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The Watercooler
It's not the end of the world...sigh...but I can't get a mortgage for him!
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<blockquote data-quote="DammitJanet" data-source="post: 558366" data-attributes="member: 1514"><p>DDD, that really makes no sense. I had horrible credit, put less down in comparison on a car and was approved for the loan back when I got my back pay. In other words, I only put about 45% down on the car. That was including taxes and tags. I still had to pay four years at 18% interest rate. Yeah that was way high. </p><p></p><p>Your grandson has over 50 percent to put down which would make his payment under probably 200 a month if he got even a 20 year loan. Heck probably a 15 year loan! 630 is a darned decent credit score in this day and age really. Especially for someone who hasnt worked. In all honesty I would put that back pay into a special needs trust until he can find a home and then have him do something to build that credit score fast. I know you put him on your credit cards but also get him a secured credit card through a bank and have him buy his stuff every month and pay it off every month on time. That will build his credit fast. Then he should get other offers for new credit cards. Open them and cut them up so he cant use them. That should also build his credit. He just needs to get it up there. Check his credit report to see if anything is on there that shouldnt be. If he has any medical bills that you can get paid with his medicaid or medicare...have them back date a card and send it to the creditors to get those bills off his accounts and contest them on his credit reports. I found on my credit report they still listed medical bills that were paid. I had to contest those to get them off. </p><p></p><p>If all else fails, go the mobile home route. Like I said, Wind Zone 2 is aloud in your area.</p></blockquote><p></p>
[QUOTE="DammitJanet, post: 558366, member: 1514"] DDD, that really makes no sense. I had horrible credit, put less down in comparison on a car and was approved for the loan back when I got my back pay. In other words, I only put about 45% down on the car. That was including taxes and tags. I still had to pay four years at 18% interest rate. Yeah that was way high. Your grandson has over 50 percent to put down which would make his payment under probably 200 a month if he got even a 20 year loan. Heck probably a 15 year loan! 630 is a darned decent credit score in this day and age really. Especially for someone who hasnt worked. In all honesty I would put that back pay into a special needs trust until he can find a home and then have him do something to build that credit score fast. I know you put him on your credit cards but also get him a secured credit card through a bank and have him buy his stuff every month and pay it off every month on time. That will build his credit fast. Then he should get other offers for new credit cards. Open them and cut them up so he cant use them. That should also build his credit. He just needs to get it up there. Check his credit report to see if anything is on there that shouldnt be. If he has any medical bills that you can get paid with his medicaid or medicare...have them back date a card and send it to the creditors to get those bills off his accounts and contest them on his credit reports. I found on my credit report they still listed medical bills that were paid. I had to contest those to get them off. If all else fails, go the mobile home route. Like I said, Wind Zone 2 is aloud in your area. [/QUOTE]
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The Watercooler
It's not the end of the world...sigh...but I can't get a mortgage for him!
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