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Repairing bad credit, consolidating loans?
Try to make this a long story short... My fiance and I are looking to buy a new house. I have great credit, he makes the money.
The problem is, he cosigned on a car for his ex, who has defaulted on the loan, and he also has a few credit cards that he himself defaulted on when he was alot younger.
He wants to get all this squared away, so we can repair his credit, and hopefully buy our dream home to begin our lives together.
My question is, where do we begin? We've gotten his 3 credit reports, and scores, and know what he has out there. He has a few credit cards that are relatively low balances ($100-600), that have already been charged off, should we go ahead and pay on those?
Is there anyway he could get a loan for these, with his credit being so low?
I assure you making the payments at this point in his life are not a problem, we just don't know where to begin.
I should mention that the care his ex defaulted on has NOT been repossessed, we are working with the agency to try to make good on this, and trying to get the vehicle back from his ex.
Also all the accounts he's had in the past 4 or so years are current, or paid off, short of this car loan.
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| By
Ashley R |
Posted on
02/03/08 Total Answers
2 |
