turned down for debt to income ratio

I have one question - is it fact to close your credit accounts will effect your credit score in the worse way??? I am one who is caught up in refinance mess. I can only blame myself - I am a habitual reader and this one time I did not and took the agents word what I was signing -interest only!!!! My credit score falls between 615-638 and am unable to refinance to a fix due to the "my debt ratio" is too high. Although my credit is in excellent condition - no late payments for years. I do however have open credit account which I do not use and shredded - should Iclose these accounts/lower the credit availability would either increase my scores???
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debt to income ratio ..... more than likely is what you are talking of
if your reported debts on your report are more than 45% of your total gross income
then
no matter what your score is you will be turned down for getting close to financial catastrophy the only remedy is to consolidate loans to lower your reported monthy debt obligations

Get a mortgage with bad credit

I need help. I am having to relocate due to a new job and a divorce. After two divorces, my credit score is low…. About 522 or so. I have several credit cards that have been closed and are maxed out with untimely payments. I also have 2 car loans and a credit card with good payment history. The credit card is about 6 to 7 months old and is used for business so it may be maxed out for 30 days and then paid down to zero – about to pay it off again to zero. One car loan I have had since September of 2007 and it has always been paid on time. The other car loan I have had since 2004 and also has all on time payments with only about $4,000 left of a $26,000 loan. All of the other credit cards will be paid off in full over the next 7 days. I have now seen where I should negotiate to have these removed from my credit – what exactly do I need to do in order to accomplish this? How much can I expect my credit score to raise? I make a little over $100,000 a year. I have opted to NOT payoff the car loan that has $4,000 remaining but instead to continue making the remaining monthly payments. After next week, the two car loans are the only debts that I will have. I will also have approximately $15,000 to put down on a home and another $5,000 in the bank. I have found a house that I want and it is going to cost me approximately $145,000 (not including the $15,000 down payment). Got to love Midwest housing prices! Is this achievable and how much would you expect to see my credit score raise and in what time frame? Any suggestions appreciated as I am up against the wire in a town with no rental options…
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many mortgage lenders will insist the old outstanding debts be paid in full befor they can finance youi would ask if you can pay them offhow much they areand how old is the date of last activity you might consider a higher interest rate loan to start with for people with bad credit, but a god job and low debt to income ratio.I want to say it was a baqllon type loan where all i paid was inerest and is easier to quailify forand after6 mos, a year, 2 year try to roll it back into a conventional mortgageusually a local banker will work with local people who have god jobs to get them started I did this with traders national bank in tullahoma tni cannot remember what my score was but not good enough to go straight to conventional mortgageafter only 6 months i was rolled into another conventional loan and i did have to jump through as many hoops as I had been approved and paying on the house for 6 months. the only problem here is most cannot report your payment activity to a major bureau and thus your score is not helped in the least. go talk to a local banker recommended by some home builders.they know how to get people financed and where to go.

Remove a credit inquiriy. Bankruptcy or Credit Counseling

is there any way I can get a Credit Inquiry that I did not authorize, removed from my credit report? The on-line dispute won’t allow me to dispute it and the phone for Experian (your right!) is useless… See following events:
I’ve been working on consolidating my credit cards and I applied with my bank, Wells Fargo. I had specified very clearly that I want a Dept Consolidation loan. They pulled my report, said they could not give me a consolidation loan based on my dept-to-income ratio, but did want to “sell me” a small additional credit line instead.
Then they (a person on the phone at my branch) said I should call their (Wells Fargo) financial department to see if they could help. I assumed that this was a division of WF. I was given the phone number to call. I talk to a person there and was told that they could review my credit report and see what they could do. They did Not ask me if they could pull another report, so I assumed that they had the same data base as my bank’s branch.
After reviewing my info and calling me back, they also told me they could not do a consolidation loan and they also want to “sell me” a small credit card (not problem with that!). I stated for the third time that I was Only want the consolidation loan and said I didn’t want an additional account.
I use “Credit Expert” for 3-in-1 reports. I review my reports often. I decide to pull a report and saw that I had 2 credit inquires for the incidences listed above!!!
One from Wells Fargo Bank
One from Well Fargo Finance
Both on the same day! I called Wells Fargo Finance (second place I talked to) and told they I did not give permission to put my report and that I was not told they would. And I assumed that they could review the info pulled from the bank. They said they always pull a report and that they are not a division of the Wells Fargo bank!!!. They actually called me 3 more times trying to influence me to get the additional card! It sounded like the same card as my branch. This was after I was mad about their actions.
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they cannot review your credit without putting on inquiry on it
inquiries are frivolous pursuit for better credit.
let that go
pay down debt

what they did is sort of a normal chain of events
with local and done businesss with them before accounts

you ask them to review your credit
they pull an old app
inquire
then call you back with what they think they can do

ive done it hundreds of times here in
Tullahoma tn with customers who want to know what they can do with out going in
if you don't walk in
how do you think they are goind to review your credit
unless they pull a report with info from the past.

