Rob72830, back in 97, a family member ask if i could put some property in my name , get a loan on it , he would fix it up, sell it and get it out of my name in three months.....guess what? It did not happen, I was in my mid 20's at the time and told him i was looking to buy my own home (recently divorced but no bad credit) and what this done as soon as possible. I was qualifed for a mortage w/two lenders before doing this w/this family member. I was really into my job at the time was wasn't really paying must attention to what I was doing. The loan people paid off my debt..which was about $1,200, i gave him the $50,000 cash and when to work. two months later the lender told me that my payment was late. I informed her to contact my family member. Two year has past and i applied for the loan..guess what..the $50,000 was in collections. I was in complete denial and did not talk to this family member for years. The lender was nice and told me that i could pay $100 amount to pay off $10,000 of the loan. I was going to do this , but just decided to go for the BK. (2003). This was not the end of it...because if was a charge off--IRS wanted their cut $16,000 in back taxes...i cried...but it was cleared..Then a ticket from the city because of the garbage on the property...then a high water bill i never used. Needless to say..........you want to help people out and you get screwed...friend, or family ..it doesn't matter. However, i still can't forgive this person..put finally told him how i felt a few months ago. I'm still the same person and will help people out from time to time....now i'm trying to get back on track to buy that dream house.........

And YoYo please forgive him[/quote]

The reason I am wanting to rebuild my credit history so that I can be able to buy things without having the high interest rate and someone considering me a high risk

The reason that I want to raise my credit scores is so that me and my DH can purchase a condo in two years and we can get a new vehicle without going through a subprime lender. My parents stressed to me and my siblings that always no matter what to pay my bills on time and was able to do this for several years but life happened. So here I am and I know that I will be able to rebuild successfully. I've already taken the first step and I will take another and another until I get my scores in the high 700's and above.

Yoyo11, I'm sorry to hear about what happened to you. This falls in to what I said to HJM331:

Hjm331, I think it is great that you have been entrusted with that responsibility and that you are doing well. One note to you because you are young (and this is what I tell my children) NEVER,NEVER, EVER let friends charge on your cards.

One wants to be nice but money and friends/family doesn't go together and I have my own story to say about this except that it was only for about $1100 in furniture that I let my mom charge on one of my accounts. She made a few payments and then stopped. When I asked about it, she gave me the speech about allthat she has done for me. What could I do, she was right. She had done a lot for me and I was and I am still greatful but I learned a valuable lesson. Whenever I'm asked for a loan from a friend or family, I give within reason what I can to help out and don't expect payment.

I will let my my elder sister charge on my account because she makes oodles of money and she is a straight shooter. If she says she will do something she will. Now, others....

Rob72830, back in 97, a family member ask if i could put some property in my name , get a loan on it , he would fix it up, sell it and get it out of my name in three months.....guess what? It did not happen, I was in my mid 20's at the time and told him i was looking to buy my own home (recently divorced but no bad credit) and what this done as soon as possible. I was qualifed for a mortage w/two lenders before doing this w/this family member. I was really into my job at the time was wasn't really paying must attention to what I was doing. The loan people paid off my debt..which was about $1,200, i gave him the $50,000 cash and when to work. two months later the lender told me that my payment was late. I informed her to contact my family member. Two year has past and i applied for the loan..guess what..the $50,000 was in collections. I was in complete denial and did not talk to this family member for years. The lender was nice and told me that i could pay $100 amount to pay off $10,000 of the loan. I was going to do this , but just decided to go for the BK. (2003). This was not the end of it...because if was a charge off--IRS wanted their cut $16,000 in back taxes...i cried...but it was cleared..Then a ticket from the city because of the garbage on the property...then a high water bill i never used. Needless to say..........you want to help people out and you get screwed...friend, or family ..it doesn't matter. However, i still can't forgive this person..put finally told him how i felt a few months ago. I'm still the same person and will help people out from time to time....now i'm trying to get back on track to buy that dream house.........

Rob,
this is a pretty good question. For me I think its to teach me financial responsiblity and to also teach my children how important it is to budget and be responsible. Great question!!
mrrob

Thanks for letting me know also happy belated birthday

No problem and THANK YOU!

My scores are all in the 700's but I want my middle score to be at least 720 by the summer of 2009. Want to purchase a BMW. Its a one payment on tme, at a time, keeping your utilization low, not opening any more cards than needed and just being diligent. Hopefully if its meant to be God will open those doors but if not, one thing I have learned is that credit is as close to cash as you can get and as important as any financial issue you have

HJM331, I owned my own business for 5years and was very sucessful at it and then I was ill for several months. It was short term but we moved to another state and built another house and I went back to work for someone else.

