Increasing score with very little credit

Feb 262011
 

I am so new to this credit game and am not sure what to do. I have been reading all these forums lately and have seen some good advice. I am 45 and have NEVER had a credit card or mortgage. I have had several loans with the last one recorded in ’09 for $40K. All have been balloon notes, not monthly. There were 2 times I was 30 days late on two of these notes, once in ’05 and once in ’07. I have 3 negative medical collections from ’04, ’05 and ’08. The last time I pulled my score was in April 2010, it was 602. I recently tried pulling my credit again and was informed that I didn’t have enough credit on file to calculate a score. So last week I went to my bank and made a $15K loan that I plan to pay back in 30 days. I am now thinking I should have arranged to pay the loan back in installments. I have always used the same bank, all my adult life. 

I also applied for a secured credit card with a $1,000.00 deposit. I hope I am on the right track to get some kind of credit. Anyone have any better ideas or suggestions? 

Thanks!

Paying Civil Judgment thats set to be removed to buy home

Feb 252011
 

I have an auto repossesion from 7 years ago when I was very young.  I am trying to buy my first home but this judgment still shows as “public record”.  it does not show as charge off or negative accounts anymore.   A couple things im trying to understand.

 

1.  This Judgment shows it will be removed in 10 months.  Is it better to wait and see if falls off or pay it?

2.  The amount the judgment has listed is inaccurate ($7,720).  I have paid 3,000 already several years ago but i dont see any indication of that.

3.  All 3 credit bereaus show different “estimated removal dates” ranging from 1/2012 to 3/2013. why do they have different removal dates?

4. and last but not least. If i dispute the “public records” of judgment on my credit reports, will that REOPEN the judgment for possible renewal and i have to wait another 7-10 years for its removal?

 

other than this judgment, i only have 2 other small negative accounts ($99 & 400) which i will pay off next week. In hopes of buying my first home

settlement

Feb 252011
 

When offering a settlement what is the best way to do so? How much off the debt would be a good amount to ask?

Who owns the debt?

Feb 252011
 

If the OC and a CA are both reporting an account on a CR, but the OC balance is $0, does that mean that the OC or the CA owns the debt? Thanks!

Paying Unsubsidized Loans with Subsidized….Bad Idea?

Feb 252011
 

Background:I am currently working full-time and  enrolled in grad school part-time.  My FICO is a 713 :smileysad: , (I have 2 CCs and no debt other than Student loans).

 

Of my about $30K in student loans, I have $10K in unsubsdized loans. In 2010 I paid $680 in interest on these(6.8% interest rate). Although I’m in deferment, I pay $340 a month towards my student loans. I have 3 semester left until I graduate and my deferment period ends in January 2013. I usually get $4,250 in subsidized loans per semester but after paying for classes, fees and books I typically end up with $1500 in excess.

 

Question: Should I use the excess $1500 a semester to pay down my unsubsidized loans* or should I only take out loans for what I need?

 

Looking for Goodwill Success

Feb 252011
 

My fico’s are on the rise, my baddies have been mostly defeated and I feel that I’ve moved out of that initial where do I go from here phase and am now in phase 2, the aftermath.

 

My question is, does anyone have any successful information on the following last of my baddies:

 

Cap One – Charged Off, Sued me, Paid, Settled  2006 – 2010

Chase     – Charged off, paid off, 2006 – 2010

HSBC      – Charged off, paid off, 2006 – 2010

GEMB(American Eagle) – Charged off, paid off, 2005 – 2009

Midland Credit Management – Chase charge off, paid off 2010

West Asset Management     – Direct TV, paid off 2010

United Collections Bureau -  Medical Bill from 2006, paid in 2007

 

All paid off, and unfortunately they are the last of my items reporting any kind of bad information. Cap One is who I want off the most, they report fine on 2 of my reports, but on EQ they are reporting me as  90+ days late 39 times which I’ve disputed but that is legit.

 

I would just say forget about it and enjoy being in debt-free bliss BUT I start Law School in a few months and I’ll need to start applying for financing so I can afford the $2000 books.  Any information on possible contacts or strategies that have worked would be greatly welcomed and likewise I would be happy to share my resources as I’ve battled many other companies off my reports to get down to just having these last few.

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