@Anonymous wrote:So...... long story short, this past summer my credit on all 3 B's was in the mid 500's. I had $90k in student debt, which they never collected on, and was subsequently removed from my report. No BK's or judgements. Haven't been in the "credit game" since 2006 because of that.
As of Sept 2014, it fell off, and I guess you could say college was "free"
My score immediately jumped to mid 600's.
However, in the meantime, I also had 3 credit cards that were meant for "bad credit" with 30%+ rates, which helped tremendously from 2010-2014.
As of today, he is where i'm at
TU - 710
Exp - 744
Efax - 701
Decided to go bonkers on credit apps recently....
Here is where I'm at... with 7% utilization
NFL - $4000
Merrick Bank - $1600
First National - $900
Discover - $1400
Best Buy - $300
First Savings - $1000
Amazon - $400
Paypal - $500
Home Depot - $3000
Lowes - $600
TJX -$300
Target - $1000
Valero - $1000
Chase Slate - $2500
Marriot Rewards - $6000
@+Unsecured Instalment Loan @ 9% - $9500 / $312/mo
Goal? Get all over 800 within 36 months. Steadily increase limits to a collective $250k with less than 10% utilization. Pay off Installment Loan withing 12 mo, repeat 2 more times.
-B
You know student loans never go away even in Bankruptcy. They will eventually garnish your wages and sell it to another lender and it will come back on your CR. My advice is to pay your student loans.
You borrowed the money for student loans, you should pay it back. People like you...that don't pay their bills are the reason rates are so high. I really dislike people that take out loans and don't pay them back...thieves. Personally I think people like you should go to prison for this. Oh, and your college wasn't "free"...if it was a private loan people lost money because of your sorry ass...and if it was a government loan taxpayers like myself paid for it. When you're a deadbeat and don't pay your bills you really shouldn't go around bragging about it...it just let's everyone now how sorry you are. And I noticed how you phrased it..."they never collected on"...so it's their fault? They didn't collect on it? NO, YOU DIDN'T PAY IT.
As a general reminder Let us all be respectful of one another. Thanks!
http://ficoforums.myfico.com/t5/Credit-Cards/Friendly-Supportive-and-Respectful/td-p/2797115
Sorry about that. I got a little carried away. I stand by my beliefs, but I should have toned it down some. Thanks for the reminder.
Fox
Sorry about that. My previous post was deleted by the moderator. I thought I toned it down, but I guess I didn't tone it down enough. And I should not have called anyone names, like a thief, etc. I do apologize. I don't want to be banned from the forum so I'm trying to get my point across without breaking the forum rules. I really enjoy reading on the forums and I believe that this a great place for people to get help or keep from getting into trouble in the first place.
I know we're supposed to be supportive and positive and I have been with all of my other replies in other threads. I really do want to help people avoid mistakes or help them overcome their mistakes once they've made them. It is however very hard for me to be supportive of someone that takes out a loan when they need the money and then doesn't pay it back. And on top of that they brag about not paying the loan back and consider that...taking on the banks and winning. The banks were generous enough to loan out the money when it was needed...but then not paying it back is taking them on and winning? I just don't see that. And then the same person has a goal of acheiving 250k in credit? From the same banks they took on and won no doubt.
I've had a lot of debt in my past...so much that I'm sure I could have claimed BK or even just not paid it back, but I knew the right thing to do was to pay back what I borrowed. I borrowed the money regardless of my circumstances, jobless, overwhelmed with credit card debt, etc...but I still knew that I borrowed the money and I was responsible for paying it back...so I did. It wasn't easy, and I had to make a lot of sacrifices...but I paid it all back. I think most people feel the way I do and almost anyone can overcome their finanical problems with hard work, sacrifice, and integrity. Yes, there are times when people need to claim BK, but I believe a lot of those people could have paid their bills back without doing that. I've even seen people post saying that BK is the easier way out. Easier is not always better or the right thing to do. I personally now people that have claimed BK that could have worked their way through it...they just didn't want to...and I still think that's wrong. And I've seen people that probably should have claimed BK but didn't...medical debt, etc.
As for the high fees from interest...fees and fines are added to the loan when you don't hold up your end of the bargain like you said you would when you took out the loan. The people or banks loaning the money deserve to be compensated for loaning the money that they loaned out...and if it's not paid in the time that was agreed upon then their are consequences for that...financial consequences. And banks are more than buildings...people own banks, or own interest in banks, work in banks, etc. Banks loan people money when they need it and for the most part that helps people. The more people that default on their debts the more people that are affected by it...by high interest rates, etc. If a bank closes down people lose jobs...that hurts people, the bank, and the economy.
I still stand by my belief that taking out a loan and not paying it back is wrong. I believe in personal responsibilty.
Fox