You're in debt and don't think you'll ever get out, maybe got some late payments, but are trying to work something out so you don't completely trash your credit. Discussion of Debt Management Programs, debt consolidation, settlement and consumer credit counseling programs.
He applied for a mortgage on May 10 and they did an inquiry. The lender wasn't a fit and he went to another one and they did an inquiry last week. His score didn't go down with Equifax or Transunion, but it dropped 26 points with Experian. He's upset and doesn't understand why his score dropped like that. I told him I'd ask the question in hopes to figure things out.
I thought that I would do a pre qual with GS Marcus for a personal loan for kicks. I have a GM Mastercard and GM business MC with them that I just got within the last 2 months. CLs are $13k and $5.5K, with $0 balances respectively. I wouldn't have accepted it even if I got approved. Interesting to know that these decisions are based on more than just credit score.
My car was totaled in a minor collision and it was my only means of transportation. Now I'm really nervous about being able to finance a new vehicle with my current credit scores. Here is where I am at:
- The car had one missed payment at the end and I was a cosigner on it. My insurance paid off the $840 dollars remaining on it, but it is still showing on my reports as a charge off with a balance of $840.
- I also have a collection for $2800 with CAP1 that was settled last month for $1,100 and is being paid in three payments.
- I have two other collections, both for an old apartment. One is for $2,900 and one for $750. These two hit the 7 year mark in July of this year.
- My TU score on CK is at 561, EQ is 628.
- My EX FICO 8 score shows as 686. This score doesn't show the charge off for the car or any collections.
- After the car was totaled I have about $5k for a down payment and could probably push it to $6K if needed.
I know this is far from the best place to be for purchasing a vehicle, but am I in a really tough spot, or am I overthinking it? I'm not expecting a great interest rate or anything, but I am nervous about actually being approved for anything.
First of all, the idea for this post totally came from Sassy (thank you!) and her post here: http://creditboards.com/forums/index.php?showtopic=14797
Since her post 2003, there has been a lot of great conversation and changes, so I thought I would update it with my own spin and my own links. Use whichever works best for you But, I also used a few links that are in her index. The classics never die.
Nothing I could say here could totally cover every credit repair topic or situation out there. In fact, Iâ€™m not trying to. The purpose of this write-up is to provide an outline for beginners on where to go to gain the knowledge they will need for their credit repair journey. A "where do I start" primer.
If you are simply looking for a place to get a sample letter to copy/paste (c/p) and send off, then close this thread now, this isnâ€™t it. The most effective letters are ones you write yourself, tailored to your own situation, and written knowing why you wrote what you wrote.
Here is a good read about the type of consumer CB can turn you into:
I will only link CB threads in this index (outside the FDCPA/FCRA /govt links). I have found invaluable information also off CB, but to keep things simple, CB is the only place I will reference in this thread. On my own site, I have been working to expand this index to other sites, giving credit where credit is due.
Lastly, there are so many awesome threads that I had book marked (computer crash) and no longer have, or I have missed over the years. If yours is one of those that deserved a mention here, but due to my oversight was missed, you have my deepest apologies.
Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.