Need Help Escaping a Financial Bind

[WayUpto850]

Greetings Myfico forum,

I am in need of a knee replacement and I currently live in an upstairs rental in Northern Ca where the rents are currently in the clouds.  I am maintaining on my current income; but, it has been tough trying to save up enough $$$  to move to a lower level rental - so I may get my much needed surgery and stop aggrivating my health by climbing the stairs each day.

I am also a beneficiary to a Trust; however, beneficiary disbursements are not expected for at least another 30 days or more.  Trust funds more than cover my moving expenses.  I have sent a letter to the Trust atty requesting an early distribution for the amount needed for me to move.  Supposedly, the Trust Administrator is agreeable to the early release of $$$ providing there is enough $$$ currently in the Trust - they are trying to sell some properties before final disbursments. 

Sidenote: I have seen court documents approving the release of $$$ from bank accounts into the Trust -  and the amount released far exceeds my request - so I am not sure what's really going on.

In the meantime my personal finance is as follows:

EQ 603 TU 610  EX 575

I have one charge off from 2010 which is set to roll off report in December 2017

1. I have a personal loan that is at max [$10,000 (limit) / $8500 (owed)]

2. I have a credit card obtain in July 2017 ($300 credit limit $0 balance).

3. Student Loans $100k (in deferrment)

Credit Score analyzer states I do not have enough credit accounts open and that is hurting my score.  So I applied for a second credit card which I expect to arrive in a few days (credit limit $300). 

I also recently applied for a bad credit loan with RISE and was approved, but I am hesitant to go through with it because they are asking for the login and password to my bank account - RED FLAG!!!

Any ideas on how I may raise some short-term immediate cash (payday loans are not an option) ?  Any reputable banks that may provide a signature loan to low credit scorewith my Trust funds as an asset?

Thanks much for your consideration.

[CreditInspired]

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@WayUpto850 wrote:

Greetings Myfico forum,

I am in need of a knee replacement and I currently live in an upstairs rental in Northern Ca where the rents are currently in the clouds.  I am maintaining on my current income; but, it has been tough trying to save up enough $$$  to move to a lower level rental - so I may get my much needed surgery and stop aggrivating my health by climbing the stairs each day.

I am also a beneficiary to a Trust; however, beneficiary disbursements are not expected for at least another 30 days or more.  Trust funds more than cover my moving expenses.  I have sent a letter to the Trust atty requesting an early distribution for the amount needed for me to move.  Supposedly, the Trust Administrator is agreeable to the early release of $$$ providing there is enough $$$ currently in the Trust - they are trying to sell some properties before final disbursments. 

Sidenote: I have seen court documents approving the release of $$$ from bank accounts into the Trust -  and the amount released far exceeds my request - so I am not sure what's really going on.

In the meantime my personal finance is as follows:

EQ 603 TU 610  EX 575

I have one charge off from 2010 which is set to roll off report in December 2017

1. I have a personal loan that is at max [$10,000 (limit) / $8500 (owed)]

2. I have a credit card obtain in July 2017 ($300 credit limit $0 balance).

3. Student Loans $100k (in deferrment)

Credit Score analyzer states I do not have enough credit accounts open and that is hurting my score.  So I applied for a second credit card which I expect to arrive in a few days (credit limit $300). 

I also recently applied for a bad credit loan with RISE and was approved, but I am hesitant to go through with it because they are asking for the login and password to my bank account - RED FLAG!!!

Any ideas on how I may raise some short-term immediate cash (payday loans are not an option) ?  Any reputable banks that may provide a signature loan to low credit scorewith my Trust funds as an asset?

Thanks much for your consideration.

---

RUN, don't walk, like PennyWise is after your butt away from RISE!!!

Do not be hesitant. This is dangerous to your financial well-being.

NEVER, and I mean NEVER, give anyone the login and/or password to any type of account.

I'm wondering if maybe you should report them.

Again, SKEDADDLE away from this deal!!!!!

[Anonymous]

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@CreditInspired wrote:

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@WayUpto850 wrote:

Greetings Myfico forum,

I am in need of a knee replacement and I currently live in an upstairs rental in Northern Ca where the rents are currently in the clouds.  I am maintaining on my current income; but, it has been tough trying to save up enough $$$  to move to a lower level rental - so I may get my much needed surgery and stop aggrivating my health by climbing the stairs each day.

I am also a beneficiary to a Trust; however, beneficiary disbursements are not expected for at least another 30 days or more.  Trust funds more than cover my moving expenses.  I have sent a letter to the Trust atty requesting an early distribution for the amount needed for me to move.  Supposedly, the Trust Administrator is agreeable to the early release of $$$ providing there is enough $$$ currently in the Trust - they are trying to sell some properties before final disbursments. 

