Moms With Credit Issues

Comment by Tamia R. Pettus on May 27, 2008 at 1:56pm

I have credit card debt. I am trying to get myself and life off of the ground and have no idea how to. any suggestions, ideas, and tips will be greatly appreciated.

Comment by Moni on June 3, 2008 at 6:36pm

Hi Tamia,
have you tried contacting all of your creditors to work out a settlement? Sometimes they are willing to accept 50% or more of what you owe. Also, when you do agree upon an amount with a creditor, be sure to get it in writing and have them send the agreement to you before you send them the money. Additionally, negotiate for the credit card companies/and or collections to remove the item from your credit or show it as paid on your credit reports.

Comment by Jessica Eskridge on June 24, 2008 at 6:44pm

Anyone have suggestions on how to get better credit when it comes to not having any in the first place? I found out when I was 19 that someone had been using my social for several years and even to this day sometimes it comes up in weird places. I myself have racked up 30,000 in medical bills and about 7,000 in student loans. I've lived off cash not entirely by choice. I have never had a credit card, car loan, nothing like that but my debt to income ratio is so out of whack that it seems I'll never get ahead. I want to give my children better and sometimes saving up isn't always an option especially when it comes to a house, new car, etc. Everyone keeps telling me the first step is to get a car loan or credit card but how can I get one if no one will touch me?

Comment by Moni on July 12, 2008 at 1:12pm

Hey Jessica, as a mortgage loan officer it's crazy to me that folks with no credit (good or bad) still have a hard time qualifying for homes. However, we can use alternative credit to build some credit such as cell phone bills, utility bills etc. As for the medical bills, when it comes to buying a house, most lenders will forgive that kind of collection. I specialize in FHA loans and defaulted student loans are something that disqualifies borrowers right off.

I suggest you get a secured credit card through a bank or credit union using your money as collateral. You can deposit $500 in your credit union or bank account and ask for them to give you a loan on that money. Basically, you'll be building a credit line, showing that you are capable of making monthly payments. You'd want to do this for at least 9 mos to a year. Yes, you're taking a loan out on your own money and paying interest too sometimes but that's a quick alternative to get you going.

Holla if you need more advice. I can do mortgage loans in most states but again, I only do FHA loans for purchase and refinance.

Comment by LaKeisha Hankins on May 20, 2009 at 6:14pm

If you need help with credit restoration or advice on how to repair your credit, I highly recommend Rachel Speight, she is the owner of Pursue, Overtake, and Recover. She is so down the earth and knows her stuff. Check out http://www.porservices.com/

Comment by Sista42 on July 12, 2009 at 11:08pm

Checking for activity here & hope the group is still connecting on this issue

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Comment by Moni on September 10, 2009 at 10:19am

Comment by Deanetta Thompson on September 16, 2009 at 9:34pm

Hello Moms

I did a piece on bad credit on my blog I pray it can be of help to someone it might information you already know. Go to
target="_blank">www.sistainchrist.com under recent post and click Tips For bad Credit.

Be Bless Moms
Deanetta

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