ekindred

10 Contributions 43 People Helped Top Contributor

Member Since: January 2013

Most Helpful Contribution

If I pay off my car loan entirely, will this help my credit rating

Mar 21, 2013
Should I pay off my car?
Helpful to 11 out of 14 people

I was just told by a mortgage lender not to pay my car off because it is building good credit with each payment that is on time. I thought it would lower my debt to income ratio and she admitted it would but said an long standing account with good payment history is better than debt to income ratio for me. Interesting because I was planning on paying my car off shortly.

Activity (10 Total Contributions)

If I pay off my car loan entirely, will this help my credit rating

Mar 21, 2013
Should I pay off my car?
Helpful to 11 out of 14 people

I was just told by a mortgage lender not to pay my car off because it is building good credit with each payment that is on time. I thought it would lower my debt to income ratio and she admitted it would but said an long standing account with good payment history is better than debt to income ratio for me. Interesting because I was planning on paying my car off shortly.

My credit score is around 517 now. I NEED to make this a lot better. Any advice?

Mar 23, 2013
Secured Credit Card
Helpful to 7 out of 10 people

Hi I was in the same boat and am slowly getting out of it. I was surprisingly approved for a Gap Credit card and then a Wal Mart with low limits. I also have a $300 secured card too. I am trying to get a mortgage and my lender said to use each a little and make the minimum payments. She said for mortage purposes they want to see 12 months of on time good payment history and that you were able to manage credit wisely by charging a little bit and paying it off. regularly. Also I was told to stay away from short term loans like Dollar Loan Center...etc because they do not help credit at all. You will do it because if I can anyone can.

OpenSky® Secured Credit Visa® Card

Mar 30, 2013
My new card
Helpful to 4 out of 6 people

This is the first time I have ever had a secured card. I am trying to build my credit scores to qualify for a mortgage and was told to get two secured cards. The application process was easy and they held my money for five days from my account. I did get the card quickly as well, My bad though that I did not realize there was a $50 fee when I first got the card. I should have read the fine print. I charged about 30% of my limit and will pay off completely including the $50 fee. I am really hoping for great things for my  credit score by having this card.

my score is 560. is there any CC I can possibly approve for? I have a Kohls one I've been using.

Nov 21, 2016
Helpful to 7 out of 12 people

My credit attorney Joe Camacho at White Jacobs and Associates is very against secured credit cards. He said it makes no sense to pay someone for a credit card while they make interest on the money paid and then charge you more high rate interest. He has awesome ways to build credit that will not do harm to the person like me trying so hard to build credit and he gives free consultations with no strings attached. 

I have a Stoneberry and Ginny's account and they report each month to my credit reports. They did hit my report with an inquiry when opening the account.

how can i increase my credit 100-150 points within a few months

Jul 14, 2015
Helpful to 3 out of 6 people

Thank you. I thought my scores were better than they are and I contacted a mortgage lender who said my scores were much lower than I thought. He said to pay off all negative open accounts. Most are medical bills. He also said that even with a car loan and a secured card and Fingerhut it is not enough trade lines. He suggested I open another secured card. Use one for gas and the other for fun/groceries. He said charge no more than 30% on each only if there is the money present to pay it off when I get home that day. If so, pay all but $5 immediately. He said that plus the debt should help within a few months to raise my score in addition to keeping the existing items current. My husband has a tax lien so I promptly made arrangements for that and have applied for and was approved for a second secured card as well. I just have to wait until payday to fund it and then will work to pay off these debts and build my score. Hoping for some big results in six months.

The Secured Visa® from Merrick Bank

Mar 30, 2013
Helpful to 2 out of 5 people

Why do you say they are invitation only? I was able to go and submit my application through their website.

Fingerhut Credit® Account

Nov 02, 2016
Great card to reestablish credit
Helpful to 2 out of 6 people

I applied in 2014 and got into their Fresh Start program. I paid a small down payment, then made on time payments and was moved into their regular account. I was approved for a $300 limit. I did good with the card but was disappointed in December 2015 when despite my good history with them I was lowered to a $100 limit. I was told this is common around the holidays and they felt that I was not managing my other accounts well and using to much credit. I kept with the $100, was bumped up a few months later to $300. I was successful in managing that and rarely used it and paid it down quickly. I just found out today that my new limit is $700.  I have heard that their prices are a bit higher than retail, but for me it works. I can make small reasonable payments and keep in good standing and it reports to the three credit bureaus. They come in handy when in a pinch for the holidays or birthdays if needed. I plan to keep my Fingerhut card and maintain a good relationship with their company. 

Car Loan Paid Off, Credit Score Lowered, Why?

Apr 08, 2013
Paying off car loan.......
Helpful to 2 out of 6 people

Hello. I wanted to do the same thing to have more money available each month but I was told by a mortgage lender, it would have the opposite affect and lower my scores. The reason she said it would is because it was an account in good standing with on time payments and I have not been late once. She said it is a ding to your scores when you close any account, especially one in good standing.

The Secured Visa® from Merrick Bank

Mar 30, 2013
Helpful to 2 out of 6 people

I was told to add another secured credit card to my existing accounts. I have a secured card through Open Sky with a $300 limit. How is Merrick to work with and is everyone automatically approved?

REPUTABLE CREDIT REPAIR COMPANIES???

Oct 25, 2016
Helpful to 3 out of 70 people

Have you seen an increase in your credit score?