Hi elinorw!
@Anonymous wrote:
Good Afternoon!
I am new to this site but I am looking into needing some medical procedures done and I my medical insurance is not great so I need to come up with the cash in order to do it. My credit score ranges on Equifax & Transunion 642 and on Experian 596. You'll want to be sure you have FICO scores. There are a lot of FAKO credit scores out there - but you'll want to see FICO's - that's what lenders see. You can pull FICO's for EQ and TU here. With your FICO scores, folks can give you good feedback about which creditors are likely to approve you for credit. I am just wondering does anyone give out these medical loans to someone with this bad of credit? I don't want to start applying at a bunch of places and get a bunch of dings on my credit just to get declined.
I have been working on my credit the last couple of years and have had some serious issues with it in the past but I have paid off nearly every collection account I have and am current on all of my credit cards. Congrats on paying off those collections - you may want to check out our Rebuilding Credit forums as you move forward. You'll want to consider PFD's and GW's as you continue paying off the accounts - they will both improve your scores. (Simply paying off a collection will not have a FICO score impact - as the collection itself is impacting your score).
My old boss had me listed as a user on a couple of his cards that are now either maxed out or he has failed to pay them so this is lowering my score since they show up on my report. I did manage to get the ones that are on my credit report that were late removed but so far I am unable to get the one that is at its limit removed so my debt to income looks distorted. I had no idea that in using his card it would have an adverse affect on my credit as I was just an authorized user to help with some office supply shopping and such but it does. So any advice would be greatly appreciated. Sounds like you are on the right track. Are you sending info to the CRA's to remove yourself as an AU on all of the cards that are reporting negatively or with high utilization? Usually this is fairly quick and easy to do. I can't tell from your post how many cards are involved in this situation - but if you are an AU, you should be able to remove yourself from all of them - and they should update monthly, so it shouldn't take long..
I am currently self employed and have an income of about $90k a year with no auto loans or home loans. Just a couple of credit cards that I pay on every month to help rebuild my credit the problem with those is they are very low limits so if I use them it looks like I have used all the credit available to me during each month. But I do pay them off in full monthly. Is it better to not use them or use them and pay them off? Use them as much as you like during the month, but be sure your reported balance is zero on all cards but one; with the remaining card reporting a low balance (< 9%). Most (not all) cards report your balance listed on your statement.
Thanks again for the help with the medical loan information too!
ElinorW
Hope that's somewhat helpful! Again, if you know your FICO scores, folks can give you great input on what types of cards are likely to approve you. Best wishes!
