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Emergency situation - How to not ruin my credit

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Anonymous
Not applicable

Re: Emergency situation - How to not ruin my credit

Best of luck.  I know it's stressfull.  Let us know what happens. 

Message 41 of 75
Anonymous
Not applicable

Re: Emergency situation - How to not ruin my credit

UW works 24/7 at Navy a lot of CLOC goes to UW so do not sweat it. If it comes back a decline I would move to either looking at doing a trade in on your broken car with a different dealer, I am preferential to japanase cars now but YMMV. Or try going in person to a local credit union. 

 

If the CLOC comes back a decline, you can also submit paystubs via secure message online for a reconsideration. Regardless of if your decide to go with a new vehicle a CLOC will still come in handy one day.

Message 42 of 75
Anonymous
Not applicable

Re: Emergency situation - How to not ruin my credit

One thing you should check out too is, Carvana you wouldn't be able to trade in your car with them but you could see what rate they would give based on a soft pull and the rate is guaranteed. You could get a semi nice car from them, sell your beater, and find a cheap shop to fix your 300 and sell it yourself privately with less stress in a few months (assuming you could make both payments for a few months). Doesn't hurt your credit to look at them that's the only reason I bring them up. 

Message 43 of 75
jg1983
Regular Contributor

Re: Emergency situation - How to not ruin my credit

I spoke with a chrysler dealership that told me I would only get 4k on trade in and they flat out told me my best option is to repair the car. They didn't try to get me to have the repairs done there or try to sell me anything so I think that advice is credible.
Message 44 of 75
jg1983
Regular Contributor

Re: Emergency situation - How to not ruin my credit

Well Rise denied my application. I haven't heard from NFCU yet but I highly doubt they will approve me if Rise denied me. Guess I will just get the car home and work on my credit for a couple months. Hopefully my beater car keeps going.
Message 45 of 75
CreditCuriosity
Moderator Emeritus

Re: Emergency situation - How to not ruin my credit


@jg1983 wrote:
Well Rise denied my application. I haven't heard from NFCU yet but I highly doubt they will approve me if Rise denied me. Guess I will just get the car home and work on my credit for a couple months. Hopefully my beater car keeps going.

Give them a call up being NFCU.. I still hold out hope for you.  Sorry to hear about RISE.. What was their reasons if you dont mind sharing?

Message 46 of 75
jg1983
Regular Contributor

Re: Emergency situation - How to not ruin my credit

Just called NFCU. I was told their systems are down so they can't check that information right now and to call back in an hour. Maybe this is why they haven't called me yet. As far as Rise goes they didn't give me a reason for denial. I have to request it by mail. The email I got said they pulled TransUnion and 2 other agencies I have never heard of. So do you guys think I actually have a chance with the cloc? I would think NFCU would have stricter guidelines than a lender like Rise but maybe I'm wrong.
Message 47 of 75
Anonymous
Not applicable

Re: Emergency situation - How to not ruin my credit


@jg1983 wrote:
Just called NFCU. I was told their systems are down so they can't check that information right now and to call back in an hour. Maybe this is why they haven't called me yet. As far as Rise goes they didn't give me a reason for denial. I have to request it by mail. The email I got said they pulled TransUnion and 2 other agencies I have never heard of. So do you guys think I actually have a chance with the cloc? I would think NFCU would have stricter guidelines than a lender like Rise but maybe I'm wrong.

NFCU seems to be pretty open minded to people with some challenges on their credit which is why you may see so many $22,000 and $24,000 credit lines on NFCU cards around here. 

 

I just tried to log in to my accounts with NFCU and they say the system is down and they are working on it....wonder what's going on.

Message 48 of 75
Anonymous
Not applicable

Re: Emergency situation - How to not ruin my credit

I got a loan through Avant for $2000  for about $65 a month with mid 600's credit scores.  Maybe you could too?  its a 3yr loan 13% got approved and the money in a few days.

They only pulled TU for me.  I don't know your scores but they were super friendly. You can also "check your rates"  on the website like a prequalify and it won't effect your credit..

Good luck with the car I feel your pain.  

Message 49 of 75
jg1983
Regular Contributor

Re: Emergency situation - How to not ruin my credit

NFCU declined the cloc. They said the reasons would be sent to me in a letter but I was told it looks like my main problem is lack of credit history. I hear that a lot. My car loan is about a year old and besides that the only other accounts I have are my two credit cards which I just activated a couple weeks ago. The NFCU card reported instantly on my credit and boosted my Experian score about 30 points. The DCU card still isn't reporting on my credit (anyone know how long it takes them to report it?) . DCU told me after they denied me for a personal loan if I make on time payments on the credit card and car loan for a couple months they might be able to help me. Is 2-3 months of responsible use of my credit cards and on time payments enough to get me to where I need to be for a loan or cloc or will it take longer?

 

The only two things on my credit I see causing a problem are a late payment on my car loan 7 months ago and the fact that Wells Fargo is still reporting my car loan with them as open even though they told me on the phone over a week ago after they got DCU's check my account was closed (don't know how much this effects things or what I can do about it). The late payment I tried disputing with WF and the credit agencies and didn't get an answer from any of them so I'm about to send the second round of letters out. You guys have been helpful so far and I hope you can point me in the right direction to getting my credit where I need it.

Message 50 of 75
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