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djrobsd

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  1. Lots of assumptions going on here, so let me clear things up. First of all, T-Mobile does not sell the wi-fi only models, they only sell the cellular ones. I understand I would be paying the $129 dollar premium to get the model with cellular built in, but that's fine - there have been occasions where I have needed the cellular signal on my ipad and so I don't mind paying extra for that part. T-Mobile is giving away 200 megs of free data a month, which is all I would ever need, so it seems like a win-win. They are NOT charging a premium for the ipads, Apple's retail price is $629 for the 16 gig iPad, with $0 down, it's $26 a month on T-Mobile for 24 months, so it's a straight-forward deal. My question was how they report the financed ipad on the credit, and it looks like based on other responses here they don't report it unless you don't pay for it, so it seems like a pretty good deal to me to get a free loan that doesn't show on your credit, 200 megs of free data a month, and the latest ipad, win win deal if you ask me, but if that doesn't work out, I'll go for option B which is the interest free financing on my Best Buy card, and the extra reward zone points since I'm a silver member.
  2. Your best bet is to talk to a lender that does FHA loans. Most banks do FHA loans or you can talk to a loan broker i.e. Quicken Loans or Discover, who also do FHA loans. FHA does not go for the traditional credit requirements that other lenders do, but there are other requirements that the FHA has, I'm not sure specifically what those requirements are but if you google FHA lending requirements you will probably start getting some info. It's better to just have a lender pull your credit and collect all your income information, debts, etc and tell you whether or not you can qualify then playing guess work on a credit board when it comes to getting a home loan, each buyers situation is unique, and you would also want to ask the lender how much home you can qualify for based on your income and current debt load.
  3. For those who have thought about it, and have been hesitating for one reason or another, I have to tell you right now, these guys are the real deal. I had over $30,000 in revolving loan debt (mostly from a house that I no longer own that needed a lot of work and I foolishly financed much of the repairs on cards or a personal loan), and it felt like I was never going to get out. Paying on that debt for 6 years and seeing the balance drop only about $1,000 a year was such a drag on my life, and my finances. Then, one day a friend of mine told me about The Lending Club. He was an investor, putting his money in and getting handsome returns on his investments. I had already been turned down by my former bank (Wells Fargo), my credit union, and several other places for a consolidation loan. So, I went ahead and applied. What the heck, my FICO was already 670 so not too much left to loose right? Low and behold, they approved me! I'm not going to say they are saints. The $1000 (or was it $1500?) origination fee on $30,000 seemed a bit steep to me, as did the APR they gave me (13%), but when I averaged everything out, it was still lower then 90% of the debt I had been carrying, AND it was a FIXED 3 YEAR PLAN to get me out of debt. I figured I really had nothing to loose. They take the payments out of my checking account automatically every month, and I never have to worry about late fees, or even "did i pay that bill yet this month" because they are all paid on one monthly installment. And, the best part, I'm almost 1 year into my 3 year plan. In a little over 2 years, I'll be debt free except for the mortgage and car payment, and that is SUCH a good feeling. After getting my check in the mail from Lending Club, I immediately went to work paying off all my credit cards. I was a bit short, and couldn't pay off one of my cards, so