Maxxed Out CC-Can i still Ask for CLI

[Anonymous]

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@Anonymous wrote:

The ExxonMobil card is reportin balance of $1661 but is reporting currently. I had same CitBank charge off $750 in Shell citi bank card and they completely removed my tradeline of shell citibank tradeline once the four years were up. They sold that account to a collection agency that has not appeared on my credit report for now almost a year. I want to think and believe they will actually do the very same thing with my ExxonMobil card whose 4 years are due in December 2015.

i am also thinking right when i m about to close down on my Merrick Bank Secure card. I like to think thats the right thing to do. It costs me $3 every month in fees to carry that card. It has a balance of $245 of $250 limit and i dont pay until my due date of 12-13th of every month; I have been only paying minimum on merrick bank card but idk if it is important in raising my score. its a secure card anyways.

My cap1 has a balance of $1497 of $1500 is also something i can pay off. Should i just payoff or bringing the utility down to 30% is a good thing to do. The current FICO on TU is 644. EQ and EX not known.

I m interested in buying a CAR and Home in July 2015. If i dont apply i have no inquiries and zero balances on all my existing revolving cards ? is that considered good or bad? will that make a smooth transition in getting an AUTO LOAN from say USAA or Cap1.

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Wishful thinking. Unfortunately, thats not going to help you NOW even if it does occur. Don't count on it happening AT ALL. Expect it to be reported for the full 7.5 years that its allowed to do so. I would also fully expect that Shell account to pop up 'unexpectedly' as a collection shortly after your first mortgage pull, if the original charge off was less than 7 years ago.  As I said, the chargeoff reporting a balance is held against your UTI%, distorting it. You CANNOT achieve an ideal UTI% as long as it there. I would suggest making the settling of that account a top priority before even considering a mortgage. Now you certainly can wait until the SOL expires, but you're scores are not going to really recover until its settled and does not show a balance.

I already explained to you what you need to do with the Cap One card. PAY IT ALL OFF. Then start using it like I described.

[Anonymous]

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@Anonymous wrote:

The ExxonMobil card is reportin balance of $1661 but is reporting currently. I had same CitBank charge off $750 in Shell citi bank card and they completely removed my tradeline of shell citibank tradeline once the four years were up. They sold that account to a collection agency that has not appeared on my credit report for now almost a year. I want to think and believe they will actually do the very same thing with my ExxonMobil card whose 4 years are due in December 2015.

i am also thinking right when i m about to close down on my Merrick Bank Secure card. I like to think thats the right thing to do. It costs me $3 every month in fees to carry that card. It has a balance of $245 of $250 limit and i dont pay until my due date of 12-13th of every month; I have been only paying minimum on merrick bank card but idk if it is important in raising my score. its a secure card anyways.

My cap1 has a balance of $1497 of $1500 is also something i can pay off. Should i just payoff or bringing the utility down to 30% is a good thing to do. The current FICO on TU is 644. EQ and EX not known.

I m interested in buying a CAR and Home in July 2015. If i dont apply i have no inquiries and zero balances on all my existing revolving cards ? is that considered good or bad? will that make a smooth transition in getting an AUTO LOAN from say USAA or Cap1.

It still matters if it is a secured card. If you can pay it, pay it. Before getting a home you will have to settle all debt anyway. Please read up as much as you can! Stop over spending and educate yourself. If you raise your scores you can go a different route (than) Cap1. Also what if you need auto or home repairs? You need to also have a savings or CC with 0$ balance in case an emergency comes about. 

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[Anonymous]

heard all of you and thank you seriously for the excellent advice.

I desperately need a new car. I m self employed and 100% commissions business owner with Schedule C tax filing. If i m to buy a house my credit wouldnt matter. I would be OWNER FINANCING ANYWAYS given my income/debt/ratio . I dont even think i qualify with FHA; 

this is what i can do given my currrent FINANCIAL disaster i m facing. I definitely have long road ahead of me. i m patiently hoping i dont come across another disaster. It would be devastating for my creditworthiness.

I will payoff /settle Exxon/Citi Mobil card balance of $1661 by June 15th, 2015. The four years from DOFD ends in January 2016.

I will payoff my Merrick Bank Secure Card and get my deposit back from the Bank hopefully before April 30th, 2015.

