Re: Credit card debt consolidation strategy to rai... - Page 2 - myFICO® Forums

jg1983 · ‎07-04-2017

I'm not 100% sure I will get the negative removed but I have a consumer rights attorney who filed a lawsuit against the bank I had the car loan with and he took my case on contingency. He thinks he can get me $5-10k (after his fee is paid) which will all immediately be used to pay down debt and get my credit reports corrected. I won't get into the details of the case at least until it is settled.

Say I don't get the negative removed from my credit. How much longer before it doesn't affect my score? It has been 11 months already. Almost every time I have been denied credit one of the reasons listed is delinquent account and that is the only delinquent account I have. How long before that is no longer used as a reason to deny me credit?

I started out a year and a half ago with no credit score and a bunch of negatives. I was able to get a high interest loan 17% for a car (now refinanced through DCU) and finally had a score around the 500s. Through research here and other places I got rid of all my negatives and got my score as high as 670. Then I started getting approved for more credit cards. My goal was to use them responsibly and build my credit. I make no excuses but circumstances required me to use some of my credit with plans of paying it back as soon as my wife got a job. Now we are at that point and we are serious about getting those balances paid down. I knew my score would take a hit until I get the debt paid down but my goal now is to go above 700. My wife will have her drivers license soon and she will need a car for work so I would like to get low interest financing for that and as I mentioned a house loan soon after that.

SouthJamaica · ‎07-05-2017

@jg1983 wrote:
I'm not 100% sure I will get the negative removed but I have a consumer rights attorney who filed a lawsuit against the bank I had the car loan with and he took my case on contingency. He thinks he can get me $5-10k (after his fee is paid) which will all immediately be used to pay down debt and get my credit reports corrected. I won't get into the details of the case at least until it is settled.

Say I don't get the negative removed from my credit. How much longer before it doesn't affect my score? It has been 11 months already. Almost every time I have been denied credit one of the reasons listed is delinquent account and that is the only delinquent account I have. How long before that is no longer used as a reason to deny me credit?

I started out a year and a half ago with no credit score and a bunch of negatives. I was able to get a high interest loan 17% for a car (now refinanced through DCU) and finally had a score around the 500s. Through research here and other places I got rid of all my negatives and got my score as high as 670. Then I started getting approved for more credit cards. My goal was to use them responsibly and build my credit. I make no excuses but circumstances required me to use some of my credit with plans of paying it back as soon as my wife got a job. Now we are at that point and we are serious about getting those balances paid down. I knew my score would take a hit until I get the debt paid down but my goal now is to go above 700. My wife will have her drivers license soon and she will need a car for work so I would like to get low interest financing for that and as I mentioned a house loan soon after that.

My recommendation is that you start developing a relationship with a credit union. Generally, they have the best car loans.

I'm of the school that I let the dealer get me the financing, as long as it's in the ballpark of what I could get on my own, but if you want to get your own car loan directly a credit union is by far the best. They love giving car loans, and their interest rates are the lowest.