Car payment woes

Mar 202011
 

Before my husband and I met, he joined the Air Force and was set to leave for basic. His Dad needed a car, my husband-to-be no longer needed a car, so he gave the car to his Dad to use and pay for instead of selling it outright.

 

Of course, the title and loan was never officially signed over to Dad because of his terrible credit history. No bank would ever approve him. Somehow, Husband-to-be thought this was all a great idea. (I re-interate that I wasn’t in the picture yet because if I were, none of this would have happened under my watch. :smileytongue:)

 

Miraculously this car has stayed out of repossesion for the past three years, although not without struggle. We have to keep on top of Dad every month so he makes the payments. Sometimes they’re on time, sometimes he’s behind as much as 60 days. We’ve asked for the car back numerous times so we can either sell it or use it ourselves and make the payments, but he won’t allow us to do so. I’ve wanted so, so badly to just report the car stolen so we can get the stupid thing back (the title is in hubby’s name), especially during those 60-days late payment streches while Dad won’t return our calls, but Husband seems reluctant… and rightfully so, no one wants to hurt their family. But in the end it’s hurting us and Dad really doesn’t care.

 

There’s roughly $3,000 left on the card and the monthly payments are around $266. To get rid of the problem should we just start paying the car ourselves every month to ensure it’s on time? Ride it out until it’s paid off?

 

Husband’s credit score is upper 500s. He has two small collections that we’re working on gettng removed (utility accounts he thought were settled before he left for basic… he knows now to get everything in writing!) and no other open credit lines. He has one small loan paid off quite recently (all payments on time). We’re planning on getting him a secured credit card and adding him as an authorized user on one of my accounts… but all seems useless if Dad is going to continue to be late with his payments!

Need advice from you seasoned Veterans

Mar 172011
 

Hi,

 

I am new here on the board. I came across myFICO when researching student loan consolidations/rehabilitations. 

 

I had started to rebuild my credit about 3 years ago but had a relapse :(  I digress.

 

I just wanted to share my situation and get some advice. 

 

I just recently completed my student loan rehabilitation. I have been steadily at about 548 with Experian since July, and just pulled Equifax (509) and TransUnion (552). 

 

I still have one of my many student loans from the consolidation showing as negative but did confirm with the DOE that they sent the remaining funds (115 dollars out of 10K) that had been outstanding due to an error or timeframe issue with the payoff. So that is the only one still showing as default. I immediately disputed online and the loans are all showing zero balances paid collection accounts and I understand they will be there until they fall off. 

 

My question is more about the rest of my credit. I currently have some other derogs including 2 small collection accounts for under $300 each from 2 old utility bills. I am wondering if it would be in my best interest to offer them a “pay for delete” as I have seen it referred to?

 

I have 3 Capital One credit card accounts charged off in the past couple of years that had original balances of 750, 500, 1500 although they are showing much higher as collections. Should I try to do the same thing with them as well (PFD)?

 

I know that is kind of a vague rundown and I have some other issues with my report, but figured this would be a good start. Trying to buy a house in the next 2 years need to get into the 700′s. I understand it will take time but I’m headed in the right direction. 

 

Also, I have no credit card accounts and was even denied by US Bank for a secured card for $300 because of all the collections. I was thinking of having a friend or family member add me as an authorized user on a couple of accounts to improve my utilization and that aspect of my report.  I was thinking of waiting a couple of months after paying on my current student loans and getting some things straightened out and applying for a secured card with Orchard Bank. Any insight there?

 

Thank you in advance.

advice on a score boost (authorized user)?

Feb 222011
 

Heres my situation. Debts are all paid off…rebuilding my credit …. I recently went into a mortgage broker to see where i was at. She assured me we shouldnt have any problems. (pushed us to put a contract on the house we want). It comes back and she says we now need to add 15 pts to our mid score to bypass underwriting….I have no more debts and my credit cards are at 1% so i have no leeway there. My question is if i have my mother in law put me on as an authorized user on her 500 limit cc with 8 years good history and 0 balance, can that add pts to my fico? My current open tradelines are a 10 year old student loan…2 low limit cc (one as an authorized user)both at 6 months old, and a new secured card. All with no lates. I believe if she put me on her card it would lengthen my credit history and possibly improve my score…? At this point im thinking adding any new accts wont help. Any advice would be appreciated….

