LoanRangerCo

97 Contributions 137 People Helped Top Contributor

Member Since: June 2015

About Me: -- I work in online consumer lending
-- My credit scores have ranged from 640-805 and I keep close track of all my credit factors over time
-- My goal is to provide the best advice I can (will caveat that a lot of this will come from direct personal and professional experience) and help everyone achieve financial fitness :)

Most Helpful Contribution

Do closing retail store cards, like Macy's card, affect your credit score negatively?

Dec 19, 2015
It depends on two things
Helpful to 21 out of 21 people

Hey Anon213! Think of closing a store credit card like closing any other credit card. So two things will be impacted whenever you close a credit card. 1- Your total credit card limit will decrease by the card's amount. If you're already utilizing a high percentage of your available credt, closing the card could hurt your score. If you're using a small percentage of your available credit and your store credit card doesn't have much credit limit to begin with, your score would be less affected. 2- The age of your credit history will change. If you've had this store card open for some time (like several years), it's best to keep it open in order to continue increasing the age of your credit history. You don't have to use it often at all. In fact, if you use it once a year for any amount, the store should keep the card open for you. However, if you've had this store card for a short amount of time, it won't affect the age of your credit history too much. Hope this helps. 

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Do closing retail store cards, like Macy's card, affect your credit score negatively?

Dec 19, 2015
It depends on two things
Helpful to 21 out of 21 people

Hey Anon213! Think of closing a store credit card like closing any other credit card. So two things will be impacted whenever you close a credit card. 1- Your total credit card limit will decrease by the card's amount. If you're already utilizing a high percentage of your available credt, closing the card could hurt your score. If you're using a small percentage of your available credit and your store credit card doesn't have much credit limit to begin with, your score would be less affected. 2- The age of your credit history will change. If you've had this store card open for some time (like several years), it's best to keep it open in order to continue increasing the age of your credit history. You don't have to use it often at all. In fact, if you use it once a year for any amount, the store should keep the card open for you. However, if you've had this store card for a short amount of time, it won't affect the age of your credit history too much. Hope this helps. 

Any lowering school loan recommendations?

Dec 20, 2015
Online lenders and credit unions
Helpful to 12 out of 12 people

I just refinanced my student loans and researched a bunch of options. I checked my rate with some of the online lenders: Sofi, Earnest, Commonbond and DRB. My rates ranged between 5.56% - 6.21%, so all pretty close in range. Earnest had the lowest rate and Sofi had the highest. However, I went with a credit union that I'd been a member of for over 10 years. They were able to give me a rate at 5.5%. They also said that if I face hardship in making future payments, I could work with them to figure out a different repayment plan. If you're looking to refi your student loans, I'd encourage you to check out credit unions first, since their interest is financial fitness/education for everyone.  You can also check your rate with some of the better known online lenders directly on their website and it takes 5 min each. This won't affect your credit score. Keep in mind however that if you have federal student loans, you can qualify for loan forgiveness, which private student loans WON'T offer. That's where going with a credit union would be helpful in the event you ever face hardship. Hope this helps.

I have over 2000 dollars worth of dept and dont qualify for dept consolidation

Dec 07, 2015
Helpful to 9 out of 10 people

Great answer IllustriousPotentate!

I would second that you should taken the highest interest rate debt and pay that down aggressively first. Do not pay more than the minimum payment on the other loans until you are able to pay off the one with the highest interest rate. Then, focus on the loan with the second highest interest rate. Best of luck and keep us posted!

Credit.... what if i have no credit will i be denied a chance to build anything

Dec 14, 2015
Helpful to 8 out of 9 people

I agree that you can open a secured credit card. It's called secured because the limit is secured by your savings. So it's basically risk-free for the creditor. If you don't pay, they will take the money from your bank account. The amounts don't have to be intimidating either. For example, you can open a secured card with a limit of $200. As long as you use it responsibility (~20% utilization, paid in full each month), you'll start building credit! Hope this helps.

collection account - when will it be removed from my report

Dec 18, 2015
Helpful to 4 out of 4 people

Hey msjan68! If you look on your credit report, it should tell you the date the delinquent account is scheduled to remain on file until. Subtract 7 years from the date, and that's the original delinquency date. The reason is that delinquent accounts remain on your credit report for 7 years. 

For example, if the date the delinquent account is scheduled to remain on file until is 12/31/2015, that means the original delinquency date is 12/31/2008. Hope this helps!

can i possibly request to delete my close or charge off account?

Dec 14, 2015
Helpful to 7 out of 8 people

Have you paid off the charge off amount? If so, just call the creditor and ask them to please remove it from your credit report. Since it was closed back in 2011, hopefully the creditor will understand your pain and help you! 

Does CreditKarma recommend mortgage loans for first time home buyers?

Dec 24, 2015
Helpful to 3 out of 3 people

Good point! Credit Karma gets paid by companies they advervise on their website, so take all their recommendations with a grain (or bucket) of salt.

Why dont i have much credit?

Dec 24, 2015
Helpful to 2 out of 2 people

Hi BlaxSteve! You may not have much credit because it takes time to build credit (using loans, credit cards, other debt, etc). Many fresh-out-of-college grads don't have much credit because they just haven't had the opportunity to build it. But no credit history is better than bad credit history. Do you have any loans? Student loan or car loan? If not, good for you. You can start building your score by applying for a credit card (and paying it off in full every month). It's especially important to build credit up because one day, you may want to buy a home and you'll need decent credit in order to get a mortgage. Hope this helps!

my chase card told me i could increase my card limit how does that affect my credit

Dec 24, 2015
Helpful to 2 out of 2 people

Increasing your credit limit is generally a good thing for your credit score, as it shows that people are confident you can pay off the debt should you utilize that credit line. Chase wouldn't have given you the option to increase your credit line if you haven't proven a certain degree of creditworthiness to them already. Increasing your line also means that you can spend more money without utilization afftecting your credit score. For example, you should use no more than 20% of your total credit limit so if your line increases, you can obviously spend more money. If you don't spend more money, your total utilization would decrease (since the limit increased). This is also a huge plus on your score.  The only reason you might not want to request for the line increase is if Chase does a hard credit pull on you, which could affect your score.  You could just call them up and ask whether they will before you apply.

Does CreditKarma recommend mortgage loans for first time home buyers?

Dec 22, 2015
Helpful to 2 out of 2 people

They don't currently but that's a great question and I'd love to see some answers! 

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