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.
Been dabbling with some low-cost, low-volume, decent dividend stuff...and by low volume, I mean that some days they don't even move a thousand shares (SRL, trades just above $8 right now and is paying slightly more than a buck a year). Still loving a number of the gas stocks I got into many years ago for less than $5-10 per share but that consistently pay distributions every month...recent events have driven some of them up over $13/share with a dime or so per share every month right now. I even have an OTC/pink gas trust (CHKR) that pays a dividend despite trading for a little over a buck a share. For a quarter a year, I will keep that risk.
Oh, and still adding more of the various REIT's I've got positions in...again, a dividend play. Admittedly, the ones that mess up and keep sending paper checks every month are annoying.
Keep in mind that underwriting standards might be tightening up as the economy continues to have...issues. It probably would not hurt to go to your small, local bank and get some nominal loan to be paid off within a year or so. Scores are NOT the be-all, end-all to an actual approval on a mortgage- they just tend to be what drives the rate.
The smart guys might know of one.
Most are about every 6 months
In general here's mine:
Amex 6 months after last cli approval (not sure but think 90 days after denial
BOA (hates me) 6 months
Discover (whenever ya want) once a month
Cap1 (hates me) every 6 months
Citi 6 months
Usaa 6 months (I don't like the hard pull so I do once a year)
Those are my main ones , I know I'm missing some. Good luck!
732 (impact: time since most recent account opening is too short & length of time accounts have been established)
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.