Shared Savings Secured Loan or Loans

Feb 102011
 

Hey guys. This is my first post. I hope to learn alot and contribute as much as I can to this forum. Here’s the deal. I’m going to deposit $1500 into my credit union savings account and do a secured loan on it. My question is this – Would I get a better benefit if I split it into 2 or 3 loans; like $500, $500, and $500, or $750 and $750. Which would give me the better benefit to my credit score, assuming I made every payment on time and kept the loans open for the full term -(12 to 24 months)? Thanks in advance guys.

Advice on old paid collections

Jan 282011
 

Hello, forum members!

 

I ran into this community today and it motivated me do some clean up on my credit report.

 

For two times, I had a medical bill going to collection because  I was waiting for the health insurance to pay it.

 

They were small, and I ended up being them later just to not have collection bugging me. These are their details:

 

1: April 2007 – $332 – Paid on first collection call. Marked as “Paid” on credit report

CMRE credit

2: Jun 2008 – $862 – Paid a month later. Not marked as paid on CR. It still says open.

Bay Area Credit Service

 

 

Those are the only bad things I have on my credit report. I have probably another 20 accounts open with payment on time. Never a late payment on credit cards. I probably never worried about that because I didn’t foresee requests for loans and mortgages. 

 

Is there anything I should do? Are they old enough I shouldn’t care? 

(I procrastinated enough and never done anything in order to not “revive” the account and reset the 7 year countdown).

 

I am all ears for advices!

 

Thanks in advance,

Bananas

 

New to board, question re: home loan mod hurt score

Nov 062010
 

Hi, everyone,

This is my first post and have been searching for resources to help improve my credit score. I’ve been a Score Watch subscriber since Feb. 10 and have seen my credit score improve from 578 to its current 611. Here’s some background.

 

In Nov. 08 I lost my job. Worried about getting behind in our mortgage, in March 09 I applied for assistance through our mtg. company even though we were not currently behind in our payment. I filled out a hardship statement and subsequently began making partial mortgage payments, about $500-600 less as directed by our mtg company. Little did I know that even though we made every payment on time, the mtg company reported us deliquent or behind, which technically we were because we were not making full payments. No problems with that. But herein where the problem lies. It took our mtg. company from March 09 to JULY 2010 to determine whether or not we could qualify for any loan modification program. First, we did not qualify under the Obama plan but did qualify for their traditional mod program. While the end result was good, reducing our interest rate from 7.5% to 4.6%, did not charge any deliquent fees or increase the terms of our loan, our credit score took a major hit. I was quite disappointed that once the delinquency was resolved our scores only improved 10 points.

 

Now, we need to purchase a new vehicle. Our current van has over 211,000 miles and it’s barely hanging on. I pray it makes it through the winter or til our scores improve. Is there any advice on ways to improve our scores? The last late payment on my credit report was on a credit card back in Dec. 2008. Since then, everything has been paid on time, except the mtg. payment (on time, but partial). Score Watch simulator suggests that paying down my outstanding debt would improve my score. Currently, I have $4,569 in outstanding credit card debt and a school loan of about the same amount. Is there anything else I can do?

 

Thanks!

To GW or not to GW?

Nov 032010
 

Hello all,

 

I have one baddie left on my report, which is a cap 1, from when fell on hard times. I’m not sure what the original date of default was, but it’s been at least 5 years since that date. There was one 30 day, one 60 day, a 90 day and a 120.  In 2007, they gave me another card, and I have made every payment on time with them and all of my other cards. Should I send a GW letter to have it removed, or should I just wait until it falls off? I don’t want it to update and drop my score. Do they list the original default day on the report, and I’m just missing it?

Citi mortgage 30 day late needs fix.

Oct 142010
 

My credit report show negative with 30 day late on mortgage in Sept 2007. The payment was made on time however that month they increased escrow for possible property tax  increase. My payment need to be $30 more. So when they received the original payment on time they posted it as late because the amount was short by $30. I would like to try to get this off my credit report as a negative. Any ideas how?

