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Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: BEGINNER!!! Please help!!!



Lori344 wrote:


Rockjock wrote:
Rember that Dell account is a credit card and your high UTL is hurting your score the most.


The Dell account is not a cc, it's a consumer loan. I don't believe that is factored into your utl.


Message Edited by Lori344 on 08-15-2007 02:50 PM

Is it listed on yor credit report as a Loan and not an account?  Dell mostly gives their Dell Card or was it financed through somewhere else?

Regular Contributor
Posts: 109
Registered: ‎08-08-2007
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Re: BEGINNER!!! Please help!!!

Mine is reported as a revolving account/ CC. It counts as part of my UTL.
Regular Contributor
Posts: 139
Registered: ‎08-07-2007
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Re: BEGINNER!!! Please help!!!

Southernartgirl,
 
    If I am not mistaken, you can transfer the second car to your friend who took over now. Do you understand. Meaning, you can transfer the debt which would come out of your credit report to hers.
Valued Member
Posts: 38
Registered: ‎06-14-2007
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Re: BEGINNER!!! Please help!!!



Lori344 wrote:


Rockjock wrote:
Rember that Dell account is a credit card and your high UTL is hurting your score the most.


The Dell account is not a cc, it's a consumer loan. I don't believe that is factored into your utl.


Message Edited by Lori344 on 08-15-2007 02:50 PM


My dell account was also listed as revolving debt, so it was calculated into my UTL.
New Visitor
Posts: 4
Registered: ‎08-14-2007
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Re: BEGINNER!!! Please help!!!

Dell is listed as a revolving acct, and they even sent me something that "looked" like a credit card, but was just for Dell.
See my dilema is I get school money in a few weeks, around $3500, I want to put at least $1500 in savings. I am trying to figure out how I need to divide up the rest to pay on these accounts. I will most likely pay $800-900 on Dell, and then pay the cards off, and just charge like small grocery runs on them, and pay them off within a month or two, just to have something on each.
The issue with the car is when I got the car it was at a better APR% than what my room mate would get right now. Her credit is not the greatest but is better than mine. However she would get almost 12% APR where I got the car at 8%. So as long as she pays more than the amount, and on time, I have no issue with it being in my name right now.
We are trying to get a joint loan for a house. And if we do, I want to see if I can buy a cheaper house, and pay off the cars and the other little odds and ends, and just sit back and pay everything on time, and let my credit history length grow. A couple of local lenders says it is possible if I can just get a couple more points on my side on my credit. Her score is around 645. So she is trying to get as close to 700 and then we will apply for a first time buyers loan.
So if I were to have $1500-2000 to put towards these accounts, how much should go where?
Dell is $1500, Bank of America is around $400 and Capital One is like $100. I want to try to have a little left over for spending money, since I haven't bought anything for me in ages :smileytongue:!
New Visitor
Posts: 4
Registered: ‎08-14-2007
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Re: BEGINNER!!! Please help!!!

Yeah but see I'm a co-signer or co-owner on the car, wouldn't I have to have the other person's approval? which is impossible they skipped town and I have no clue where they could be--doesn't matter it's getting paid now lol! But also she would get a worst APR% than what the car is in now. A difference of almost 5%. So she is paying it ontime, and actually over the amount, so I'm going to just stick it out, until we try to get a home loan and pay off the car. Then it is so hers, and I don't want to even drive in it! lol
Regular Contributor
Posts: 109
Registered: ‎08-08-2007
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Re: BEGINNER!!! Please help!!!

Pay the highest interest to save your self some money. $1500 is $1500 subtracted from your total utl, so it doesn't matter where the money goes. As long as you pay off some of the CC.

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