my boyfriend has a couple year old 600.00 cell phone bill he has never paid off.. if he pays that off right now.. do we have a chance of buying a house.. or will that affect him for many years.. even if he pays it off now... the bills about 4 years old and it already went to a collection agency.. like i said if he pays off that 600.00 all right now will that help his credit.. or will it still hurt him for years.. its not like its a very very bad coulple grand dept or anything...
and one more thing... with that unpaid cell bill .. does that mean he has terrible credit.. or just bad..
thanks
2007-11-01 16:41:12 · 7 answers · asked by lil0o0devil 1 in Business & Finance ➔ Credit
right now it is very, very hard to get a loan.
so, the late bill might be too much.
i just got my house and barely qualified and i have a 750 credit score.
2007-11-01 16:44:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
2
2016-08-11 13:27:49 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Having an old unpaid debt hurts his credit score. Paying it off probably won't do much to increase his score. However, a mortgage company will require you to clean up all negatives before you get the loan.
You should both pull your credit reports and go over them. You can get free copies at AnnualCreditReport.com. Dispute and errors and work on cleaning up any bad debt.
Here's something else. DO NOT buy a house together if you are not married. Everything may be wonderful now but there are tons of sad tales of break up and major problems with a jointly owned house. Courts are set up to divide marital property but not almost married property.
2007-11-01 16:59:27 · answer #3 · answered by bdancer222 7 · 1⤊ 0⤋
Any time you think of purchasing a home, you should make sure you do not owe anyone on unpaid bills. Get with the credit bureau and see what your credit score is, and discuss this situation with them. I would urge him to pay the bill off before you all even think of buying a house..
2007-11-01 16:51:16 · answer #4 · answered by Sunny louise 4 · 0⤊ 0⤋
A four year old cell phone bill will have a huge negative impact on your b/f's credit. As for helping his credit if he pays it off now, I don't know. Sorry.
2007-11-01 16:48:40 · answer #5 · answered by boonslilsis 4 · 0⤊ 0⤋
It will stay on no matter what for 7 years.
2007-11-01 16:49:30 · answer #6 · answered by * Kimberley * 3 · 0⤊ 0⤋
well he gets points in his card so he isnt wasting money so u guys can buy the house with the points
2007-11-01 16:46:41 · answer #7 · answered by allieebabeee.(: 1 · 0⤊ 0⤋