Paws2015

13 Contributions 19 People Helped Top Contributor

Member Since: October 2015

Most Helpful Contribution

Looking to get a new car

Jan 18, 2016
you mean the 50/20/30 budget rule?
Helpful to 7 out of 8 people

I think all transportation expense goes in the 50%, but I guess you could slide some into the 30% as leisure and that would be legit.  But that's not the key point.  You didn't say you are making enough money, you said "I'll make enough money" ... future?  If you have a thin credit file, typical auto loan lenders are not going to give you a car loan based on how much money you think you're qualified to make when you get a job somewhere down the line, they're going to give you a loan based on how much you have been making, over the course of the past 6 months or year, or more.  There's also the question of what interest rate you'd qualify for, if you did qualify.  And take that into account for what you want to commit to.

Activity (13 Total Contributions)

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Quick Tips for Improving Your Credit Health

Jan 01, 2016
Helpful to 4 out of 4 people

I read that the new rule is the credit reporting agencies are now supposed to wait 180 days before adding medical collections to credit reports, to allow time for insurance companies to pay, and to allow patients time to sort out disputes with providers about insurance submittal errors or that type of thing. (Exactly the type of thing you're describing.)  Also, after the fact, I read that the new rule is that they MUST remove medical collections from your credit report which had been subsequently paid by your health insurance. (Becuase it should've never been on your credit report in the first place, because it was your insurance company that was obligated to make the payment in the first place.)  

Another avenue I have found useful is to contact your health insurance companies to alert them to any problems like this.  I've found it's much more effective to deal with your insurance company, and then let them deal with the provider.  I suspect this is because the patient is actually the customer of the insurance company, and the insurance company is the actual customer of the provider.  To put it plainly, you are not the one paying your provider, therefore, they don't have a vested interest in giving you good billing customer service, but they do have a vested interest in giving good billing customer service to your insurance company!  And since you are the customer of the insurance company, the insurance company has an interest in giving you customer service.  Hope that makes sense.  Good luck!

Looking to get a new car

Jan 18, 2016
you mean the 50/20/30 budget rule?
Helpful to 7 out of 8 people

I think all transportation expense goes in the 50%, but I guess you could slide some into the 30% as leisure and that would be legit.  But that's not the key point.  You didn't say you are making enough money, you said "I'll make enough money" ... future?  If you have a thin credit file, typical auto loan lenders are not going to give you a car loan based on how much money you think you're qualified to make when you get a job somewhere down the line, they're going to give you a loan based on how much you have been making, over the course of the past 6 months or year, or more.  There's also the question of what interest rate you'd qualify for, if you did qualify.  And take that into account for what you want to commit to.

Barclaycard Rewards MasterCard®

Dec 15, 2015
Rewards + Build Credit
Helpful to 5 out of 6 people

I'm auth user.  Spouse was sent nearly weekly offers in the mail for ages before applying & instant approval. By reading other reviews of denials/approvals/limits, I think employment status, income, and utilization are more critical issues for instant approval/credit limit, not just credit score or general condition of credit report. Def think they're using their own type of scoring system for this card, compared to other CCs.  We got it for the 2% grocery & utilities rewards & for more avail credit.  Web site interface is nice, clear, easy to use.  Rewards are reported as the transactions post, no waiting.

Credit Bureau not reporting a score to lender, even on a hard inquiry?

Jan 21, 2016
Helpful to 1 out of 1 people

Sorry I misunderstood,  With what you describe, I suspect it's that you've done near nothing with your credit for 5 years, and it could be that is why you're almost starting from scratch.  Someone with no credit history also can have a situation where there is no score at all, because it's simply "off the charts" and considered "too low" for having little history. (I found myself there for having paid cash for everything my whole life.)  Paradoxically, if you'd gotten an approved loan 2 years ago, you would have a score now. (This is the typical no credit history problem as well!)  You have a new credit card opened just last month, hopefully one that will report to all 3, and then you should get a score with all 3, because they'll have something to work with to make the scores the lenders are looking for.  The reason you can see your scores is likely because the scores the consumer is given are invariably different scores calculations than the lenders use, and almost invariably, the scores consumers see are, for some reason, at least a little higher than the scores calculated for lenders.  While it may be that a score can be calculated for you, there's not enough information for the lender's score calculation to actually calculate a score.   Also, which scores are you seeing?  FICO or VantageScore? (credit karma uses VantageScore)  Look in your credit card information and see if the documentation states that they report to all 3.  If not, you would have to try to apply for something that will use the Experian score, but report to TU & EQ.  For a mortgage, they want a report & score from all 3 unfortunately.

If a credit card company ups my credit limit without me asking for it does it affect my score?

Jan 20, 2016
Helpful to 1 out of 1 people

If anything it could effect it in a good way... more available credit

Quick Tips for Improving Your Credit Health

Jan 01, 2016
Helpful to 1 out of 1 people

What do you mean by "negative things"?  Are you referring to "derogatory" items from collection agencies?  My understanding is that collections ought to drop from your credit report after 7 years.  Chapter 7 bankruptcies remain for 10 years.  Hard inquiries remain for 2 years.  If you look at your credit report (the kind you can get free yearly), there might be a "will be removed" date on derogatory items.  If there's not, you can see what date the item was first reported to your credit report (not the date the debt was actually occurred which is usually a few months before that), then count 7 years + 1 month, and that month should be the date that it won't appear any longer.  (In the case of bankruptcy count 10 years + 1 month, and for hard inquiries count 2 years + 1 month.)  For example, if you have a medical bill with a date of service, it may have been sent to collections, and reported to your credit report, a few months later.  The date it was considered delinquent ("reported" or "opened") is the date it appears as posted on your credit report, and that date I believe is the date that starts the 7 year clock.  

account in collection

Jan 20, 2016

Are you wondering if there is a ceiling to how high a credit score can go with collecitons on the report?  Certainly if you're starting low, improving other aspects of the credit history can raise the credit score even with collections, but there may be a ceiling, I don't know where that is with various scores though.  I also suspect that FICO punishes for medical collections more than VantageScore does, all other things being equal, so it's entirely possible you can reach some kind of ceiling with VantageScore more quickly just because it hasn't weighted it as heavily in the first place.  Just a guess.

Credit Bureau not reporting a score to lender, even on a hard inquiry?

Jan 20, 2016

If you just had bankruptcy discharged in November 2015, it's not surprising to not be able to get a mortgage, even with the VA, just 2 months later in Jan 2016, even with Chapter 13.  You might want to do more reading about Chapter 13 bankruptcy.

Credit Card Utilization

Jan 18, 2016

I don't think that matters so much, I think it's overall utilization that is the most important.  However, if you had the opportunity to transfer the balance to a card with an interest rate lower enough that you would save money even after any balance transfer fees, that would be a possible reason for transferring the balance (or part of the balance if the destination card had a lower limit).  But NOT for the sake to just to shuffle the numbers.  I read somewhere from someone that it might be better to have your utilization concentrated to less cards, than have it spread out over several (at the same overall utilization rate).  I do NOT know if that's true!!  But I've never read anywhere that spreading it out is going to look better!  

They think I'm dead on Capitol one credit card

Jan 18, 2016
family member with same name?

Do you have a recently passed on family member with the same name, or a similar name and same address or something like that?  Check your credit reports and with Social Security, to make sure the error isn't currently cascading through your identity.

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