Government Help to Clean Up Credit to Buy A House?

BradM

Staff member
Admin
#21
The only way to "clean up" a credit score is to pay off bills and wait.
:yes::agree1:

The biggest problem in doing this is many people simply can not pay off their bills. Many are out of work and have no income, or their income is so low, there is no way short of winning the lottery.
True. There are times when there is absolutely no way out. And the phone continues to ring. That is when bankruptcy becomes a viable option.

That said, I have a low tolerance for people who have built up large credit card and other bills. I, for example, haven't owed anything on a credit card since 1991. I keep a strict budget. It's not just if I don't have the money I don't buy it, my rule of thumb is how much have I saved this month according to my budget - Left over (after savings) is what I have to spend.
And what came natural (or self-taught) to you, may not have arrived to others. Thus, they need assistance. In following Ramsey's stuff, I ignored the things I didn't like or sounded useless (to me). But extracted those which benefitted me.

One thing that hit our family hard was setting a very rigid budget for eating out. 1) The family drank water. They did not like that. Now... that's about all they will drink. 2) They learned that the family had $75.00 a week to eat. Use it how you wish; one meal; three $25.00 meals; Mon-Wed; Wed; Friday; Sunday; etc.

I didn't literally use the envelope systems; but used the notion of "here's what you have; when its gone its gone. It made a large difference for our family.
 
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Marc

Hunkered Down for the Duration with a Mask on...
Staff member
Admin
#22
Something else to consider:

Lenders may see a different credit score than you do

And - Do this once a year (free): https://www.annualcreditreport.com/cra/order?mail - Personally I send in the form because I prefer mail.

To Request your Credit Report by Phone:

Call 1-877-322-8228
You will go through a simple verification process over the phone.

Your reports will be mailed to you within 15 days. Please, allow 2-3 weeks for delivery.

To Request your Credit Report by Mail:

1. Download the request form (You need an Adobe viewer to view the requested form. Download the free Adobe viewer)
2. Print and complete the form
3. Mail the completed form to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

Your reports will be mailed to you within 15 days. Please, allow 2-3 weeks for delivery.
 

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#25
With all the good advice here, the one thing I was told years ago to help me to think about buying and not buying is to seperate:

The actual NEEDS of life and the WANTS of life. I said I needed a new car.
My friend ask why? My car is a older model. Does it run good and get you to work? yes, then you do not need a new car, you want a new car.

I started asking this question to myself.

Need food, shelter, clothes, job.

Want: new car, TV, etc.

Just my :2cents:
 
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