shroompoppy

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Member Since: July 2011

Most Helpful Contribution

If I apply for a car loan with two different lenders, will that lower my credit score?

Jun 30, 2012
Helpful to 4 out of 4 people

Getting a loan at 650 will not be difficult, *if you have a steady job and proof of income. There are a few things lenders will be looking for to consider the risk of you loan. The first will be debt to income ration; maintaining less than 20% would be ideal. The second is your ability to pay debts that you already owe, have closed accounts isn't a bad thing; as long as they aren't recent (i.e. 6 months or longer). The third is the amount of inquries you have, or how desperate you are; keep the loan requests close when you start, Experian recommends 14 days.

Some other things you can do to help youself-

1. If you have full time employment, but it is not on your credit report, write all three agencies and provide the information so it can be added; it shows you're proactive.

2. Since you have waited so long, perhaps you have sought secured credit, as in a card. Wells Fargo currently has the lowest APR, but I hear citi has better benifits and will upgrade as per agreement unlike Wells Fargo. If your going to apply for a loan soon don't open any new credit as this would cause your score to go down.

3. If you have already gotten your free three credit reports, consider buying your reports before you go shopping. Know whats on them and that all information is correct. Pulling your own credit is a soft inquiry and should have no effect, avoid the off name credit report companies.

4. Use a credit union if you can, they usually deal in subprime lending and you will get a much better interest rate than most likely anywhere else.

5 Make sure you have money for a deposit. For a car expect to need anywhere between 500-1000 depending on where you live. For a larger vehicle, such as a truck, expect to have 1500-2000.

6 Consider finding someone who might be willing to cosign. Although most times people we know are in the same boat. If you do use a cosigner, beware bait and switch offers, and ensure you put both signitures on the same loan document listed in the proper place.

Good luck on finding a car, and great job on the determination in improving your credit worthiness.

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If I apply for a car loan with two different lenders, will that lower my credit score?

Jun 30, 2012
Helpful to 4 out of 4 people

Getting a loan at 650 will not be difficult, *if you have a steady job and proof of income. There are a few things lenders will be looking for to consider the risk of you loan. The first will be debt to income ration; maintaining less than 20% would be ideal. The second is your ability to pay debts that you already owe, have closed accounts isn't a bad thing; as long as they aren't recent (i.e. 6 months or longer). The third is the amount of inquries you have, or how desperate you are; keep the loan requests close when you start, Experian recommends 14 days.

Some other things you can do to help youself-

1. If you have full time employment, but it is not on your credit report, write all three agencies and provide the information so it can be added; it shows you're proactive.

2. Since you have waited so long, perhaps you have sought secured credit, as in a card. Wells Fargo currently has the lowest APR, but I hear citi has better benifits and will upgrade as per agreement unlike Wells Fargo. If your going to apply for a loan soon don't open any new credit as this would cause your score to go down.

3. If you have already gotten your free three credit reports, consider buying your reports before you go shopping. Know whats on them and that all information is correct. Pulling your own credit is a soft inquiry and should have no effect, avoid the off name credit report companies.

4. Use a credit union if you can, they usually deal in subprime lending and you will get a much better interest rate than most likely anywhere else.

5 Make sure you have money for a deposit. For a car expect to need anywhere between 500-1000 depending on where you live. For a larger vehicle, such as a truck, expect to have 1500-2000.

6 Consider finding someone who might be willing to cosign. Although most times people we know are in the same boat. If you do use a cosigner, beware bait and switch offers, and ensure you put both signitures on the same loan document listed in the proper place.

Good luck on finding a car, and great job on the determination in improving your credit worthiness.

how can i raise my crdit score 100 points in 6 months

Jul 23, 2012
Helpful to 4 out of 5 people

If you are having a hard time increasing you credit worthiness, go and attempt a secured line of credit and make monthly payments on time. I did one for 1000 and finally raised my highest credit limits from 750 to 2500.

Wells Fargo Visa® Card

Jul 20, 2012
Helpful to 1 out of 1 people

I have been with wachovia since 1998, I hate they allowed Wells Fargo to purchase their business. Well, I figured I'd stick around even though I read terrible reviews reguarding Wells Fargo.

I was happy to see that they offered the secure credit card, as wachovia stopped it long ago. I had childhood identity theft and didn't want to report so I figured I'd get this card to get a credit file started.

So everything was okay, its' been over a year. I was told by the bank employee who "sold" me on the card it would upgrade after a year. I knew it wouldn't so I haven't bothered.

My problem is that they have been Failing to report any change in my account to the credit bureaus. The card has nothing due, at $599.00 of $600.00 ( I have no idea where they keep my dollar,), or a 0 balance out of $600.00. I used my card two months ago for a large purchase of $585.00 then paid it off before it was due. WELLS FARGO sent a mid cycle update to the credit agencies....

I've called, emailed, and went into a few branches. I took written proof from an employee that my closing is the 18th, and will be reported the 19th. Two months later....

Gotta take my assests and walk. I miss you Wachovia.

should I close a jewlery store accoun that has never been used

Aug 27, 2012
Helpful to 1 out of 1 people

It will usually have a negative effect on your AAoC (average age of credit) which may have a negative effect on your credit.

If it does not have a fee, then why not keep it open, you should never really close accounts unless you fear having too many, or paying a fee. Saying how much it will effect your report and score takes into account a lot of other factors. The thinner your file the more impact closing an account will have.

How debts in collections affect your credit

Jul 23, 2012
Helpful to 1 out of 1 people

Make sure to obtain a recipt from the bank when you pay it. Contact chexsystems and get them to update your credit report, and obtain a free report as well to insure your information is correct.

If I pay off a collection account will my credit score improve?

Jun 29, 2012
Helpful to 1 out of 1 people

Send the letter from the hospital to the three credit bureaus that the debt was paid in full. Let them deal with the Collector posting false debts.

i need to refinance my home but will i lose my equity

Aug 27, 2012

Say you have a $100,000 loan now, and your home is worth $150,000. You have $50,000 in equity. If you refinance your home, take cash out, and roll in the closing costs associated with the new lown, the new loan size is going to be $145,000. The equity you own in your home is now $5,000.

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If the loan size remains the same, you'll have the same amount of equity.

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  Most banks require that an appraisal be for the homes current value. If the appraisal is lower than when you purchased you're not actually losing equity just because you refinanced. You're just then finding out that your house is now worth less than it was before.

My son is a co-signer on a loan for his car, but he has no credit history available?

Aug 27, 2012

Since no one has said anything. It is not required for a auto loan to be reported to any credit bureau unless it is in the contract. Most second hand lenders don't report, unless your late, so that you have to keep the loan with them without the ability to refinance. Check and see if you have a written agreement.

If by chance it is then call the lender and inquire about them reporting the au (your son). >>It takes anywhere from 1-6 months for a auto loan to report depending on the lender.

credit repair issue

Aug 27, 2012

Also do not use any credit repair services, with new laws about credit, they can not do anything you can not do yourself. Except leave you worse off then when you started.

credit repair issue

Aug 27, 2012

Don't email anyone....

You should update exactly what kind of trouble you are having, to get the best type of advice. A definate starter would be to go join a credit focused forum like www.myfico.com, which I persoanly use. Some things to focus on mostly are decresing debt, attempting to remove derogatory remarks (through goodwill lettters and Pay in full written agreements) , establishing credit and AAoC (average age of credit).

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