aman31 Tracker

Need auto loan.

aman31 — Sat, 22 Sep 2012 14:52:46 GMT

I'm needing to trade in my car within 6 months. I went from no credit to a score of 633 with 4 months. I currently have a Dell account with $1200 limit, currently using 100%, but will be paid off before applying for the auto loan. Also, $500 capital one card. I've using the capital one card every month and paying off. Should I do anything else or just wait on time?

My local bank has a credit building loan. You can borrow $500-$1500, the funds go into a cd, then you make monthly loan payments for 12-36 months. I've thought about doing the $500 for 12 months, but wondered I have to wonder if it looks like I needed a loan for $500.

Any help is appreciated. I know this is the rebuilding thread, but i'm basically building. I'm 35 and never really needed credit until now. In the past, I was able to pay cash for my car. Thanks.

Re: No Credit - Need Car Loan

aman31 — Sat, 28 Jan 2012 03:03:58 GMT

Literally no credit, no score available. Two of three agency replied with no file found. Ex-wife bought house before we were married and I've paid cash for cars in the past, so no need for any credit before. I tried to get a store card about five years ago and was actually turned down. I knew I needed to built credit, but i've enjoyed living debt free. If I go the secure card route and wait six months, am i still looking at a higher rate? I was thinking about three thousand down.

Re: No Credit - Need Car Loan

aman31 — Sat, 28 Jan 2012 00:27:31 GMT

Also, forgot to add that I was thinking about getting a secured credit card. Would this help? I could possibly wait 3 to 6 months before purchase, but not much longer. If yes, to a secure card, any suggestions for a company to go thru.

No Credit - Need Car Loan

aman31 — Sat, 28 Jan 2012 00:21:20 GMT

Any chances of getting a car loan with no credit? Looking for something newer if possible. I have an old truck that needs a lot of work. Recently divorced and the mortgage was in the wifes name. Income is $50k per year. My first thoughts are to apply with Capital One auto or roadloans online. I dont want to even look if not approved. TIA.

Auto Loan Options (Capital One)

aman31 — Sat, 28 Jan 2012 00:22:21 GMT

Auto Loans with Late Payment

aman31 — Wed, 28 Jul 2010 02:08:21 GMT

How bad will one late but recent payment affect getting a new car loan? I will be needing to purchase a new car within the next 3 to 9 months due to the poor condition of my current car. My current credit score is in the low 500s. I currently have 3 30 day lates on my most recent car loan. Two were in 2008 due bank error. I've fought the bank to get the correction. It leaves for a few months then comes back. The 3th 30 day late is correct. I was late on the final payment in Jan 2010 because it was almost four times the current payment amount so I had to take two months to pay.

No other recent lates. I had some late payments in 2005. I have 11 inquires in the last year mostly mortgage related. My credit cards are currently maxed out, but will be paid off before the car purchase. Also, I will be paying off one mortgage loan before the car purchase. Debt to Income will be low once the mortgage loan is paid off. Any chances of getting a decent rate with late payment showing on the loan? What can I do other than paying off my credit cards to improve my score during the next six months.

Home Equity Loan

aman31 — Thu, 03 Dec 2009 03:36:04 GMT

I don't know all that much about Home Equity Loans. How long does it typically take to get the cash? Also, do you attend a traditional closing as with a refi? Thanks.

Asset Acceptance not reporting

aman31 — Tue, 29 Sep 2009 14:04:47 GMT

I have a collection account with AACC that is not reported on my credit report. Should I pay before they report? Or do I need to a PFD letter even tho it is not reported as this time. Thanks.

Re: Approval 100%

aman31 — Fri, 04 Sep 2009 17:37:01 GMT

My Debt to current ratio is fine even with two mortgages payments. I was upfront about my plans to move in the property. I'm ok paying the higher rate for investment becuase it is still fairly low at 6.5% and this is a great opportunity for me. I inhertied a house than just needs some TLC. We might rent in down the road, but that would be 5 or 10 years from now. We plan to live in the house and save, save, save until we can afford our dream house.