Help on how to proceed with paying off 1YO chargeoffs

Sep 102010
 

Hi everyone. Thank you in advance for your help with this. I got out of the Army in April of 2009, and hadn’t been able to make payments on my credit (Couldn’t find a job, etc, etc). I paid my truck payment on time, and actually paid it off last april. I have recently been awarded my VA disability claim and have the means to pay off the people that I owe money to.

 

I have two accounts with Chase Bank that have been charged off, and apparently have been sent to third-party people, Enhanced Recovery Corporation. I asked ERC if they have bought the debt, and both Chase and ERC say that they are the ones that I need to pay if I want to make it right. Chase will not accept my money. I am hesitant to pay ERC because I don’t want it to be some sort of scam. I also had a Military Star Card that I was unable to pay. I had money taken from my tax return and applied to the balance owed for the Star Card, and there is another company, Equable Ascent Financial, that I apparently owe the same amount of money to for the Star Card.

 

The other thing is that the different credit agencies are reporting different things. On one account, Transunion isn’t reporting anything, Experian is reporting months and months of Key Derogatories, while Equifax is just showing months and months of 120-days-late notes. This is really confusing me.

 

I currently have either $1900 or $4000 in debt, depending on which reporting agency I go by. Like I said above, I recently got my disability claim, with 16 months worth of backpay in a lump sum, which is more than enough to pay back these people. I recently paid off my truck, which I thought would raise my credit score, but it’s actually been DROPPING?! I was at 552/545, but now I am at 520~ for EQ/EX and 580 for TU. I won’t get into the details, but the apartment we’re in right now is…well, it’s scary, and everything that could go wrong has with it. I am trying to get up to an average of 620 so that I can get approved for a mortgage loan (Apparently, just because the VA has issued me a certificate saying that they will back my loans doesn’t mean that banks will honor that). I want to pay my debts off and clean up the cluster**** of a credit report I have right now, but I just don’t know how to go about it.

 

If I pay these agencies that are apparently handling my debt from Chase and AAFES the full amount I owe, will that raise my score enough to get a mortgage? I just don’t trust these people, and ERC has been very rude to me a number of times (They actually insulted me one time, saying that “if you were in the Army, then you should have been able to find a job by now” and said that I was LYING to them about not having a job!) I REALLY don’t want to give them my money, but Chase won’t accept any of my money. How should I go about handling this?

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Why Is It Illegal?

Apr 202010
 

Hello All,

 

Why is it illegal to buy/rent someone elses good credit?

 

I am a normal person, I bought my first home at age 21 even though the mortgage payment was more than my “on paper” monthly income.  With hard work savings, and help from family I made every single payment on time or early for the first 3 yrs I owned it.  I tried to refinance several times but never could because the market went down.  Then after being told by everyone I was an idiot paying expensiv e rent I got rid of the house when it became worth less than half of what I owed on it.

 

So now here I am, I live in California, I make good money 100Kplus annually bring home, but my credit is completley destroyed.  I am self employed now, and I was doing major busines 10K/mo plus on paypal,. and they even closed my paypal account because of a random credit check after 3 yrs!  I asked them why it hadn;t been closed before as I had bad cred the whole time, and they told me because of my explosive growth? I replied I thought that was a good thing?

 

Basically they are saying you need good credit to make income.

 

I also got recruited heavily to work for a major financial firm but could not accept because of bad credit.  I make good money but am forced to buy everythign cash and pay extra for thousands of dollars because of this.

 

So why the heck as an American, do I not have the right to compensate someone else for renting their good credit if they chose to let me do so?  What makes a good credit score different from any other asset?

 

If I have the choice of paying $10,000 down payment a $20,000 car, and 29% interest to a bank on  my monthly, or paying someone else $3,000 to hold the loan in their name, and have payments at  5% interest I know which one I am picking everytime.

 

So I guess we have to ask ourselves why is there no freedom with this, who decided that this imaginary three digit number that controls where you can live, what job you can get, and even wheather you can rent a car or have a pyapal account, yet we can not be compensated or compensate others for the asset?

 

To me this is a amazing disservice, and I thinkwith 10 millio  americans now having their credit trashed with foreclosures the economy will not work unless some compromises on credit are made, and it will not come from the banks.

 

 

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