I'm helping my son,who has had a job three years and is stable . But, When he applied for a sears credit card . turned down flat also, the bank did too.He was in arrears to the calif.child support, but is now paying and catching up. He pays his bills on time ,but the credit report say severe delq. is the reason. Any ideas out there?
2007-06-27 13:34:16 · 3 answers · asked by Deeray G 1 in Business & Finance ➔ Credit
This is not what you want to really hear, but there is not much you are going to be able to do to help him. Back Child Support is one thing that will haunt him until it is paid up. Most likely the County Social/Child Services has put a listing in his report showing this delinqency, or he has a judgement from a court. This is why he is getting a rejection because of a severe delinquency.
He is paying which is good, but he needs to get caught up and stay current. Until he is caught up with the support, there is not much he or you is going to be able to do to help his report.
2007-06-27 13:42:26 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
He needs to rebuild his credit. He needs to apply for a credit card for people who are higher credit risks. The APR may be higher, but if he keeps making the minimum payments, that will help.
Also, if he has caught up on his back payments, he can contact the companies he had trouble with and ask them to report his current status to the three main reporting agencies:
Experian, TransUnion, and Equifax.
Maybe you can co-sign for him to get a credit card. My dad did that for me when I was in college. Give him a smaller limit, say $500- $1000. After he proves himself to be responsible, his limit can be raised. Having credit in his own name will eventually improve his rating. Just make sure he pays everything on time. Even one late bill can kill your rating.
Hopefully your son will soon see some results. :)
2007-06-27 20:46:04 · answer #2 · answered by soylentgreen 2 · 0⤊ 0⤋
His credit report is apparently accurate, if he was truly quite delinquent on his child support payments. Once you have irritated Mother TransUnion, you get to allow her seven years to calm down and remove these delinquencies (AFTER they have been brought up to date in payment status)
2007-06-27 21:03:45 · answer #3 · answered by acermill 7 · 0⤊ 0⤋