[fishinfarmgirl]

Over 20 years ago I purchased a piece of property using an owner contract. The house and 12 acres is completely paid for now but not showing on my credit report.

I hear from friends and family that their credit scores improved vastly when they bought a house. It seems as if I should benefit from owning a home out right as far as my credit scores go.

Is there any way I can have my home ownership added to my positive credit info that might offset any negatives?

Thank you in advance.

[KMSRyana]

That information would not be helpful to your credit report. It isn't what you own that the credit reports are based on, it's how you pay back the obligations that you still owe.

However, if you do still owe (especially on negative things such as judgements or collection accounts), you could get a loan on your home to pay them off. Both the fact that unsatisfied negatives would be paid in full and the home loan being repaid on time would definitely help your credit.

Hope this helps!

[fishinfarmgirl]

My frustration is that I need a small car loan that would amount to 1/5 the value of the car. I currently own a car worth $15-$17K, I own a property worth upwards of $300K, all fully paid and I don't seem to know how to make that work for me financially.

It would seem that the ownership ALONE would warrant a small loan.

I have an unpaid judgement which was to be paid by my husband with whom I am separated. He says he will pay... however, he hasn't thus far.

I also have a student loan hit. I was late on payments. My understanding was that While I was actively in school that the payments were withheld. I was incorrect and my credit reflects that.

Sheesh. Is there nothing I can do with my assets to benefit my situation?

L

[ScottGem]

Yes, You have $300K in equity in a home. You can either get a mortgage on it or a home equity loan (I'd advise the latter). You can then buy the car and pay off your loans and still have plenty of equity left over. This would also add your home ownership to your credit history.

[fishinfarmgirl]

Even with the credit issues I have there would still be a way for me to be approved?

I appreciate any insights.

It's time for me to get this all working.

L

[ScottGem]

Yes a home equity line is secured by the home. You might have to pay a higher interest rate, but I think you would be approved

[KMSRyana]

If you own the home free and clear there aren't many lenders that wouldn't give you a line of equity. It is definitely the best solution for you. Just don't go crazy with the ability to spend beyond your means, which gets so many Americans in trouble these days.

[fishinfarmgirl]

Thanks so much for all the helpful info!

I will be looking into it.

L