need some opinions?

Question

i owe the credit berue $1600, me and my bf recently applied for a appartment and he has no credit. however we got someone to cosign for us, who has excellent credit. Do u think we will be accepted even thou i owe money. we also make approx. $60,000 a year combined, and have no other expenses.

Answer 1

FNMA guidelines recently changed regarding unpaid collection accounts. They will allow a borrower to have up to $5,000 in total unpaid collections. Borrowers are not allowed to simply "pay down" their obligations to get under the $5,000 threshold. That's the good news. The bad news is until those accounts are cleared up it will be difficult to improve your credit scores. My suggestion is to contact the creditor(s) and negotiate settlements. Many creditors are willing to accept 50% of the amount owed as payment in full. Someone in your income bracket should be able to handle paying this relatively small amount off.

Answer 2

It is any-ones guess it depends upon how sticky the landlord is. If they do not accept you try upping the security deposit by one month. If the co-signer has good credit it should be fine.

Secondly as you asked for an opinion here goes. Between the two of you, you make OK money. Pay of the credit bureau and work on build a good credit rating. You have no bills other than food and rent talk to a credit union and see if you can get a loan to pay the $1600 off. Then make the payments over a year to clear off the loan. Repeat this a couple of more times to purchase a new TV or stereo but make your payment on time and if possible pay it off early.

A year or two of watching you credit history may help you buy you first place. Good credit helps you take advantage of opportunities bad credit destroys you for life.

Answer 3

If you are accepted you'll be classified as high risk. Here's what I don't understand though. If your combined income is 60 grand with no other expenses why the h**ll do you owe the CB 1600 bucks. Somethin' wrong somewhere young lady......

Answer 4

With the right co-signer, you can do anything.

I'm stuck on this owing the credit bureau. Never heard of that before.

Answer 5

co-signer will get the deal done. It is their credit that will secure the deal and ultimately be affected if you don't pay.

I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.

Answer 6

That depends on what the apartment rent is per month.

Answer 7

Just pay off your debt and you won't have a problem.