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since
04-09-2008
12-06-2020
moondog7324
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02-18-2012
10:07 AM
APPROVING BANK: NFCU BUREAU PULLED: EQ CREDIT SCORE: 634 CUSTOMER STATE OF RESIDENCE: DE NEW/USED: New YEAR OF VEHICLE: 2012 MAKE: KIA MODEL: Soul MILEAGE: 15 RETAIL/LEASE: Retail AMOUNT OF LOAN: 16,319 TERM CONTRACTED: 60 APR/LEASE RATE: 3.49 MONTHLY PAYMENT: 298 ANNUAL INCOME: 62K MISCELLANEOUS COMMENTARY: This will be my 3rd Auto loan with NFCU. Last month I contacted them about getting a loan with two open Auto Loans with them. They approved me for up to 17,500 (that's all I asked for) on the condition I trade in one of the vehicles, so that I only have two open auto loans. The approved rate was 10.79%. I wasn't too pleased with the rate and spent my time trying to find a good auto deal. They gave me 30 days to use the loan or it would be voided. I didn't find the car or deal I wanted and decided I would pay off one of the loans and sell the vehicle outright instead of trading it in. A few days after I paid off the car I called back and found out the 10.79% loan had expired. I asked to reapply and I said I would like around $18,500 and I made sure I told the person I paid off the loan. She came back within seconds and said "they want to counter offer pre-approval for up to $22,000" I said sure. I thought she made a mistake when she said 3.49%. I know the paid off loan did not have time to hit the credit bureaus yet. The sent the check FEDEX and bought my wife a Kia Soul last night!
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03-04-2011
06:48 AM
Last week I got a pre-approved offer from NFCU for the cash rewards card, I already have two auto loans a line of credit (almost maxed) and a nrewards card(almost maxed out) and I have been declined twice in the past two years for an additional card. I read the fine print, say I was approved , unkless something changed in my recent credit. My FICO score has been hovering around 655 for about two years, I can never seem to break the 700 club. My payment history for the past 5 years have been flawless, the only negs still on my reports are a Crap One and a HSBC charge off that are both due to fall off near summer. I really don't need anymore credit, but the 2.99% balance trasfer was inticing and I figured I could transfer my Chase balances (about 2500) and hopefully pay them off at a much better pace. So i pulled the trigger and applied, the next day I saw the approval notice- but no credit limit. The following day I checked- $6,000 !! my highest card to date- beating my nrewards card by 2k. Four years ago my credit was so horrible I got turned down for in-house financing at Ashley Furniture- talk about embarrassing. I decided that day to take control of my credit. I could not get a credit card anywhere. I read these forums and started a game plan. Save $1,000 and opened a secured credit card with the credit union. Use it regularly, and pay it off in full every month. After a year it went unsecured, six more months of ontime payments and then I asked for a CLI. It was that simple step and these message boards that have changed my life. I am still hoping to hit that 700 club by the end of the year. Just remember patience and on time payments the rest will follow.
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05-14-2010
06:03 PM
Do you have any money that you can use as a secured card in case they don't approve you?
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05-07-2010
05:37 AM
$5000 is a significant credit limit. I don't see them increasing t unless you show significant usage. What is the purpose of the CLI?
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04-24-2010
04:48 PM
Is the 'pre- approval' legit? I believe if it's a conventional loan the charge off will have to be paid- it probally won't improve your score. FHA probally will not require it to be paid off. I find it hard to believe that you qualify for a loan but are borderline FHA approval. PS- don't worry about your math skills- after reading your post I had to double check a calender to make sure we are not in 2011.
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04-24-2010
04:05 PM
7 yrs. from Jun 2003 would be Jun 2010- that is in the near future.
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03-29-2010
09:05 AM
The fact that you are pullin in less than $20,000 a year is a deal breaker for most lenders. To increase your chances I sugest this- you say you can afford $200 a month. Start this month and save $200 in a savngs account and see if you can live within your means, also try to get that credit card utilzation down to <10%. In 5 months you will have $1000 for a down payment. The reason lenders pull thier reports is that 1) your credit score is a snapshot of your credit worthiness at tht moment in time- t can change daily and 2) Vehicle lenders will most likely use an 'auto-enhanced' FICO score to make the decision. Your only option, even with a $1,000 down may be a 'buy here-pay here' lot.
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03-29-2010
08:46 AM
I don't see where you would have any recourse, by submitting the loan request you authorized a credit pull. You should have negotiated the price first.
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12-24-2009
01:30 PM
My favorite is NFCU Navy Fedreral Credit Union. I have had good experiences with them, and have heard great stories about other credit unions.
