Richanding

39 Contributions 66 People Helped Top Contributor

Member Since: February 2013

About Me: AVP & Senior Underwriter at JPMorgan Chase Bank
B.A. Economics - University of Southern California

Senior Credit Analyst and Finance Manager with over 22 years of banking and finance management experience. Resourceful bilingual problem solver with highly developed negotiating skills.

Most Helpful Contribution

How do you get rid of things on your credit report that you have no idea where it came from?

Feb 16, 2013
Helpful to 7 out of 7 people

Best way is to dispute the "thing" with all 3 credit bureas, that's if it's on all 3 credit bureas. The bureaus will have 30 days to respond to your dispute. If it is incorrect or they are unable to resolve your dispute in 30 days, they will remove or correct the "thing". You can also call the creditor to correct or remove any derogatory data if its their fault. Most legit lenders will oblige and you are back in the good. Credit Karma will even update you via email when the change is made. Good luck.

Activity (39 Total Contributions)

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How do you get rid of things on your credit report that you have no idea where it came from?

Feb 16, 2013
Helpful to 7 out of 7 people

Best way is to dispute the "thing" with all 3 credit bureas, that's if it's on all 3 credit bureas. The bureaus will have 30 days to respond to your dispute. If it is incorrect or they are unable to resolve your dispute in 30 days, they will remove or correct the "thing". You can also call the creditor to correct or remove any derogatory data if its their fault. Most legit lenders will oblige and you are back in the good. Credit Karma will even update you via email when the change is made. Good luck.

i need to buy a car, but my credit score is 505. how and where can i get a auto loan?

Feb 20, 2013
Helpful to 6 out of 6 people

Most auto dealerships, both independents and franchise dealers, will have a sub-prime programs with various bank and finance companies. If your credit is poor due to circumstances in the past, they will be able to help you, assuming you have at least 10% or more cash down. Be realistic and aim for a basic transportation car that fits your budget. Make sure you take with you your driver license, paycheck stub, proof of auto insurance, 6 personal refernses, and of course at least 10% cash down of selling price). When you walk in prepared the dealer will take you as a serious shopper and give you the attention as if you were a 800 score.

I have a poor credit score and need a car loan. I have a good job that I have been in for 19 years

Feb 17, 2013
Helpful to 5 out of 5 people

If you have a low credit score due to circumstances in the past, then you shouldn't have that much trouble obtaining a car loan with 10% cash down, assuming you are applying for     a no frills basic auto like a civic or sentra. If your score is low due to present circumstances such as an open bankruptcy, current past due debts, pending home mortgage modifications, etc, then you will have trouble obtains financing. Best thing to do is visit your local franchise auto dealer and ask to speak to F&I manager for help. When you do go be prepared, take your pays tub, your utility bill with your name, 6 references, proof of auto insurance, and if you have it 10% cash. I assure you, if he sees that he will do all he can to help. Good luck!

how long does a hard credit pull stay on your credit report

Feb 16, 2013
Helpful to 5 out of 5 people

If what you mean by hard credit pull, an inquiry remains on your credit report for 2 years.

I have had a car loan since August 2012. Why isn't it showing up on my credit report

Mar 14, 2013
Not all companies report
Helpful to 4 out of 4 people

First thing to do is call your creditor and ask if they report to all 3 credit bureaus, Experian, Transunion, and Equifax. Some lenders report to all three, some just to one. Why? Because it costs the lender money to report your account to the bureas. Some "off the wall" subprime lenders don't even report at all. If you are concerned with your good auto pay history being reported, next time try to check with the finance co. and ask if they report before signing on the dotted line.

How long does it take bankruptcy to come off you credit

Feb 19, 2013
Helpful to 3 out of 3 people

A chapter 7 Bankruptcy will remain on your credit for ten years of the filing date, not the discharged date. A chapter 13 for 7 years. They drop off automatically after that time frame. 

do payday loans affect your credit

Feb 17, 2013
Helpful to 3 out of 3 people

It's rare that a payday loan center reports your history to the 3 major credit bureas. Therefore it will not help you establish a good credit rating. Best way to know is to ask them if they do report. However, if you default and you go into collections, they will report you. Payday loans should be the absolute last resort to borrow money, hope you can find a better source. Good Luck!

Is it better to put a larger down payment on a car or use the funds to pay down credit cards?

Mar 14, 2013
Payoff he credit cards
Helpful to 2 out of 2 people

If your fico is in the 700s you can get away with no down. This frees up all your down to pay on those pesky credit cards. But if your fico is in the 500s you may need more than 10% cash down and you will have no money left over for your credit cards. So assuming your fico is around 620 to 660. I would negotiate for the smallest cash down on the car and make paying down the credit cards as a priority. Why? Because typically a car loan rate will be lower than a credit card rate. You also improve your credit card utilization ratio. Granted your car payment may be a little higher, but that is more than offset by wiping out all that high credit card debt. Just remember......it's up to you to make sure you don't rack up all he available credit you will have.

can repossesion be removed

Mar 07, 2013
Repo will stand
Helpful to 2 out of 2 people

When a bank repos your car, it has to do it legally and abide by many rules and procedures. One of them is to code your account on the computer that your car has been repoed. This in turn informs all the bureaus of the repossesion. This procedure can not be reversed unless the bank repoed your car illegally or unjustifiably. Most repos, however, are legit. Banks will not grant you the favor or courtesy of removing your repo since you incurred the bank many costs in collecting your debt, including a repo fee, which is generally $350 to $550. Furthermore, the average loss for a bank on a repo is approximatley $7,000. But time does heal all wounds and a repo will eventually be removed from your credit in 7 years. 

How or when the inquiries érase?

Feb 19, 2013
Helpful to 2 out of 2 people

Inquires will automatically be removed after 2 years. Keep in mind that not all bureaus have the same inquires. Best to get a free copy of all your 3 credit reports at www.annualcreditreport.com and see exactly what inquires you have on each of the 3 major bureas.

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