New Post/Thread Notification: Credit repair discussions

Hello,

Creditwrench has just posted in the Credit repair discussions forum of CreditWrench under the title of 3 old late CC payments killing me. Help!.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?threadid=757

Here is the message that has just been posted:
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Me, angry?! nah, you all are doing us schmucks a great service. My wife is the one who made the late payment when she was not well, not me, but I am stuck with it..... I would not be the least bit surprised to learn that your wife probably could name one or more ways in which she is stuck with things you did or didn't do as well. Nothing new there.
Life's like that. (LOL)

Well, it dropped my credit score by 27 points, so since I need to refi now as my adjustable rate mortgage just went from 5.9 to 9%...major ouch..... Seems like a major out but there is a way to reduce that bite and that is to look at your score a year or two down the road and as soon as it increases refinance the house.

If you have not signed the mortgage yet then now is the time to look into the mortgage and be sure you don't get stuck with a non-judicial foreclosure type of mortgage, additional fees if you do refinance, pay off early and ect. Make sure you get disability insurance that will pay off the mortgage in the event you bounce off a speeding freight train, stub your toe while leaping tall buildings and end up splattered all over the pavement or some other mishap occurs so that you are disabled or meet an early and untimely demise.

See whether there are arbitration clauses in the contract or not. Make sure you understand the terms of the contract and if you can't understand the legalese in the contract then pay an attorney to check those things out for you.

Prepare yourself now for possible failure later on. You will be very glad that you did. Then when your score improves in a year or two you can refinance. at a much better rate.

If that one late charge is the only negative you have on your score then you might think about using the 3 bank trick to improve your score.
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