let it go

sounds to me like you could look for a credit and budget counselor
not another loan
try that. i think it will help you the most
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Thanks for your help. I am already set to see a counselor.
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thats the best bet
ask them everything you have asked me

sorry about the inquiries and i can see why you are angry
it just doesn't seem right i know

in the end inquiries do not really hurt score

your debt to income ration has to stay below 45%
if you are pushing that and it sounds like you are

a counselor will be of some help
remember they are salemen too

to listen and go home and think
talk to your firend

do not do anything right then
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collection credit card paid in full every month. car home loan

a 2nd year resident who will be going for my citizenship this summer and of course am working on my credit. I am originally canadian and worked in the usvi and had a cell phone through sprint. When i got transferred back to canada and they didn't provide the cell phone service there it was agreed that they would keep my deposit and close my account. Well you can guess what happened they kept my money and did not close my account. So almost 5 years later and now back in the usa upon purchasing a vehicle I learned this was on my account still. I contacted sprint and they assured me that this was no fault of mine that the account hadn't been closed and it even stated this in their notes they even gave me copies of the notes left in their system that states that I owe nothing. So 2 collection agencies later from being sold from one to the other I called them and shared that information with them, they weren't interested and stated I had to pay or it would remain on, i even disputed it through credit inform twice and they stated that it was to still be paid with a balance of $224 I told them my concern of paying this again and it not being removed they told me they would post this as satisfied on my credit if I paid it again and stated that the letter would come at the end of paying it and they couldn't agree to having it removed from my account. I didn't get a good feeling from the conversation and this being my first time going through collections on my credit I am worried, I am uncertain what to do at this point and don't want to pay again if I am going to get screwed. I also have plans on purchasing a house as well now in texas and need to get my score up. I have had my limit on my credit card increased from $300-$2750 in less than 18 months due to paying my full limit off every month. Do you have any ideas to get my score up as high as possible by summer so I can purchase a home. Each report shows anywhere from 568-613 at this point everything has always been paid in full before due is it because i haven't had credit for a full two years yet or is it due to the balance on my car loan.

Please help me with this collections issue as well as increasing my score.
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use debt validation and pay
negotiate before you pay if possible
ask for paid as agreed and paid in full


pay off anything past due or owed
30 days late, collections
on my credit report
ask for help
reopen credit past bad credit card collection charge off accounts

after 24 months ask for updated to "past 24 months only"

Debt to income ratio bad. My score is good 698 700. Arm due must refinance.

I have a arm coming due in july 08
this is what I have

1 mortgage never late for 3 years
1 mortgage ( rental property never late 3 years )
1 major credit card 3000.00 limit owe 1200.00
1 truck haven't been late in 3 years ( 4 more payments to go)
1 new truck ( 6 months never late)
bankrupt. 9 years ago
although I got alot of things deleted alot of credit card judgments my trans union score is 698, don't know husbands yet, waiting to pull his what kind of loan should I look for or will I even qualify for a loan to refinace? I am worried sick I have 6 months to go, trying so hard to reach 700 on fico, everyone says no new credit something about dept to ratio, the rental property is rented and I have a lease to show the morgage company. thanks
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If they are turning you down for a debt ratio it would be
DEBT TO INCOME RATIO.
The score is so high it must be debt to income ratio.

I must be below 45% reported monthly obligated debts showing on my credit report.
to
Verifibale gross income per month. Last 2 years tax returns and current pay stub.

ie. I show a home loan, a car loan 3 credit cards for 3000 per month.
I must be able to prove with tax return and check stubs at least 6800 dollars per month.
6800 X .45 equals 3060 dollars. That leaves me 60 dollars a month I can add to my credit and not get turned down.
DEBT TO INCOME RATIO

looks like your open credit is very good and your score reflects that 698
i would dispute some of the older paid items and hope?
A 698 SHOULD get you whatever you want.
2 more points might help you a percentage point or less, but not much difference is there.

so dispute some old stuff
maybe pay the remaining four payments on the truck
other than that? you look good

Pay off as many monthly reported obligations before you apply for your new loan
Oh and do not open any more new credit.
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hello, thank you, the truck will be payed off by the time I need the loan, so that will help also, do you think I should get 1 more credit card for a better mix, or just stay on the course I have in the works?
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no new credit card now
cards need 12 months to help you.
you have enough credit: 3 lines reported now.
dispute some old accounts and hope
www.oskie.com/credit-dispute.htm
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can u still dispute even if there marked paid or I should say settled for lesser amount, like I said I did settle all of these accts 3 years ago, so its just a matter of time before they fall off or don't look that bad. I have 3 judgements marked paid would love to see those gone, and the bank. will fall off in March 08
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you can always dispute something
it may not come up but you can dispute

Debt income ratio and debt to hight credit ratio.