Now, there is a fire in my belly to start a business and be successful at it. My DH is very supportive. We are in the middle of restarting a prior business that was sucessful in another state. We also have done a business plan to open up a beauty salon. However, one of the great things is that both of us have advanced business degrees and we know the value of writing a thoughtful business plan, having one spouse continue working for someone else with benefits i.e insurance, having 3-6mths of living expenses saved, and low debt.

Many people have great talent but are not good on the management side of it and this is where they get into trouble in their businesses and ultimately fail.

Goals:
1. Open Business in Aug/2008
2. Stick to budget
3. Save at least 3-6mths of living expenses not including 401k, IRA or prior savigns
4. Travel and enjoy life more. Time doesn't stand still and I want to have no regrets when I'm old.
5. Open Keough for business and maximize tax writeoffs to lower tax bill.
6. By Aug/09, open beauty salon.
7. By Aug 2012- Have one of us quit job.

Hjm331, I think it is great that you have been entrusted with that responsibility and that you are doing well. One note to you because you are young (and this is what I tell my children) NEVER,NEVER, EVER let friends charge on your cards.

Money most of the time will break up friendships and you will be left with a bill for something you didnt' buy and/or possibly a ruined card/credit.

The older ones here knowing what we know now would be much more responsible with credit when we were younger to avoid the pains of bad credit, rebuilding credit etc.

Good luck.

Rob, that's for sure. I'm blessed for my dad having his own business and trusting me to run half of it at this young age. I'm very successful at it and I see myself financially comfortable in 10 years from now. Also, being the boss means that you can to work whenever you want, that's the best part.

I have had made some credit mistakes when I was younger and suffered for that. As I got older and got my degree and married, I dramatically improved my scores. It wasn't until I had a health setback that some of my credit was affected ie Citibank and BOA. I was able to keep all of my other cards paid and upto date except BOA which we settled for less than the amount and citibank which thankfully has fallen of my report.

I would like to be a member of the 700 club as I don't have long terms of both of us working for someone else. One of us would like to be able to quit our jobs and work on a business. We have also dabbled in real estate and I would like to purchase another home but not in a HOA community next month.

Having a clean credit as possilble is absolutely necessary for me to further my goals and dreams. I have also realized that having a great score, leads to better credit offers, better CLI and lower interests. It can also be an asset as startup capital for a very small business as most banks won't lend to a startup .

Thanks Shark6 for sharing. I can empathize with a lot you said. I hadn't realized that some people are working towards owning a business. I think that is great. I have went back and revised my poll and now starting a business is one of the choices. Thank you and good luck. Being your own boss is the best.

RivasGlo, those are some very good reasons and I especially liked the part about showing your folks you could do it. I have 2 grown children and being financially responsible is something I would love to see in them. Stick to your plan and you will make it and not spend your older years trying to clean up your cr like I am trying to do. Thanks for letting me know also happy belated birthday:cheesing:

I have had made some credit mistakes when I was younger and suffered for that. As I got older and got my degree and married, I dramatically improved my scores. It wasn't until I had a health setback that some of my credit was affected ie Citibank and BOA. I was able to keep all of my other cards paid and upto date except BOA which we settled for less than the amount and citibank which thankfully has fallen of my report.

I would like to be a member of the 700 club as I don't have long terms of both of us working for someone else. One of us would like to be able to quit our jobs and work on a business. We have also dabbled in real estate and I would like to purchase another home but not in a HOA community next month.

Having a clean credit as possilble is absolutely necessary for me to further my goals and dreams. I have also realized that having a great score, leads to better credit offers, better CLI and lower interests. It can also be an asset as startup capital for a very small business as most banks won't lend to a startup .

For me its a series of things.

Im 21 (just turned, June 16) and ive began building credit 01/2007 and basically want to show my folks that I can do it on my own w/out screwing it up... Thanks to FG, I DIDNT!

I just got married 04/2008 and im building so that when im ready to start a family of my own, I can have fantastic credit so I get buy a house w/ no problem, better car and just a better life just knowing that I CAN!

Hello all,
I am new here, a 100% disabled veteran, been a member for less than 2 weeks trying to raise my scores and clean up my credit report. I have learned a lot and have put several things to work for me and I hope to have my scores up in the high 600's by January. Now I already have a mortgage from Chase and a car loan from Citi so there is not really anything I need to work towards that I don't already have so raising my scores is a project with me, to see how high I can get them. Now working on raising them got me to thinking, what is the main reason everyone on here is working to raise their scores? To buy a car? A house? Bored and nothing better to do like me? I made up a poll and am really interested in knowing so I would really like your input. Inquiring minds want to know! Thanks a lot everybody.