I strongly believe i need to work on bringing the balance of Cap1 down to 30%. I m struggling with that right now and having difficulty coming up with the $$ to do it.

In contrast

I m definitely going to have to apply for a CAR LOAN before April 30th, 2015. I passed the AIRCHECKTX voucher of $3000 (that can be applied toward the purchase of a car /truck/minivan from 2012 to 2016 with less than 70k miles). It applies to 10+ year old Car and failing the Emission Test but not the Safety Test. Its $3500 for hybrids.

So applying that $3000 + $4000 (Rebates & incentives) on a $15k  car will give me breathing room with a new car & no more repairs. Whatever Interest rate i qualify for atleast the car loan balance will be nearly half of what it could be so my thinking is whatever interest rate i get upto 10% shouldn't matter so much. I do think i will qualify for less than 10% interest. Atleast my Auto/Insurance Score is EXCELLENT i believe. The issuance of $3000 voucher takes anywhere from 30-45 days. I havent got it yet but should be here before april 30th. 

I dont know if they allow you to keep the vehicle after issuing the $3000 voucher. i have to find that out yet.

Anyone know if USAA/Cap1 does loan for cars based on Auto/Insurance Scoring. My credit union was looking for having a auto loan NOW, and not paid off.  TU score 665 and credit Union said no to me a year ago.

Getting my old car repaired has over 10 years cost me nearly 50% of the car's value. its just too much.

What else is possible, i m pretty much running out of options; i keep repairing my old car and continue driving knowing i have only $400 in liability insurance throughout the year. So its kinda compensating for the new car.

[Anonymous]

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@Anonymous wrote:

heard all of you and thank you seriously for the excellent advice.

I desperately need a new car. I m self employed and 100% commissions business owner with Schedule C tax filing. If i m to buy a house my credit wouldnt matter. I would be OWNER FINANCING ANYWAYS given my income/debt/ratio . I dont even think i qualify with FHA; 

this is what i can do given my currrent FINANCIAL disaster i m facing. I definitely have long road ahead of me. i m patiently hoping i dont come across another disaster. It would be devastating for my creditworthiness. You will get there to a good place! You are taking the first steps!

I will payoff /settle Exxon/Citi Mobil card balance of $1661 by June 15th, 2015. The four years from DOFD ends in January 2016.

I will payoff my Merrick Bank Secure Card and get my deposit back from the Bank hopefully before April 30th, 2015. 

I strongly believe i need to work on bringing the balance of Cap1 down to 30%. I m struggling with that right now and having difficulty coming up with the $$ to do it.

GOOD MOVE! After that you can get to Cap1. 

In contrast

I m definitely going to have to apply for a CAR LOAN before April 30th, 2015. I passed the AIRCHECKTX voucher of $3000 (that can be applied toward the purchase of a car /truck/minivan from 2012 to 2016 with less than 70k miles). It applies to 10+ year old Car and failing the Emission Test but not the Safety Test. Its $3500 for hybrids.

So applying that $3000 + $4000 (Rebates & incentives) on a $15k  car will give me breathing room with a new car & no more repairs. Whatever Interest rate i qualify for atleast the car loan balance will be nearly half of what it could be so my thinking is whatever interest rate i get upto 10% shouldn't matter so much. I do think i will qualify for less than 10% interest. Atleast my Auto/Insurance Score is EXCELLENT i believe. The issuance of $3000 voucher takes anywhere from 30-45 days. I havent got it yet but should be here before april 30th. 

I dont know if they allow you to keep the vehicle after issuing the $3000 voucher. i have to find that out yet. Call and Ask: 1-800-898-9103 See if you can use it at the Texas auction???

Anyone know if USAA/Cap1 does loan for cars based on Auto/Insurance Scoring. My credit union was looking for having a auto loan NOW, and not paid off.  TU score 665 and credit Union said no to me a year ago.

Getting my old car repaired has over 10 years cost me nearly 50% of the car's value. its just too much.

What else is possible, i m pretty much running out of options; i keep repairing my old car and continue driving knowing i have only $400 in liability insurance throughout the year. So its kinda compensating for the new car.

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 I am unsure of USAA, Cap1 might help you.