Debt to income ratio IS NOT credit score related.
I can get turned down for credit even if I have a great credit score or a 700 plus Beacon Fico.

My monthly reported and showing on my credit report debt, plus a rent figure (if no mortgage shows on my report) must be less than 45% of my gross monthly income averaged over the past 2 years.
This income must be provable tax records or pay stubs.
Debt to income is not a credit record and does not affect my credit score.

Debt to high credit ratio IS credit score related.
I must keep my debt to less than 80% (or 30% for best score) of my available high credit limit for each reported account that shows on my credit report.

debt to high credit ratio, home loan, remove clean delete. quailify approved accepted

1 1/2 years ago we bought my dream house at the time we had a lot of errors on our credit reports, I payed a lot of debt off was very ill, so when I got back to work I took out a loan from a friend and called all the company's and made offers in compromises. no dept left. well I wasn't as smart as I am now should of asked for deletions but didn't, that's OK that was 3 years ago, and everything is payed except a couple I am still working on

my problem is this I have a arm coming due in july 08
this is what I have

1 morgage never late for 3 years
1 mrgage ( rental property never late 3 years )
1 major credit card 3000.00 limit owe 1200.00
1 truck haven't been late in 3 years ( 4 more payments to go)
1 new truck ( 6 months never late)
bancrupt. 9 years ago
although I got some things deleted, some credit card judgments, my trans union score is 698, don't know husbands yet, waiting to pull his what kind of loan should I look for or will I even qualify for a loan to refinance? I am worried sick I have 6 months to go, trying so hard to reach 700 on FICO, everyone says no new credit something about dept to ratio, the rental property is rented and I have a lease to show the mortgage company. thanks
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Looks like your open credit is very good and your score reflects that 698
I would dispute some of the older paid items and hope?
A 698 SHOULD get you whatever you want.
2 more points might help you a percentage point or less, but not much difference is there.

So dispute some old stuff
maybe pay the remaining four payments on the truck
Other than that? You look good if the mortgages are reported to bureaus.

The top, get approved banking standard, max debt to income ratio, for approval, is gross reported debt or outgo to 45% of total verifiable income.
If I am over 45% on my debt to income, then I get turned down on most loans, even a car loan and home mortgage.
I I am over 80% debt to high credit ratio my score might be lower but I will still get approved if my debt to income ratio is relly low. Like when one files chapter 7 and has no debt.
Max reported debt to reported high credit limit is 80% or less per account to quickly raise a credit score.
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Credit dispute letter
oops
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Hello, thank you, the truck will be payed off by the time I need the loan, so that will help also, do you think I should get 1 more credit card for a better mix, or just stay on the course I have in the works?
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N new credit card now
cards need 12 months to help you.
you have enough credit: 3 lines reported now.
dispute some old accounts and hope
Universal legal credit dispute form

Impoved credit score. Max out credit card. Debt Ratio. Credit score

I have improved my credit score to 695 (from 648) a year ago. I am need to make a big purchase (necessity) and need to use my credit card to do so. I have the choice of either maxing it out or just staying about $300 - $500 below the credit limit. Will there be adifference? I will be paying this off within a year but how far down do you think my credit score will drop? This will also affect my husband's score and his is lower than mine (around 665). I'm so bummed but there's no other choice.
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Your score could drop 20 points if you do not have much credit out there.

When or if you max a credit card out then, get it lower than 80% to high credit limit as fast a possible and no harm will be done.
Once you pay it down to less than 80% your score will be as good as it was before you had a debt ratio problem with that credit card as long as no other things changed.
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Debt to High Credit Ratio
(how much you owe on one line of credit to your credit limit) Counted on credit score<
is different from

Debt to Income Ratio
(oustanding monthly bills to monthly income) NOT counted on credit score
but is counted by lenders as ability to pay. Normally less than 45% is what a lender has to go by. If you have more than 45% bills to income you can be turned down.