 loan to cover costs. My second question is, when we contacted the U. S. Department of Education Loan / Direct (borrow) and told them of the situation that we had put in $ 5,000, and so we can send a copy of a court order, they will eliminate most of the bad credit loan ? If someone could please give us some answers and an understanding of what we could do, I’d be very grateful. This whole situation has taken such a tension in our marriage and I do not know what to do at this point.

  1. Reply
    February 6, 2011 at 9:09 pm

    You should do every thing you can to improve your credit scores. Write letters, make phone calls, pay down debt.
    I would certianly not be too proud to call the student loan and ask them to bring the account to current if you pay the 5k.
    The ball is in their court though. Since you can’t default on a student loan, they might refuse your request.

    You really need to check and monitor your credit reports.
    You get one free from all three bureaus. If you need more than one per year, you can purchase them.
    That’s the gov’t recommended site that is scam free. Don’t go anywhere else.

    Just because there is a court order for someone else to pay a bill, the fact remains that the account is in your husband’s name, and the lender holds the account holder responsible. All the court can do is fine or jail the father for not paying. The court can not change the credit report.
    Good luck with everything.

  2. Reply
    Bill T
    February 6, 2011 at 9:51 pm – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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