credit repair

[ice]

Oh no Ice...you have Nick wondering....will we see a 1000 word essay from Nick or will this be a quick straight to the point response...till next post..same website, same topic..lol

Intrest rates are down....the market is flooded with homes that were $500k 2 years ago that are not going for $300's......

why not buy now when the price of homes are down and you can get more house for your $$ and in 2 years when the market is back up your $300K home is now with $500k again.....

you tell me how else you can make $200K in 2 years and I will invest in it.

Why wouldnt you buy right now when the market is low ?

[CORONA]

You are assuming the market will go back up in 2 years.....  LOL  To keep it short and sweet like me, here goes.............

1. Interest rates are low right now, which is good for housing values, when they go UP in 2010, it will be bad for house values. They have nowhere to go but up! Let me clear it up for everyone, when interest rates are low, its bad for a buyer, not good. BUT when YOU get a low interest rate, relatively speaking, its good. And how does one get a good interest rate???  By having good credit, 20% down, no debt, stable job, and 6 months of savings. Remember, now you have to prove your income.

2. Foreclosures are still high, bad for house values, and 2010 will be even more flooded.

3. Unemployment is as high as the clouds, 2010 will most likely stay high relatively speaking, bad for house values.

4. Government bribes (tax credits) may disappear in 2010, bad for house values.

[frezank]

There is nothing sweet about what you just wrote Nick...but it was short for your standards...

[ice]

not understanding what you mean by a low intrest rate now is good by will be bad in 2010. The idea is to buy low and sell high...thats the name of the game in investing..wether it be bubble gum stocks or in this case homes.

If you look at the growth of homes since the great depression.....there are only a few years since then that the price of homes hasn't grown......buying a home isn't a short term investment that u can expexct to get rich over night....its a long term investment that will have highs and lows.

I also dont understand your comment on rates being low is bad for a buyer ? If your smart and you review your loan docs and ensure that your rate is locked in for the life of your loan (10-15-20-30 ) years then its a binding contract that has to be honored by the bank....

are you saying that if i go to buy a car right now that I should opp for the 15% interest rate rather then the 6% ?

I dont understand your theroy behind that......but you have your way of thinking and making money and I have mine.....and right now the 2 homes that I bought for $80k wach will pay off in 1-2 years time for me

[CORONA]

Ice, let me clear it up. Yes, the idea is to buy low and sell high, so next year will most likely be lower than today...lol  Why you say, how can I say such statements???

1. Higher interest rates
2. High foreclosures
3. High unemployment
4. Less government bribes (tax credits)

When interest rates are low, it leads to higher home prices.  They have an inverse relationship.  When intererst rates are low, like they are now relatively speaking, it helps keep home prices up, because it is more affordable, in monthly payment.  Home prices were in freefall last year for many reasons, so what does the government do to try to prevent a further decline? They lower interest rates so that it becomes more affordable to buy. BUT, they cannot keep them at the bottom forever.

EX. Let say, I can afford a $2000 payment, how much house can I buy?

A 500K house @ 6%, would cost about $3000 a month.

A 500K house @ 3%, would cost about $1500 a month.

With this example, I can afford this house at 3%, but not at 6%.  Therefore, when rates are low, more people can afford to buy, when interest rates are high, less people can afford to buy, UNLESS the price is lower, to compensate for the high interest rate.


SO, when people (agents) say its a good time to buy because rates are low, it is wrong, its actually bad.  2010, interest rates will rise, many believe this, why, because they have never been lower than they were a couple months ago, they are rising as we speak. AND as they rise, it will put downward pressure on home prices, because less people can afford to buy.... therefore, 2010 will not be a recovery in the housing market, it will be flat or go lower in SOCAL.  Thats my theory...lol

No, Im not saying get a higher interest rate... when you buy a house or car, that would be rediculous.
I know exactly what my "NOTE" says, I read every word of it....lol
I hope you understand what im saying.

Dont worry Jose, you wont miss the boat... like many agents will say, if you save 20%, have good credit, stable job... you will be able to buy. Just remember,  never rush into making the biggest investment of your life. Good luck.

[swmayhem]

jose the main thing that you do before you pay off a past due loan make sure that they put it ALL in writing before you give them a penny. sometimes they sell "late charges" to other colllection agencies. always ask for a complete removal of the tradeline. if they say its not possible they are bullshitting they can do anyhting to the tradeline. at the very least ask for a paid in full notation on the tradeline or paid as agreed. do  your homework. get online and get a credit monitoring site to check your progress. i suggest myfico.com. there are a few programs that you can get depeding on your price range.

the absolutely quickest way you can get points is to be added as an authorized user on a credit card with less than 20% usage. the longer the time of credit and higher the amount the better. ex: $10,000 credit limit with $200 charged with line of credit open for 10 years. ask family to add you. you will not use the creditline and you can tell them to remove you as soon as you close on your home. i was able to add about 100+ points to my score by disputing and following up on all my negative credit. call me if you want and i can point you in the right direction.


fuggin, nick. you want to be the only one who owns a house, huh? culo. sazz!

[CORONA]

SW.... nah... just copying and pasting as why not to buy yet... lol  but Im definitely not saying never buy... just pointing out the negatives, draw backs, etc of buying a home... believe it or not, there are many... since everyone else points out the benefits...

[CORONA]

BTW SW... that is old and undated news about becoming an authorized user on someone's account... that no longer helps your credit score much if at all....

http://www.monkeysee.com/play/5210-Does%2Dbeing%2Dan%2Dauthorized%2Duser%2Don%2Dsomeone%2Delse%27s%2Daccount%2Dhelp%2Dmy%2Dcredit%2Dscore%3F

[swmayhem]

FICO08 has not been introduced yet. being an A/U is still helping boost scores. it is better if you know the person so that they can't dispute it. there are also websites where you can buy tradelines with your actual name not someone elses. dont know how legit that is though. fucking up your credit is no joke. takes forever to get back to something respectable.

[Double_G]

do what nick said, but lower your limits, if you have 3 5k cards, that's 15k possibility of debt at any time, people looking at your credit report dont like that.