Will it help?

Sep 022010
 

I have two revolving accounts. One is a credit card and the other is a line of credit. Both accounts have been closed, and I made special agreements to pay them in a fixed amount monthly. Both accounts get reported on the credit bureaus as revolving. Is there any chance to ask the creditor to report those as installments since they are being paid in fixed payments each month and the credit lines have been closed? If so, will I see improvements in my credit score and report? Thanks.

Revolving to installment on BoA

Sep 012010
 

I have two Bank of America revolving accounts under my belt. One is a credit card and the other is a line of credit. Both accounts have been closed for more than a year, and I made special agreements to pay them. Both accounts get reported on the credit bureaus as revolving. Is there any chance to ask BoA to report those as installments since they are being paid in fixed payments each month and the credit lines have been closed? If so, will I see improvements in my credit score and report? Thanks.

Related Blogs

Frustrated

Jun 302010
 

I have been on this boards trolling for a while. It is so frustrating and embarrassing to get denied for a loan over and over again. Here’s my gripe.

 

The only active activity I have are 2 credit cards that I opened in 2008 and last year. Both have small credit lines $250-$300, I opened it thinking it will help me at least get my credit score moving. I have been paying on time, if anything paying it down, but it doesnt seem to do anything.

 

My credit score is the same as it was last year. Ilecs have been gracious enough to give me some advice on what steps I need to take. I have done some, still waiting on others. I just have to say, having bad credit doesnt necessarily mean bad people, there are circumanstances in our lives (for me, 2005 was a BAD BAD year) that sometimes we have to make a choice.  I would like to get my scores moving, be at a decent score where I can buy a house and go from there.

 

It doesnt help that you make $100K a year – no one seems to look at that. I am sometimes amazed how some people (no judgements here, just from what I read) are able to obtain a loan, have lower scores than I do, make less and yet get approved.

 

I am at a stand still. :(

Credit battles and questions, help please!

May 212010
 

Hey guys.

 

My parents have had trouble paying their credit cards.

 

My parents have a few cards that are not going to be able to be paid. The credit cards extended huge credit lines to my parents, but now times got tough and the credit cards refuse to help out, so they have decided to not pay back.

 

Chase 35,000

BoFa 20,000

Wells 25,000

BoFa 24,000

 

Those are the cards that they won’t be able to pay back because the darn payments are too high, and times have changed.

 

They have exhausted all of their home equity. All they have left are 401k investments which are not enough to cover and surely don’t want to use to pay the credit cards.

 

These accounts will surely go into collections. What will happen then? Can they take my parents to court? Wage garnishment?

 

Is this when they should file for bankruptcy? They have one outstanding car loan which we would like to keep and a mortgage we don’t want to give up.

 

Any advice!

 

Please thanks a bunch!

Improve Credit Score?

May 172010
 

I was just wondering what a good firat step would be for me.  I would like to buy a house next year and I need to improve my scores.  Currently They are 574(EFX) 656(XPN) and 607(TUC).  I have some charge off accounts, the majority of which should be off of my reports by May 2011.  Should I start by paying the more current ones off, or would it be more helpful to get some new credit going and try to establish some good standing credit lines first? 

Utilization Factor in Credit Score

Feb 192010
 

Hi All! 

 

I have a question regarding utilization…

 

Is the utilization factor in a credit score only based on open, available credit and the amount used on those credit lines?

 

I am just wondering if my closed accounts that still have balances on them that were closed by the creditor and still in repayment, are factored into the score?

 

I guess it would make sense to put more effort into paying down the open credit lines to lower the utilization if my thinking is correct.  Any thoughts?

 

Thank you in advance! 

A small but unsolicited CLI

Feb 062010
 

Well, amidst all the bad news about credit lines being cut, I thought I would share that my gf’s card got a small but very unexpected 1K CLI.  Not much, but hey!  I can’t complain.  We were expecting them to balance-chase us down.  Nope!  :smileyvery-happy: