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Vic Chevalier's Advice

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  • 15 Contributions
  • 0 Best Answers
  • 1 Helpful

Vic Chevalier wrote:

How good does credit have to be to rent a house in Redlands?

Answer
Qualifying for credit to rent a house has no geographical boundaries.  From San Diego to San Francisco, all lenders generally apply the same credit risk guidelines.  As a rule of thumb, a landlord or property manager will ensure that the applicant has no former evictions. Others will also reject applicants who had recent major derogatory credit items, such as a bankruptcy or lien, or who have outstanding collection accounts with high balances. If your credit report is blemished, some landlords may consider receiving from you a higher security deposit, typically of 1 1/2 to 2% of the monthly rent. Others will also weigh in your employment tenure and income.  Plus, providing a cover letter with the rental application explaining your former hardship and credit history may help soften up a landlord or two upon underwriting your rental application.If you were declined to rent a house due to a credit issue, one option to consider is consulting with a credit improvement specialist.   Ultimately, the idea is to never give up.  Continue your search until you come across the right landlord who will be flexible with your credit situation.  Good Hunting! :) 
March 17
(1)

I there any way to get approved for a home loan if I have bad bad credit low 500's?

Answer
Since your hardship transpired 4-5 years ago and you can show solid disposable income to cover the mortgage payment, the next step is to establish credit. The key here is to show you've had a positive payment history in the past 24 months and no major derogatory credit, such as a lien, Bk, or foreclosure in the past 36 months.  To build credit and boost your credit scores, the long path is to get a secured credit card and pay on it 'on-time' for a minimum of six months.  For the short path, consult with a credit restoration or credit build-up specialist.Good Luck!  
March 16
(0)

Does disqualifying for a mortgage hit your credit report?

Answer
Do not be fooled! An inquiry that you do will hurt your credit.  The impact? Any mortgage loan application that you submit to a mortgage lender, whether it's approved or declined, is a 'hard inquiry, which will impact your credit score. You can expect a credit score decrease of as much as 3-5 points per each inquiry. Exception to the rule: If multiple 'mortgage-related' inquiries are made within a few weeks apart, it generally counts as 'one' inquiry.
March 16
(0)

Credit Report Questions/Score Impacts

Answer
Here are the facts:Whenever you apply for any type of credit approval, it results as a "hard inquiry", which in fact, hurts your credit.   A hard inquiry can diminish your FICO Score by 3-5 points. Too many inquiries can seriously downgrade your scores. If done within a 6-month time-span, this red flag indicates you may be a high-risk borrower. However, if several inquiries are all mortgage-related and are done within a few weeks apart, they generally count as one inquiry.Before you submit a loan application and ding your score a few points, it's best to pull your own tri-bureau credit report and scores through an online credit monitoring service. Quite a few of these services offer a free 7-day trial. Doing this results as a 'soft inquiry', which does not hurt your scores.  It also enables loan underwriters to get a clear picture of your credit risk to determine if you might qualify for one of  their mortgage loan products. Obviously, the loan officer or mortgage company will need to pull their own reports at some juncture.Good Luck! 
March 16
(0)

Just paid down 6 Credit Cards that were over 75% of utilization down to less than 5% a few to zero.

Answer
No one entirely knows the parameters of the FICO scoring algorithms. However, CONGRATULATIONS, you just completed a great deed to further improve your scores because 30% of your credit score calculation is based on the debt to credit ratio. The key is to get your revolving account balances below 30% of their credit limits. You did much better than that, so hopefully your scores will appreciate considerably.
July 25 2013
(0)

My score is around 700 but just declared bankruptcy a few months ago. Is there any help for us?

Answer
Corn Huskers, since you state, "Is business really that slow for you that you are trolling Zillow for posts like this?" that must go for every person here, including yourself. Feel free to call me unethical and run out of breath continuing the attacks. But, I'm not the person here under the guise of "Corn Huskers". I'm here in total transparency. I have a real profile in plain view. Lastly, I'm quite flattered from all of the attention, but I'm not here to engage in a testosterone war. Actually, I'm here to help people.
July 24 2013
(0)

Cannot get approved for a home loan

Answer
The gentleman states, "legitimate non-profit credit help is ok", yet the irony is that lenders frown upon loan applicant's when the consumers' credi report indicates that the consumer enrolled in a "debt management - hardship plan" offered by "non-profit" credit counselors. Additionally, the work that legitimate, state-registered and bonded Credit Services Organizations do is essentially "credit consulting". Therefore the consumer gets well-rounded education and benefits from total anonymity.
July 24 2013
(0)

My score is around 700 but just declared bankruptcy a few months ago. Is there any help for us?

Answer
You state you declared bankruptcy several months ago and Go Huskers surmises, "They said the property was included which is effectively a foreclosure." The million dollar question is, How can a FICO score hover around 700 factoring in a recent bankruptcy or even a foreclosure??? It's humanly impossible. First, I would confirm a number of things: 1) Has your attorney physically filed the bankruptcy petition with the court? 2) If not, before moving forward, check to see if the statute of limitations has expired on the delinquent business and/or personal accounts, which you included in the Bk; 3) If the SOL expired, your creditors cannot sue you, thus you may not need to continue with the bankruptcy petition; 4) Although rare, sometimes public record data does not get reported, however if the bankruptcy filing is not on your credit files, it's likely to appear after the date of the bankruptcy discharge, in which case once that happens, expect to see a drastic drop on your credit scores; 5) Finally, being that you state it happened just a few months ago, the Bk has yet to register on your credit reports.  In which case, the only help for you is "time". A bankruptcy is basically a fresh start.  The good new is that you'll have the opportunity to rebuild credit and after 3 years of the bankruptcy discharge (or a foreclosure), you may be able to qualify for an FHA loan or some conventional mortgage loans.    
July 24 2013
(0)

Cannot get approved for a home loan

Answer
On Youtube videos, there are numerous things that the average consumer can learn to do, such as plumbing, electrical, writing a will, even representing one's self in pro per in lieu of a lawyer in a court of law. But, consumers also have a choice to rely on professional services. In closing, such a rash attack on my profession as unethical and illegal is no different than if you were to label all mortgage lenders on the same category as usurious, predatory lenders and their plethora of consumer abuses during the mortgage lending crisis.  Libelous attacks by other "professionals" also violate the bylaws of this forum.  
July 24 2013
(0)

Cannot get approved for a home loan

Answer
hpvanc advises, "Most if not all of the paid credit repair companies are scams". However, the key is finding a credit repair company that operates without the proper state licensing requirements. For example, in California, the company must: (a) be registered with the Dept of Justice as a Credit Services Organization; (b) meet a $100,000 bonding requirement. Refer to The Credit Services Act of 1984 (Civ. Code §§ 1789.10 et seq.) Every state literally mirrors the above prerequisites with the exception of requesting a different face value on the bonding requirements. Besides that, all companies should abide by the federal requirements under the CROA (Credit Repair Organizations Act), which essentially is the law mirrored by most independent states.  In closing - no bank or credit reporting agency wants you to know this - but, a legitimate credit repair company can assist you in establishing and rebuilding good credit.
July 24 2013
(0)