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12-19-2009
04:07 AM
Closing the accounts will not increase the average age of your accounts, I think you should keep them open (unless you are paying outrageous fees) and keep working at letting them help you. There are two aspects of credit repair- building and maintaing good accounts and repairing the bad. Have you tried to repair some of the bad items in your credit file? Is this penalty going to be based on your FICO score? I am not a big fan of tweaking your scores, but in your case you can maximize your score by maintaining utilization between 1 and 7%.
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12-18-2009
01:18 PM
I started with NFCU with a secured card, about 6 months later I re-financed my auto loan with them (one thing they are good about is explaining bi-weekly auto loan payments) I think my score was in the 610-620 range ( two credit card charge offs still reporting) I have since gotten a line of credit for 8k and another used car loan, + pre-approval for a new car loan- which I didn't use. I would say during this time myscores never exceeded 640. They always pull EQ.
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12-15-2009
02:42 PM
1. Call Equifax and explain they investigated the wrong account- demand they removed the bad account because they failed to verify within the time limit 2. Write a letter to NRC and demand they remove the record from EX.
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12-15-2009
02:10 PM
As a general rule in order to request a timely debt validation it has to be within 30 days of tthe dunning letter. ( Texas, I believehas more consumer friendly laws that allow DV anytime). For your medical collections- do a search on HIPPA method on this forum. A few questions: 1) How old are the debts, and which State do you live in are they still within SOL? 2) Has the collection agencies been agressive in attempting to collect? 3) Can you afford to pay them? 4) Are they reporting on credit reports?
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12-15-2009
12:27 PM
Keep in mind that a FICO score is a snapshot of your credit history at that moment in time. There is no need to "tweak" your scores by worrying about utilization %'s unless you are getting ready to apply for a new line of credit. The most important thing you can do now is build history, on time payments and good history will get you in the right direction. The thing you have to worry about is make sure you don't charge too much, to the point it becomes a burden. I would pay in full each month to avoid finance charges. Just curious- are you paying fees on those cards? Your cards have reached the 1 year point- congrats. Message Edited by moondog7324 on 12-15-2009 12:28 PM
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12-15-2009
11:42 AM
I am sure they have internal computer programs that keep a file on everyone who applies for credit, some companies seem to have extremely long memories if you happen to burn them on a past card. If you are thinking about re-applying for a credit card called customer service, you might be able to get somebody who will answer your question before you waste a valuable inquiry.
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12-15-2009
10:18 AM
This 1% / 10% talk is silly- this is the guys first card, it's not like he needs to tweak the reporting balance to qualify for a mortgage. Use the card, pay it off, use the card pay it off- avoid finance charges and build history. Congrats on getting the card, and being aware enough to take credit seriously. You will be fine- Time and on time payments and few inquiries is what you need to concentrate on. He needs history, not OCD! Message Edited by moondog7324 on 12-15-2009 10:20 AM
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12-12-2009
10:36 AM
Look at it this way, If someone doesn't have enough disposable income to save $50. a paycheck into a savings account, you have no business getting credit cards, Because if you don't have the money to save, you don't have the money to pay debt- a chargeoff waiting to happen. $50 a paychck- assuming you get paid everyother week:Suppose you start Jan1: Oct 2010- $1000 savings- open secured card Oct 2011- card goes unsecured- savings =$2300, 1 year of perfect credit history Jan 2012- savings = $2600+interest (nice down payment for a car) more importantly you've created good habits, haven't paid "annual or montlhy fees" with a subprime card The timeframe can be expediated if you have some savings now tha you can use.(or can afford to place more each pay) the key is using this account solely to rebuild your credit and to save. I like the $1000 benchmark, It shows you can handle 4digit credit lines and you won't get utilization out of whack as eqasily as a $300 card. Secured cards are not automatic, and you can get denied one, that's why Iike establishing a relationship- I even told the NFCU reviewer that's what I wanted to do if I go denied for a regular card- she said she would note my app. It's worked for me. Message Edited by moondog7324 on 12-12-2009 10:40 AM
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12-11-2009
05:53 PM
In the original post he says 'nothing seems to work'- So I assume you have gotten some recent inquiries- do you know how many you have? That is one reason prefer the save to secured method, you create good habits and you eliminate wasting time and valuable inquiries applying multiple times.
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12-11-2009
05:47 PM
Manage your debt, not your FICO!
