Credit and Credit Scores: A short lesson

[mosta]

I have a (federal) student loan late payment from around 96. Do those ever go away?

the credit cards I defaulted on around that time all seem to be clear now.

[PokerFox]

Is that like a Stafford loan? If so I'll do some research and get back to ya.

[riverdance]

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I currently rent a 4 BR house in Northern VA and pay $2200 a month. The house is valued at $700,000. Now, lets just say that I happen to have a 20% downpayment and want to buy this house instead of renting. So I pony up my 140k downpayment and find a sweet interest rate of 5.65%. My monthly payments would be just over $3200. I might qualify for a tax deduction on the interest I pay but this will be offset by my property tax, insurance, and cost of ownership.

If I continue to rent I have an extra $1000 a month in addition to the 140k I have from not buying the house. Earn 8% on this money and in 30 years i have just over 3 million dollars!

I know i simplified things quite a bit so i hope it makes sense...

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you are paying way below market rate rent. where i live, (medium size city in midwest) rent is usually .5% to 1% of value per month. a $700,000 home would rent for between $3500 - $7000 per month. this would be on the very high end of rentals, most rental houses here are valued around 150k - 200k.

[z28dreams]

The NOVA area has a huge gap between renting and buying.

My situation is -exactly- like CUBSWIN- I live in Northern Virginia (alexandria). We pay $2200 rent a month for a 4 bedroom house that is worth roughly $550-$600k.

[CharlieDontSurf]

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The best way to build credit, if you have none, is to have someone with great credit add you as an authorized user on one of their credit cards (preferably their oldest card with no delinquencies)

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is this true..just have my dad add me to one of his cc cards eventhough he lives in florida and i live in cali?
my credit blows..like 600 fica i think

[BradleyT]

Yes it's true. You don't even need a card or ever have to use it.

[CharlieDontSurf]

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Yes it's true. You don't even need a card or ever have to use it.

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so basically the only reason they are willing to add me ontpo the CC despite my score sucking is cuz his score is awesome?

[cmoke]

I heard that you should just pull your credit score and dispute everything on there, if you owe it or not. Because there is a chance that none of your debtors would reply within the 30 days and then you would have a clean credit record. Even if some do most won't leaving you better off than when you started. Anyone heard of this or think of why this would not work?

[x2ski]

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I heard that you should just pull your credit score and dispute everything on there, if you owe it or not. Because there is a chance that none of your debtors would reply within the 30 days and then you would have a clean credit record. Even if some do most won't leaving you better off than when you started. Anyone heard of this or think of why this would not work?

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On that note, a link to a plethora of awesome, although cluttered due to stupid people chatting at stupid times, information regarding all that and more:

PsychoDoc's Credit Repair School