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  1. It could very well be due to the size/security of the loan. A friend of mine is the chief credit officer of a small credit union (they have four locations) - he is the only individual with Individual approval authority In the entire organization - he can approves autos up to $75, boats/campers, etc up for $50k and personal loans up to $5k. Anything higher than that has to be approved by their “loan committee” which meets every Wednesday but if that falls on a holiday, they do niot meet at all that week. So in theory someone could apply on a Thursday the week prior to a holiday and not have a loan decision made for nearly two weeks and the still possibly be waiting for the loan officer to call them with the decision.
  2. gerray


    I know when you are new here and to credit rebuilding this site can be overwhelming due to the sheer volume of resources and sometimes feeling like the information can be confusing or contradictory, but listen to the others and order the paper copies of all reports and start cleaning up the reports prior to trying to obtain more tradelines for the sake of having positive activity. Credit is a marathon, not a sprint, and many people try to do it all in a day/week when in reality it will take months/sometimes years to get to where you want to be. Set small goals to stay motivated and set up a reminder/calendar for knowing when to check up on things etc. As others have said, order the paper copy of all reports - avoid ordering or disputing online. Clean up the addresses and personal info (removing old names, aliases, misspellings etc) first. Don’t carelessly dispute accounts that are within the statute of limitations in your state or you may suffer unintended consequences (poking the bear).
  3. Since its APY, that's accurate. 1/12th of the year your balance is $1.2k so you are paying interest on that. 1/12 of the year your balance is $100 so if you do the math your average balance over the course of the year is $600, which at a 12% APY would be $72 in interest over the course of the year.
  4. I would counter this by saying it would look good from a manual underwriting perspective. I work as a senior credit analyst and can tell you that we will often approve people for installment loans with less than ideal scores if they have had numerous paid out installment loans previously - even if they pay their revolving debt slow and/or have prior revolving charge offs. With that said, you will want to 100% confirm the bank in question is going to report the tradelines. One of the credit unions I deal with often offers holiday loans for members at rates/amounts similar to what you are stating on here, yet they do not report the positive tradelines, and only start reporting if they result in charge off.
  5. I do not see it either, is it giving you the option from viewing the card in the Apple Wallet app? ***edited to say - Question is for heg, not PotO.
  6. The card in question is a Citi ThankYou Preferred, the card just doesn't compete with the other cards I have from a rewards standpoint and I just recently had Citi reallocate my credit limit from the Preferred over to my DoubleCash except $2k (which they said was the minimum required to remain on the Preferred). If I close it I will have 5 cards open: Citi DC, Amazon Store Card, Lowes Store Card, Discover, & CapitalOne Savor (grandfathered in with zero annual fee) - each of which has 10k+ limits other than the DC @ $8.3k. Thus, the $2k limit on the Preferred pales in comparison and isn't needed to help my overall utilization. I do not carry balances and always pay my cards prior to the statement dates while allowing my everyday card to report a small balance each month with transactions between the payment date and statement date. The Preferred card is one of my newer cards (opened same month as the Savor card, and the only thing newer is the Apple card - which was a wasted inquiry but does admittedly look cool), so I do not think it will hurt from an AAoA standpoint. I guess my main question is, will closing the card have any unintended consequences? Is there a magic # of credit cards I should have open? I've always heard/read to keep a card open unless there's an annual fee etc., and while that's not the case I have no interest in using the card and having it open is just one more thing to keep up with. I didn't know if that suggestion to always keep open is more so for someone in cleaning/rebuilding mode.
  7. I am not familiar with Washington laws so I am sure others can give a more detailed and informative response, but in the states that I am familiar with once a levy is placed against a bank account the account can not be closed or have withdrawals done to it (the account is basically frozen but funds are held in there for a specified time frame to ensure all outstanding checks/debits clear) and the remaining balance is forfeited to the creditor with the levy on the account. If you have direct deposits etc. going into that account you should suspend that immediately as those funds could also be subject to the freeze & forfeiture. Once again, I do not mean to instill fear in you as this may not be the process in WA, but until confirmed I would prepare for the worst.
  8. To the best of my knowledge Wayfair is just mail-order/online company, and does not have any brick and mortar stores. I would ask the fraud department (when they contact her) what address the furniture/order(s) were delivered to and include that in on any police report you guys file should other accounts pop-up that are fraudulent. It's likely going to correspond to a house that is currently vacant/listed for sale. We've had a handful of fraudulent cases at my work over the past two years and they've all had that in common - the use of addresses for homes that were vacant and listed on MLS's as being for rent or for sale when the accounts were underwritten/approved.
  9. OK, that date makes more sense! haha, I should have figured out what you meant. And best of luck to you on getting the score back up - utilization will make a huge impact. Given the score, don't be surprised if the lender had multiple companies pull your credit as they were seeking an approval, and while the inquiries hurt the score their impact pales in comparison to what the utilization and/or any lates on your report are having on your score.
  10. I think you are being overly sensitive to the matter. Until they report to his credit report, or attempt other collection activity (legal action, harassing phone calls etc.) I would view it more so as a reminder to make contact with the school to pay the bill and ensure they have the correct info on file for billing etc. If the school said "it won't go away once paid", I would be looking at other schools that have a better billing system and is more organized. It certainly seems like there's a process error, or a communication issue between the three parties (parent/student, school, and collection agency).
  11. I'm very confused by your post given the date provided? With that said, if you already signed the contract at that rate underwriting likely already approved and green-lit the deal. Dealers aren't guessing/projecting an approval on a 29.90% rate. With that said, you should make cleaning up your credit a priority and get it to the low 600's so you can refi ASAP with a local credit union. That payment/rate is crazy high on a car loan. That 15.5k financing is going to cost you nearly $29k if you let it mature is contracted.
  12. Credit is like shampoo for some. "Wash, rinse, repeat." Edited to add: This may become my new CB signature, haha.
  13. Unfortunately your best bet to dispute is trying to get the JDB to validate the debt and hope they go away when you send a DV letter certified. It is not the lenders responsibility to "accept a return" due to buyers remorse (and yes, it needing repairs when the car was likely bought as-is, where-is, is buyers remorse). I work in finance and can tell you that we often will refuse voluntary surrenders on autos/collateral if we deem the value of the auto to not be worth the cost we would incur to pay for repossession + remarketing.
  14. I appreciate the feedback and I'll leave it be. I've just always taken issue with knowing (and them even reporting) the account was paid in full in March of 2014 - yet reporting 3 payments due in April of 2014. Since they did not report in March of 2014, perhaps its possible that I was I-3 in March (but I believe the payoff was posted prior to the account actually being 90 days late). So it may just be my neurotic nature concerned with the April 2014 reporting.

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