I had to keep my lowest interest card (9.9% APR), but the rest of them were poof.. GONE! I cut up the cards so I wouldn't be tempted to use them again. Many people told me I should CLOSE those accounts. NO! Never close them unless they are charging annual fees! It will hurt your credit to close long-standing credit accounts, so just pay them off and cut the cards up! A month or so went by, and low and behold I checked my FICO score on CreditSecure, and my score jumped up to OVER 740 in ONE MONTH just from paying all those cards off... But a funny thing. The Lending Club was not on my credit yet. WHAT!? Waited another month, still not reported. I was worried once the Lending Club payment hit my credit, my score would drop back down, but it actually went up a few more points once it did hit my report! My score has been steadily increasing by a few points a month since I got the Lending Club. So, in short, I am a very happy Lending Club customer. They are helping the little guy out, while also helping the investors out giving them a much higher return on their money then any bank could ever give. I am now on the path to home ownership again, and my credit is better then it has been my whole life, thank you Lending Club. Sorry if this sounds like an ad, it's not, this is MY real life story and I had to share it.
  4. Hi, I was curious about how T-Mobile's new financing plans for phones and tablets is reported on your credit report? They are currently offering $0 down and 0% interest financing on iphones, ipads, and other devices to well qualified customers (I should be in that category as my FICO is over 750). I was wondering if anyone who is currently financing a device can tell me how it appears on credit? Does it show up at all? Does it show as a normal cell phone bill with T-Mobile with the monthly payment being part of the total amount? Or does it show separate to your T-Mobile bill as a new credit account, i.e. installment loan, revolving account, etc? If it's a regular phone account, it seems like the the best deal (assuming you have good coverage in your area - I know they suck compared to Verizon or AT&T but I'm just buying a tablet not a phone). If they are reporting it as revolving or installment, I'm not so sure it's worth the hit on a credit score, although probably a better hit then financing it through Best Buy or another retail installment account. Let me know your thoughts.
  5. I have a loan that is not on my credit report because they don't report to the credit bureaus. However, it does show up on my bank statement every month when I make the payment. The banks seem to be fixated on what's on your report, and it seems that most mortgage lenders pull your report and use that info to fill in your debt on the application (aside from alimony & child support which they ask you to tell them how much and I don't have any of those thank god). Obviously when you apply for a mortgage the banks ask you for 2 months bank statements, so do they use this info to help them calculate your debt ratio or do they solely use this information to verify your assets and income? I'm just curious because without the personal loan my ratios are more then perfect perfect, but with the personal loan I am about 2 percentage points out of the ratio to qualify for the home loan I need... I am confident in my ability to repay the personal loan as well as the new mortgage on the house, especially with the mortgage tax deduction and my credit score is in the excellent range 740+, but I just wanted to know if I might run into pitfalls during the underwriting process because of this monthly payment showing on my bank statement. Thanks for your help to those who reply, and btw, I am not trying to game any system, I'm just trying to decide if I should buy a house now or wait until the personal loan is paid off in 2 years and 9 months..The house prices here in San Diego are rapidly going back up and I don't want to be priced out of the market.
  6. djrobsd

