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.
So after a extensive search on CB & Google, the below credit card sites are the only ones I could find that pull 'soft' inquiries to see if you qualify for their cards.
note: deleted original links - they're dead. please use the links below.
Courtesy of foeplay - update as of Sept 7 2010:
HSBC pre-qualifier (must bank with HSBC): https://www.hsbcapply.com/start/hsbccreditcard/
HSBC/Household pre-qualifier: https://www.hsbcapply.com/start/householdbank
HSBC/Orchard's pre-qualifier: https://www.hsbcapply.com/start/orchardbank
HSBC/BestBuy's pre-qualifier: https://www.hsbcapply.com/start/rewardzonemastercard
Capital One's pre-qualifier: https://cardfinder.capitalone.com/CapOne/fi...3ZZZZZZZZZZZZZZ
Discover's pre-qualifier: https://www.discovercard.com/cardmembersvcs...ORE_pre_chk_btn
Database checkers (not a pre-qualifier; checks to see if they have any currently standing offers for you in their database)
Bank of America: https://preselected.bankofamerica.com/cc/SelfInquiry.aspx
American Express (Click on "NOT A CARDMEMBER YET"): https://www201.americanexpress.com/secure/m...atePerfectCards
Chase checks for recently mailed offers https://creditcards.chase.com/RecentlyMailedOffers.aspx
Sites that have been known to give pre-approvals when you shop there/go to check out there:
Victoria's Secret http://www.victoriassecret.com
Newport News http://www.newportnews.com (you can check to see if you're pre-approved here: https://www.newport-news.com/credit/preapprove.aspx )
Spiegel http://www.spiegel.com (you can check to see if you're pre-approved here: https://www.spiegel.com/credit/eligcheck.aspx )
So I've frozen my accounts (again) and opted out for all 3 CRAs.
I have two collection accounts that are holding me back on TransUnion and they are Medical Collections. I have read the WhyChat HIPAA guidelines and I am ready to submit my Handwritten Initial Dispute using WhyChat's form provided.
HOWEVER, before I do this, I also need to note that these two collections have STARTED garnishing my wages about 2 months ago, and have about 1 month of garnishment left BEFORE being paid off. The balances have not been updated on my credit report, even though they are still "reporting" every month.
Should I wait till the garnishment is over in a few weeks and then start my initial dispute, or should I take a different approach overall?
Thank you for clearing that. 😅 Now his score didn't drop like that the first time and wondering why it did it the 2nd time. If I understand you correctly, it went down because the second time he had an inquiry, that one knocked it down the 26 points?
I thought that when someone does an initial inquiry, any others that follow prior to 30 days will not impact your credit score? I may be incorrect but thought I saw that/heard that somewhere.
Yeah, that's probably it. Amex has been doing something similar trying to entice cardmembers to spread out payments or get a fixed term loan. Interest rates are quite low for the loan but going up recently. Looks like the banks are fishing waters that are pretty fixed out. Not a chance in hell I'm ever going to take out a loan unless they pay me.
Yes! Hahaha! Sorry, but my mind wanders when strategizing about buying a car. Anyway, what changed his report was the combination of mortgage queries.
Other than that, nothing else but what you described in his report.
I am a little lost - why would an auto dealer pull his credit? He's shopping for a mortgage. Did you mean mortgage?
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.