Collection - Paid at Closing

aman31 — Fri, 04 Sep 2009 17:02:19 GMT

I got conditionally approved for a mortgage. One of the conditions is to allow the bank to pay Midland Collections at closing. I have disputed this debt with Midland via CRRM and received nothing back. It is more important to be to close on the loan than to fight Midland over $555. My question is should I allow the bank to Paid in full then try to get Midland to delete it later, or should I try and settle with Midland before closing the loan. I thought about offering Midland half, but I didn't know if this raised a flag to the bank. Thanks in advance.

Approval 100%

aman31 — Fri, 04 Sep 2009 16:57:00 GMT

When is approval 100%? I'm applying for a Non-owner occupied refi loan with cash out for repairs (We already have an FHA on our current residence that we don't wish to put up for sell for several months)

I got conditionally approved based on two items, #1 the appraisal, #2 an old collection being paid at closing.

But Today, I got a call from the loan processor asking two questions for the underwriter. The first question was how much rent do we expect to collect the property... Which the answer is zero, as we plan on moving into the property once repairs are completed. The second question was to explain all the inquires that had which was 6 other mortgage applications. He said I would need to sign a statement at closing.

Should I be worried about the approval again? Is it not 100% until we are the closing table? I'm so tired of the back forth with loan process. Thanks in advance.

Closing Credit Card Account

aman31 — Wed, 26 Aug 2009 13:02:44 GMT

If you close a credit card with a balance, does this mess up your utilization until the balance is paid? I have a card that I was charged a very high annual fee. It is my only actual credit card, but I have a few store lines open with low balances. Thanks.

Re: Mortgage Process Question

aman31 — Fri, 21 Aug 2009 16:47:03 GMT

DallasLoanGuy wrote:
it means that you arent dealing with a loan officer.
just some application taker

So Basically, It is not approved yet. I'm still just in the application phase?? Does the good faith estimate mean anything? I've applied at several banks without approval, but this is the first one that gave me the good faith estimate. I was wondering if this was a good sign.

Mortgage Process Question

aman31 — Fri, 21 Aug 2009 15:25:59 GMT

I applied an local bank onlne. I was called the loan officer and we dicussed the items she needed (W-2, etc), then a few days later. She mailed me a Good Faith Estimate, which I signed and returned. Here's the problem, she has never said approved or not approved. I emailed her to ask the status and her answer was that it was being sent to the Loan Processor. What does this normally meant? I want to know if I am approved, but I don't want to rock the boat either. I'm afraid the answer will be No.

Thanks.

Re: DV - 30 days later (Midland Collections)

aman31 — Fri, 14 Aug 2009 17:08:47 GMT

Chopbrocoli wrote:
Are they still attempting to collect on the debt or have they temporarily ceased?

I believe they are still attempting to collect the debt. I've only received one letter from them. This was from disputing thru the credit bureau initally. It said something like the dispute was correct, but we will take settlement. This was maybe 2 months ago.

And the most important part: It is still showing my credit report.

Message Edited by aman31 on 08-14-2009 10:08 AM

DV - 30 days later (Midland Collections)

aman31 — Fri, 14 Aug 2009 15:43:27 GMT

I sent a DV letter to Midland Collections via CRMM. It has now been 30 days and I didn't receive a response. It was a very simple letter that I mailed, only a sentence or two. Not the example with all the legal talk. What is my next step?

Re: 120 day lates - Score Question

aman31 — Sat, 01 Aug 2009 01:47:44 GMT

Great to know. I just need to work a little harder to get a few other things off my report and hopefully I get closer to 680/700 to get a mortgage soon.

Re: Potential Emergency

aman31 — Sat, 01 Aug 2009 00:57:52 GMT

I read the other night about someone getting something from CA from UPS. I believe it was a no for PFD, but I'm not sure. Judgement would come from the Sheriff where I live.

Hopefully, someone will come along with an answer soon. Good Luck!

120 day lates - Score Question

aman31 — Sat, 01 Aug 2009 00:53:21 GMT

What is the highest score that you can have if you have some 120 days late from 3 to 5 years ago. I dont think I can get these removal so I am wondering if I am stuck at 650 until they fall off. Thanks.

Re: Just sent GW to Midland CEO

aman31 — Sat, 01 Aug 2009 00:49:52 GMT

Jelly,can you pm the info for Midland. I am waiting on DV from them, but I would like to try to PFD if I actually get something back from them. This is the onyl hopeful info that I have saw on Midland. Thanks.