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hoapres

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Everything posted by hoapres

  1. The specimen had bad credit in 2010 and decided to ride out the 7 years along with taking the attitude of paying cash for everything. He got one of those OLD and I do mean OLD Cap 1 secured credit cards that charged and still does a $29 annual fee. He got the card in 2014 starting off with a $500 credit limit which got up to $2400 in 2017 and hasn't moved since. He kept the balance close to the limit under the expectation that Cap 1 would give him an increase. I pointed out that keeping a balance close to the max along with paying minimum balance isn't going to get him a credit increase. He paid off the card last month and I told him to keep using it but just pay the entire balance off before the statement hits. I didn't believe that he would go from 697 to 768 by paying the card off. FICO score was definitely going to go up after paying the card off but I didn't expect a 71 point jump. I told him don't be surprised if Cap 1 doesn't unsecure the card and/or give a CLI. Time will tell. It will probably take Cap 1 six months to figure out that the specimen isn't down to his last dollar.
  2. Forgot to mention that the 7 year Cap 1 credit card has PERFECT payment history.
  3. This is only one data point so take it FWIW. On a THIN (and I do mean THIN) credit file having ONLY one entry being a 7 year old Cap 1 credit card. NOTHING else positive or negative on the file. The FICO score at 100% utilization being 697 went to 768 after the card was TOTALLY paid off. (0% utilization) This is a FICO 8 score. Results likely to be different with FICO 10 or 10t.
  4. Not sure if this works for the OP but I would be going down to a dealer auto auction and get a car. You need to know someone that has a dealers license to help you out. $10K cash can get you a good used auto.
  5. It is hard to reverse engineer almost everything. With regards to FICO, I have a small set of CRs over a decade in an effort to look at the major factors. This is all conjecture but I suspect that the FICO model is based somewhat on qualitative categories and once you are lumped into one that some sort of regression model is used to predict the likelihood of you defaulting on an obligation in the next 90 days. The general advice that I can give assuming that a high FICO score is a big deal to you that having 2 to 4 credit cards with limits of $10K+ over 6 years old with low utilization along with NO derogs gives you a high probability of 750+ Other factors that could help would be a mortgage. Auto loans don't seem to make a major impact. Disclaimer: This is based on a limit sample size between 10 to 30 CR. The numbers vary depending on the factors you are looking at. So don't draw any general conclusions such as trying to do a hypothesis test with a 95% confidence interval, etc.
  6. You need to check your state property tax lien laws. In some states, the liens are sold and the purchaser has the right to foreclose. The question becomes doe the property tax liens take precedent over the first mortgage. If they do then the mortgage holder is likely to pay them off along with proceeding with a foreclosure.
  7. FICO score won't count multiple auto loan inquires (I think over 14 days) as more than one inquiry PROVIDED that they are coded correctly. Sometimes they aren't. With that said, multiple inquiries aren't very likely to be the reason that financing was declined.
  8. The other option is to prepay the principal down to get the LTV below 100% or even lower. If you can refinance to get a better rate before that is needed then buy all means do it as 25.5% is something you want to get out of.
  9. +1 Santander should have the documentation somewhere. You might have to send a written letter to get it. You could also try sending an email referencing the broken link.
  10. Possibly. The only problem is that you have a 580 score and as others point out that leases are harder to qualify for.
  11. Run the numbers to determine the lease cost. This can be somewhat challenging as computing the cost of a lease is more difficult than the cost of a loan.
  12. The problem is that we have a huge glut of college graduates. I remember getting into an interesting discussion with someone from the College Board given the standard line that over 40 years a college graduate earned more than a non-college graduate. Only problem(s) are: (1) Fewer people graduated from college in 1960 than in 2000. So future performance for 2000 to 2040 isn't guaranteed. (2) If you invest the college tuition and the foregone income then you come out ahead over the college graduate. (3) Your financial return depends on the school you go to. If you go to MIT (e.g. have brains) or Harvard (e.g. get the contacts) then you come out ahead. Otherwise, you don't.
  13. Meaning that in theory the account could stay on the CR until August 2022. I would just wait and ride it out.
  14. I haven't seen that. PRA will update to say it is a paid collection.
  15. Having helped people deal with PRA before the big issue was always the account being reaged which in this case meaning that the account stayed on the CR until 10/23 being 7 years after the day PRA getting the paper on 10/16 instead of being deleted on 10/21 being 7 years after the last payment. (To be technical the item could stay on the CR for 7 years + 180 days after the last payment)
  16. Just because PRA says the account was opened on 10/2016 means that the DOLA is 10/2016. Most likely the DOLA is 1 to 2 years before that. If that is the case the DOLA is something like 10/2014 and the best thing to do is probably wait it out. At least your CR says On record until August 21 and make sure you keep that credit report handy because when August 21 comes around it isn't a guarantee that it will fall off the CR.
  17. The ideal scenario is that the executor is someone else besides the apparently sole heir to all the assets. In that case, the executor could probably do the above with minimal hassle. Could you just sell the vehicle off and pay off the loan ?
  18. Test before you guess. Get an accounting of the loan. Although if I was a betting man, I think MarvBear got it right.
  19. Consider yourself fortunate that at least in NY you won't lose your drivers license for unpaid parking tickets, as in many other states you can.
  20. I expect a lot of consolidation with the number of dealers over the next decade. And dealing with customers isn't fun either. As they say on the lot, "The only bigger liar than the salesman is his customer" which unfortunately often has a grain of truth.
  21. The problem is that being a car salesman simply isn't very lucrative anymore that is assuming that it was a good career in the first place. If you want a stressful job then be a car salesman. You are under a LOT of stress to avoid being laid off due to lack of production. The minis don't pay very well either. I am starting to see minis get paid off at $100 or even less. The spiffs sure ain't as good as well. The other BIG problem is that autos are becoming more and more a commodity. Lots of people simply go online and do a lot of research before going out and buying a car. It is more and more difficult to sell cars at sticker prices and it is the difference between what the dealer pays and the purchaser pays is what pays the bills at the dealership outside of the service department. So when you have a good months of units rolled out then it doesn't mean you got a good paycheck.
  22. The issue is the DOFD. Is it over 7 years ( plus 180 days) ago. If so and PRA doesn't respond then (granted you need to know what you are doing if you are going pro se then it is likely lawsuit time. Maybe OP is in a state with a mirror FCRA statute allowing one to plead just state causes of action not allowing PRA to remove to Federal Court.
  23. CreditKarma needed to do something as just offering non FICO credit scores for free isn't worth anything anymore.
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