Authorized User – Hurting my score

Jan 312011
 

My g/f added me as a authorized user on her CAPITAL ONE card in 2005. (six years ago).

Make a long story, it’s reflecting negative on my credit report because it’s 120+ days past due.

 

What makes matter worse, I’ve never used the card. Ever.

She did a horrible job handling her career, money, bills – and was clearly irresponsible.

 

She went into debt and just stop caring (young & foolish).

 

6 years later, it still shows on my credit report as a delinquency.

Any ideas or suggestions, can I have this remove? This is the 1 and only thing I have on my report that is negative.

Adding Authorized User on my credit card

Jan 132011
 

Does any one know if the credit bureaus will report the payment made by an authorized user of my primary cards — I did supply the social security for this person.. My spouse

I have read that FICO 08  eliminated this they called it “piggybacking”  we are both trying to get credit established at same time..

 

Will putting my wife on as an authorized user on my solid accounts increase her FICO score?

Jan 082011
 

Will putting my wife on as an authorized user on my solid accounts increase her FICO score?

 

My score is pretty solid right now, whereas hers is not good. Could putting her on my credit card accounts as an authorized user increase her scores?

 

I understand that this is a temporary solution, and financial responsibility is the long-term solution.

Adding an authorized user

Nov 102010
 

I would like to try to help my wife repair her credit. I’ve read numerous threads on this board as well as others in regard to adding an authorized user and basically giving that person your previous credit history. In searching here and other boards I’m a bit confused as to how this exactly works. Scenario  I add my wife as an authorized user to two of my oldest credit cards both of which have a high available limit and I utilize monthly and payoff. This should give score a decent boost once reported and then she could apply for a card in her name and begin rebuilding. Second part of this question is what effect will adding her as an AU on my cards have on my score? My score is basically excellent and her’s is bad/poor. Will my creditors look at her report and then ultimately adjust mine?

 

In a nut shell I would just like to get her into a position where she would have access to decent lines of credit on her own to rebuild.

 

Thank you

Starting to rebuild!

Nov 052010
 

Hey all,

 

Have been trolling these forums for a little while now and I just wanted to say wow! The information here is amazing! My credit score took a beating before I squared my life away and joined the Marine Corps. My parents passed away while I was in college and I went spend crazy and unfortunately, that coping mechanism scarred my bank account back then and my credit report now! I have paid off a lot of my delinquent debts and am completely caught up on payments. I no longer have any credit cards in my name but managed to buy 1 car in Aug of 09 which I have never been late on. 1 unsecured personal loan which has always been paid on time. about 7k in student debt that is currently being deferred but i was late a few times (as many as 120 days once) and a bunch of closed credit lines that were paid or sent to collections and then paid. I now have two collections accounts posted. One for $38 which I have sent a PFD letter for and the other from a bank i had which did not close the account when i asked and instead racked up fees which I am now dealing with and will most likely end up in a PFD. Essentially the only thing that is killing me is my incredibly splotchy payment history and I am not quite sure what I can do about that! I am lucky enough to have a friend who was willing to help and put me as an authorized user on his amex which helped me out a bit, but its still not great! As of right now my scores are as follows:

 

Equifax- 609 (MyFico)

Experian- 599 (Fako CCT)

TransUnion- 623 (MyFico)

 

Any advice you guys could give you be awesome! I am looking to push these up to a place where I could get approved for a home loan in the next year and not have astronomical rates! Appreciate the help in advance and let me know if I can provide any more information that would be beneficial!

 

-Ben

Question about dispute response

Sep 242010
 

Would TransUnion respond to multiple disputes with separate letters? 

 

I had a few items that I needed to dispute so I did so on one letter.  I received my written response back and to my dismay, one of the three items were not listed.  I am postive I provided the necessary info for the item that seemingly was not investigated.

 

My spouse had a CC years ago that was settled for less than owed.  I was not a part of the application, but I am listed as an authorized user on my TransUnion report.  I was not an authorized user and at the time we purposely refrained from me having anything to do with the card.   So, I disputed that it was not mine.

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