    Barclays USAIR

    San Diego
  7. There was no reason for them to put me on the repayment plan - I was current on my payment of the card, and still am. I have never been delinquent with Chase or ANY of my other creditors. The reason they closed the account was because they did a periodic review of my credit, and found that i had too much credit utilization. The reason my utilization was so high is that ALL of my credit card companies reduced my limits, i.e. I had a 9500 limit with Wells and a 4000 balance, they reduced my limit to 4500 so suddenly I was using 90% of my credit on the one card. Chase reduced my limit from $6000 to $3000 so suddenly my $2700 balance put me at 90% utilitzation. Citi reduced my limit from 8000 to 4000. Same story there. It was during the "Credit crunch" of 2008 when all the credit card companies were shaving your limits left and right, and unfortunately those of us who carried credit card balances were the victims of seeing our utilization go sky high to 90% overnight. The only company rude enough to close my account was Chase, the rest of them remained open, just with lower lines. The only place that treated me like a human being during all this was my credit union, they never lowered my limit, nor did they increase my interest rate. Anyway, now I am down to 10% overall utilization, albeit one of my cards (the credit union one with the lowest rate @ 10.9APR) has 80% utilization due to the low interest rate - easier to carry a balance on the lowest rate card then spread it out among multiple cards. My goal now is simple - I want to pay off the rest of my debt obviously, but in the meantime I also want to maximize my rewards for the money I already spend every day on gas, groceries, etc to earn some freebies. It looks like Chase won't be the lucky recipient of my hard earned money, which is fine, they never treated anyone I know (including a former room mate who was a teller for them) with respect, so they really don't deserve my money. They just happen to have the best reward cards out there right now, whether it's the Sapphire card or the Amazon Rewards. And yes, I did ask the rep if they could "reopen" the closed account and he said no.
  8. Gnarlywood, no, the account was not charged off, nor is it delinquent, I owe them about $1800 and pay $100 a month on it to pay it off faster. So, it doesn't make a lot of sense, why they would consider it derogatory just because they closed it due to their tightening of the credit belt. I guess what they are really trying to say is "We don't want your money", which is perfectly fine, except that I buy a LOT of stuff on Amazon every year, and really would like to get the 3x points rewards. I plan on paying the balance in full each month. I couldn't seem to find a better reward card online then the Amazon one, 3x points is basically 3% cashback, plus 2% on gas purchases too.
  9. I applied for the Amazon Rewards credit card through Chase today, and was given the "we will get back to you with a decision" message on the screen. So, I called the back door number and talked to an analyst. He processed the application and told me it was declined due to "past derogatory credit history". Upon probing him further, he told me that I have a Chase Flexible Rewards Mastercard account that was closed by Chase Bank and they consider any account where they initiated closure to be a "derogatory" mark on my credit with Chase. I asked him what I can do to correct this, and he said I would need to pay the balance in full on the other card first. The only reason I hadn't paid the balance in full is because it was the lowest rate 9.9% of all my cards when I paid them all off, and I didn't quite have enough to pay that one off, so I kept the balance due to them having the best rate. I'm just curious, is it even worth paying off the balance and trying again, or do you think I will still be declined? I have the $$$ to pay it off, but would rather keep it in the bank for a rainy day (although the bank doesn't pay 9.9 interest it's always good to have a reserve on hand for those rainy days so you aren't forced to use the CC). I have no late payments or derogatory history on any of my 3 reports, and 12+ years history, so I'm not sure why they would even label it as "Derogatory history"... I've always paid my Chase accounts on time on autopay.
  10. This actually helps becase typically HELOCs report as revoling lines instead of installment loans, and the "balance to high limit ratio is high" comment typically applies to revolving (credit card) trade lines. The multiple trade lines probably do not hurt your scores, and if you keep them going for awhile they will improve your scores because you'll have another aging trade line. <{POST_SNAPBACK}> Well on Experian it's showing that I'm using 98% of my available credit thanks to the $100k HELOC loan (100k loan with a 100k balance). I'll let you know after I pay my credit cards off in the next month or so if the HELOC is hurting due to "utilization". Doesn't seem fair to me, especially since I'm almost ready to re-fi and if the 100k limit to 100k used on my HELOC is hurting my score that's going to hurt my ability to re-fi thus making me stuck with this stupid HELOC (which was just the 2nd mortgage when I did 100% financing)...
  11. djrobsd

    kb homes

    PJM: Honestly, you are well to find any other builder. I once saw a group of 2x4's in a JB home that was warped, standing upright, probably 4-5 inches within the distance from the floor to the ceiling. No kidding. <{POST_SNAPBACK}> Same goes for DR Horton. I almost bought a condo from them, and when I did a walk through on my "Framed" condo unit before they put the dry wall up, I couldn't help but notice all the low quality wood they used with tons of knots and holes in them, and some of them looked warped or realy deformed.... Luckilly for me I couldn't get financing at the time, so I was able to walk away from it, but definately didn't like what I saw with DR Horton. Then again, it seems like most builders build everything out of sticks now. There was once a fire in Las Vegas in a subdivision next to my apartments that i used to live in while the homes were being built. It took 30 minutes for 6 homes to burn to the ground that were next to each other... Blew me away, and made me realize how poorly built new homes are these days.
  12. Anyone know if circuit city black lists you after a charge off? I had a charge off with them about 8 years ago. I paid off the collection account (FINALLY!!) in august of last year, and it came off my report yesterday. I'm curious if they would give me another card again.... BTW, back when I had the card 8 years ago, it was FNANB, and it was ONLY a Circuit City card, not a visa card.
  13. Yes, approved with one $2600 dollar UNPAID collection account on my report that was reporting only 2 years old, even though it was actually 7. My scores were around the same, if not lower then yours at the time, so it should be easy for you! Good luck!
  14. My score was about 680 around 12/2003 when they pulled my report, and they gave me a $2500 limit. I have never paid a PENNY in interest, and I've bought two laptops, my cordless phone, and a bunch of other goodies on that card... I love it!!!! BTW, i'm sure you already know this, but try to keep your balance at $1000 or less on that card so you can keep your debt utilization on that card at 33% or lower... If you max the card out, you'll end up hurting your score rather then helping it with this newly established credit. Good luck! Rob

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