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12-10-2009
11:44 AM
1. There is nothing wrong with a secured card, especially when starting or rebuilding credit. 2. Join a Credit Union- there are many based on locale, job, military etc. (if you have any close family member in the service- I highly reccomend NFCU) 3. Open a savings account this account will be only used for credit building- Put $50 a pay into this account- more if you can afford it.. 4. When you reach $1000 ask for a secured credit card at the CU, you will have shown discipline and responsibilty by making those regular deposits. 5. Enjoy your new card- never let the balance get above $300, and try to pay in full each month to avoid finance charge. 6. Stop applying for credit elswhere- too many inquiries will get you denied everytime. 7 Keep making those regular savings deposits and wait until 13 months to apply for another credit card(if you want one) 8. You can get decent scores with just a few really good accounts!!
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12-04-2009
04:06 PM
What is the status of you Macy's card? I think I read here that they are one of the few companies that will rehab an old card.( I may be wrong)
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12-04-2009
04:03 PM
Does he have prior Military? or a close relative in the Military? I suggest NFCU if yes. You get caught in a cycle where you can't get credit because of your scores, but if you apply too many places (even if denied) you won't get approved because of too many inquiries- which also hurts your score. That is why I'm a big believer of establishing a relationship with a CU and getting a secured card. You don't waste a lot of inquiries- and create good habits.
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12-04-2009
03:50 PM
@BungalowMo wrote: Where are his reports from?? Which is the one he can't get?? I've never heard of a CRA wanting acct #'s to access your report! That's odd! Unless you are trying access EQ using the backdoor method.
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12-04-2009
03:48 PM
Did you get the reports from: www.annualcreditreport.com ? If no- get fresh reports from there- you are entitled by Federal Law to get a copy of each of the big 3 reports once a year. Use this report as a basis for starting the repair process. Do a lot of research on these forums- strating with "HIPPA" as a way to find out how to deal with a medical collection. The sad fact is those chargeoffs will most likely have a negative effect for 7 years, but will lessen as the years go by. The next step is dispute any inaccurate info on your reports. Along with repairing the bad- credit repair involves creating new- good accounts- unfortunatley someone in his situation will either be sought out by subprime cards with very very high fees or be denied for everything. I suggest he start a savings account- preferablly at a Credit Union and put alittle bit into this account each pay period- an amount you won't miss like 25 dollars a pay. Do not use this account for anything else- down the road when he gets >$1000 into this account (and he has created a steady relationship with the CU) ask for a secured card- he may be turned down, but I would use this approach before paying high fees for subprime credit cards. All the answers to your questions are somewhere on this forum, the hard part is behind you- realizing their is a problem and seeking advice- from here on out- it should be creating good habits and repairing the bad. GOOD LUCK! In the meantime you can get a very rough estinmate of his scores for free at www.creditkarma.com it is a FAKO, but it is free and you can check it daily. I would avoid paying for scores and reports in your situation , and concentrate on building savings.
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12-01-2009
03:57 PM
Did you wait until the new balances posted? I would dump that card- but that's just my opinion, and use that mo0ney to start a credit union savings account.
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12-01-2009
01:50 PM
Patience.... you're on the way to the 700 Club. I would work to get your Utilization below 10%, and the cards you have, are you paying fees? That would be a factor in deciding whether to close them or not. I took a hit when I closed some subprime cards, but I was thinking longterm. I have my goals set for 2011 to reach the 700 Club, I can wait ( I have two chargeoffs that falloff in 2011). I would quit paying for monitoring and scores and concentrate on debt reduction- good habits and the scores will rise. Keep up the good work!
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11-30-2009
02:51 PM
You have a 'gift of intuition'- USE IT!, Stay away from this account, unless you are still within the Statute of Limitations. Another point, why do you wish to "add one last suprime" to your collection. You should be trying to avoid subprime, and Credit One is as low as you can get. Do yourself a favor, join a credit union and open a savings account- build it up with regular deposits, then when you get >1,00 ask for a secured card.
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11-30-2009
02:34 PM
I had an unpaid parking ticket show up on my report from a CA. I called them and said I would PFD, they refused to put it writing, but I paid it and the next reporting cycle it was gone. I hate to trust a CA , but this one honored their word- I was going to pay it either way.
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11-29-2009
05:52 PM
When you say 'go before the court', do you mean thetraffic court of the jurisdiction that wrote the ticket>? or is the CA suing you? If it's the traffic court they may be more lenient towards your situation, but I'm not sure if they can prevent it from reporting. If you contact CA you may be ablle to do a PFD. I would try to contact the traffic court first, eventhough I doubt they can help you- then go for the PFD.
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