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New Member
festy1986
Posts: 3
Registered: ‎10-02-2007
0

Possible loan with score of 486 and 512?

Does anyone know any financing place to get loans with that score?
 
I dont have a credit history at all, and only 3 collections which are soon to be paid, is there anyone I can goto for a loan?
 
I just took out two small loans to get some credit history going and I got my first card, so if I can't get a loan, will I be able to in 6 months?
Established Member
Verde
Posts: 43
Registered: ‎04-14-2007
0

Re: Possible loan with score of 486 and 512?

Try CapitalOne, if they give you, you probably gonna get a close to 20% APR
Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
0

Re: Possible loan with score of 486 and 512?

Orchard Bank & Crown Jewelers are two credit cards that are easy to get qualified for, Target is relatively easy as well.
Valued Member
Kissyfur30
Posts: 39
Registered: ‎08-26-2007
0

Re: Possible loan with score of 486 and 512?

Thanks for the tip about crown jewelers, I was just approved for $1,500. 

Starting Score: 557
Current Score: 557
Goal Score: 700


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Valued Member
OBXFrank
Posts: 113
Registered: ‎09-03-2007
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Re: Possible loan with score of 486 and 512?

I would try first paying those collections - open collections can kill your score.  I know it can take awhile to post once paid, but hopefully you'll get a better rate because of it.  Plus, once they're paid, the more time that goes by, the less impact they have on your report.
 
I don't claim to know a whole lot - I've been studying the ins and outs of FICO since my epiphany about two years ago, and still learn something EVERY WEEK.  However, I will say don't go out and get a bunch of new accounts simply because you can-it's a recipe for disaster should something happen.  There are lots of creditors who love people like you (I was you years ago, and on bad advice opened any and every account willing to loan me anything, establishing history, or so I thought).  Take a couple, show good history with them, and take things slowly.  You don't need a ton of history, just a good history.
 
I regularly council folks I work with on the very basics of establishing history for the future (by and large, folks fresh out of HS), and I always tell them not to bite off more than they can chew in the beginning.  Remember, a good balance is important too.  I've seen people with one CC show a 700+ FICO, and tell them to keep up the great payments.  I'd have loved to be there at 20 years old!  All you can do from there is go up with good practices!
 
Take the time to pay the collections off, pay good on what you have for six months, and watch that score rise.  I now own two vehicles, four decent CC's, and my own brand new house, all well within my means, and it's thanks to the best advice I've gotten when it comes to this stuff: patience and prudence!  Good luck...
Outer Banks Frank

"Success is nothing but luck...Just ask any failure!
Established Member
rk2
Posts: 15
Registered: ‎07-05-2007
0

need to cancel cards

i have 17 credit cards this was due to the fact that i was not have credit history from the bigging ,and now i,ve got this  credit cards chase which gave me $10000 wells gave 10000 and BA gave me 10000 too and i,ve got this cards hsbc,2 of them with cr limit 500 each and capital one 2000 and another one is 500 and anoth wells with limit of  3000 and i,ve got discover too with 1000 and citi 1000and macy is 2500 and auto loan of 10000 remaning balance and wells line of credit for 4800 which i,m paying on and walmart card 5000 and another orchard bank  for 300  and another hsbc 300 and total visa card for 300 limit .my point is a good advice to cancel  all those cards with low cr limit and keep the high ones.any sugestion?
Regular Contributor
nfg
Posts: 248
Registered: ‎10-06-2007
0

Re: Possible loan with score of 486 and 512?

[ Edited ]
OBXFRANK,
 
I have a question that maybe you can help me with. Theres a little history here so please try and be paitent.  In  Nov of '06, my median score was 540.  I had to either refinance my home or lose it.  I was able to refi with a no doc loan.  I was late at the very end of this loan do to my husbands job loss.  I have been current with my current mortgage company since Nov 06.  In Aug of this year I got 2 cc because I was told this would help my score.  My use of them is very limited and I have been on time with their payments since Aug.  I have no other open accounts.  In Sept I pulled my credit score and to my horror, my median score dropped to 532.  I do have 10 old collections accounts, most of which have been paid but I'm now in good standing on 6 accounts, those mentioned above and 2 student loans in deferrent since Im in school.  I have managed to get some things taken off my credit such as that last mortgage because it was a company that went out of business and therefore couldn't verify but it hasn't affected my score at all.  Do you have any idea why this may be?  My rate on my mortgage becomes adjustable next Nov 08 and Im scared my credit score wont be up to par yet.  It seems like my work isn't paying off.


Message Edited by nfg on 10-08-2007 02:16 PM
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Possible loan with score of 486 and 512?

This thread has been hijacked from the OP, but for the record ...
 
Paying a collection will not increase your FICO score.  This is because by the time an account has gone to collection, the carnage has been done.  The only advantage to paying collections is that a lender, after doing a manual review of your CR, may require you to pay them in order to qualify for a mortgage.
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
0

Re: Possible loan with score of 486 and 512?



masdeocho wrote:
This thread has been hijacked from the OP, but for the record ...
 
Paying a collection will not increase your FICO score. 



Further, paying an old collection can update the date of last activity making it appear as a freshly paid collection instead of an old collection, and while it is generally accepted that paying old debts is a good thing, that can reduce your credit scores.
Frequent Contributor
nikkoslilmouse
Posts: 259
Registered: ‎03-13-2007
0

Re: Possible loan with score of 486 and 512?

OBXfrank may I ask where you are from? Is in NC or did you just visit the beach?

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