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Hello, I am a long time member but I have been away for a long time. I am looking for some advice or just opinions that I am doing the right thing!
To start I am looking to buy a home by the end of the year!
My Current Situation:
AMEX: Opened Feb 2012 / Balance $0 / Limit: $6700 / One 30 Day Late Payment
Barclays: Opened Oct 2019 / Balance $387 / Limit $1000 / No Lates
Capital One: Opened Dec 2010 / Balance $202 / Limit $5750 / One 30 day(Feb 2019), One 60 Day Late (March 2019)
Discover: Opened June 2020 (0% Balance Transfer) / Balance $9343 / Limit $9500
Kohls/CAPONE: Opened Oct 2016 / Balance $0 / Limit $3000
Merrick Bank: Opened June 2011 / Balance $0 / Limit $3300 / 30 Day Lates (Oct & Nov 2018) - 60 Day Late Dec 2018 - 90 Day Late Jan 2019
Nordstrom: Opened Nov 2012 / Balance $0 / Limit $5800 / No Lates
THD/CBNA (Home Depot) Opened June 2011 / Balance $2000 / Limit $6000 / No Lates
CLOSED: PNC Credit Card Opened Jan 2016 / Closed Dec 2018 Legally Paid in full for less than the full balance Lates: (2017) Aug 30days - Sept 60days - Oct 60 days- Nov 90 days (2018) Jul 30 days - Aug 60 Days - Sept 90 Days - Oct/Nov 120 Days
CLOSED: SYNCB/LAZBOY: Opened DEC 2014 Closed Oct 2017 Good history no negatives
CLOSED: NOT REPORTING NOW: Credit Union CC Balance $8500 with late pays (I am sure this will show up when i least expect it)
US BANK Opened April 2020 Good History
- I have 5 closed Auto Loans with perfect history
- Balance $7410 Good History
- Balance $6165 Good History
- CLOSED: Good History
- CLOSED: One Main Financial this loan was paid in full in 3 months!
$9500 - Auto Pay through pay checks does not show on credit report
Now you know my current situation: I just did the balance transfers on the Discover and it has increase my FACO score a large amount. I am thinking of taking a personal loan from my bank to pay off my 401k loan. I would then be able to take out a larger loan to pay off all my revolving debt and have it automatically taken from my pay checks at a 5% interest rate. I would normally leave the balance on the discover card at 0% but that ends in 14 months which I do not know if I would have it paid off in time. As I said i am looking to buy a house before the end of the year. Should i go forward with this process?
Why I am thinking of the 401k loan...
1) I like the idea that I have a very low interest rate and that interest actually goes back into my 401k
2) I know the debt will be paid off in 60 months
3) If god forbid i lose my job the loan is paid off by my 401k (I know this sucks but it does protect me)
4) this will clear up my credit report of debt and maybe increase my credit score more
I have a plan in place to not run up credit cards again. we are living will within our means now and not running up debt but actually slowly paying it off with high interest. It will go even faster with low interest rates! The way I figure I will be saving an average of $400 a month in interest alone!
Please give me your honest opinion on what I should do!
Hello Credit Board
I am newbie to this forum, but have been lurking for a while. I had recently pulled my credit report and I am having major issues with my student loans. Apparently I have loans that have been transferred \ sold and now are with a new company. The original loan was open back in the 2000's but they are still showing on my credit report. I am not sure how I can have these removed. Any assistance would be greatly appreciated.
Thank you in advance
I just wanted to share my strategy. I've written them many many good will letters and always get the generic response. I decided to message them on Facebook and I got an actual human in the states who responded the same. I then replied with a true sob story and the guy said he could remove 1 late payment from each card. This will change my life so much and hopefully raise my score. I just wanted to to share with you guys who might have issues with comenity
I have a Sprint collection with a hefty amount that is reporting with Source RM, the only collection on my file. Dofd is 12/2018. It was originally passed to Convergance, and most recently Source RM. I DV'd Source RM and received bills and a contract for a financed phone. Is this sufficient validation? Also, should I just leave this alone until the sol passes and then work to get it removed? Also how will the merger with T-Mobile affect my ability to get this removed?
I am working on cleaning up a few items on my credit reports and not sure which way to start. There are two Paid Collection medical bills showing on my reports, which is hurting my ability to rebuild my credit after divorce. They both are being reported by the same medical collection agency that is a local company where I live. They are both old, but still have a couple years to fall off my reports. One for $73 has a delinquency date of 3/2015, assigned to collections 1/2016, paid in full 7/2016. Last reported to credit bureaus on 6/2017, The other one for $164 has a delinquency date of 5/27/15, assigned to collections 10/2016, paid in full 12/2016 and was last reported on May 18, 2020. Should I call them and request a goodwill adjustment to have them remove the reporting, write a goodwill letter, or move to the HIPAA letter?
I also have one account in collection status that I disagree with. I had disputed it via the credit bureaus, but only got a notation in the credit reports that the debt was conforming, which I am sure means they contacted the collector and they said I owed the debt. This is a credit card debt that appears to be sold to a collection agency. The debt amount is $370, delinquency date 12/2018, turned to collection 6/2019. I am not even sure what this is, but may just be continual late fee charges on account I though was closed. Where should I start with this one? Pay for delete or validation letter?
I made the mistake of ignoring my credit report after divorce in 2016 and have a thin file, but these three things are seriously hurting my ability to get a credit card acceptance. I don't want to keep having hard credit pulls for applications when I know these items are a big reason why I am being turned down.
Thanks for letting me tell my story.