Sidenote: I have seen court documents approving the release of $$$ from bank accounts into the Trust -  and the amount released far exceeds my request - so I am not sure what's really going on.

In the meantime my personal finance is as follows:

EQ 603 TU 610  EX 575

I have one charge off from 2010 which is set to roll off report in December 2017

1. I have a personal loan that is at max [$10,000 (limit) / $8500 (owed)]

2. I have a credit card obtain in July 2017 ($300 credit limit $0 balance).

3. Student Loans $100k (in deferrment)

Credit Score analyzer states I do not have enough credit accounts open and that is hurting my score.  So I applied for a second credit card which I expect to arrive in a few days (credit limit $300). 

I also recently applied for a bad credit loan with RISE and was approved, but I am hesitant to go through with it because they are asking for the login and password to my bank account - RED FLAG!!!

Any ideas on how I may raise some short-term immediate cash (payday loans are not an option) ?  Any reputable banks that may provide a signature loan to low credit scorewith my Trust funds as an asset?

Thanks much for your consideration.

---

RUN, don't walk, like PennyWise is after your butt away from RISE!!!

Do not be hesitant. This is dangerous to your financial well-being.

NEVER, and I mean NEVER, give anyone the login and/or password to any type of account.

I'm wondering if maybe you should report them.

Again, SKEDADDLE away from this deal!!!!!

---

What is your annual income? Aside from your trust. I don't think you will qualify for a personal loan anywhere. What are the terms to the Rise loan.

Good luck with your knee replacement!

I'm going in October 23rd for a total right hip replacement. I have Avascular Necrosis of The Femoral Head due to trauma.

[Anonymous]

Off topic a lil...but Merrill edge ask for user and password too...if you want to transfer funds? Thought this was common practice,no

[WayUpto850]

Annual Income $90K.  I spoke with the Trust Atty on today and they are in the process of arranging for the release of requested funds.  So I am no longer pursuing any other types of loans.  Unfortunately, I have given my personal information to RISE - everything except bank account login information.

Is there anyway to not have this inquiry negatively impact my credit score?  It is showing on my TU and has been reported to EQ and EX.

Thank you to all that took time to respond to my inquiry!

[WayUpto850]

Thanks for the confirmation  CreditInspired.  I just hope the inquiry doesn't damage my credit score too much.  Is there any way to mitigate te damage to credit score that may result from the credit inquiry?  If I call RISE and tell them I am no longer interested can they recall the inquiry?

[WayUpto850]

Thanks for your response donny10!  I hope your upcoming surgery and recovery goes well.

Income is $90K.  Rise tells you upfront they have very high interest rates.  Loan of $3000 spread over 2 years with payment around $300/month - no penalty for early repayment.

I Agree with previous poster, this loan is indeed a "bad deal".  Thank God the Trust is stepping up to assist me.

[WayUpto850]

Interesting MILOfico... I thought Merrill Edge is a reputable institution.  Not sure why they would ask for the login information to another banking facility.

[DollyLama]

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@WayUpto850 wrote:

In the meantime my personal finance is as follows:

EQ 603 TU 610  EX 575

I have one charge off from 2010 which is set to roll off report in December 2017

1. I have a personal loan that is at max [$10,000 (limit) / $8500 (owed)]

2. I have a credit card obtain in July 2017 ($300 credit limit $0 balance).

3. Student Loans $100k (in deferrment)

Credit Score analyzer states I do not have enough credit accounts open and that is hurting my score.  So I applied for a second credit card which I expect to arrive in a few days (credit limit $300). 

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Some things you can do now that can prepare you for obtaining unsecured prime cards, or heaven forbids an emergency and you want your scores to be good. 

1) Can be done immediately, you have 1 card in hand, a second on the way. Never let ALL your cards report a zero balance. FICO does not like 0% utilization, low yes, none-no. So on your 300 limit card, let $10-15 report at STATEMENT cut, then you may pay off and charge a small amount again. Something small recurring like a Netflix, you do not want over 8.9% of this credit line to report, so anything up to around 27-28 dollars a month is ok, and you still need not pay interest. 

2) You can ask for an early exclusion or just wait on the charge off to fall off in December- this will yield some good points. 

3) Once you have established a good six months of statements and payments on your new cards, you need a 3rd. Three cards and one installment is a good start for seeing scores increase with time. 

Once your scores are rising in the 700's, it is good to app for a prime card, not secured, no huge annual fees, ie a Discover, they like thin files, and the card will grow with you in rewards, and credit line increases. 

You are on the right track, good luck!

[WayUpto850]

Thanks DollyLama!! Sounds like an excellent strategy.  I am hoping to replace these high inteest high annual fee cards in the future.  I was thinking, once score reaches 700-800 swap out the two bad credit score cards for a credit card with my credit union or money market account.