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03-30-2013 01:10 AM
Hello People, new to the forum here.
My current report:
0 Credit Cards
1 Auto loan which shows as installment loan on report with balance of $5700, original loan was for $6050 , Age of account is 6 Months, with no late payments.
Collection accounts: (7 on Equifax) ( 1 On Transunion ) ( 9 on Experian ) All collections are medical bills.
Current Scores ( 577 Equifax ) ( 619 Transunion ) ( 578 Experian )
My goal is to have good enough credit by October when my lease is up on my rental home, to purchase a home of my own.
In january I applied for a secured capitol one card, and was denied.
I just signed up for a First Progress $500 secured card tonight.
I only have about 2000$ in debt, should I just pay it all off? Cash is really not an issue, If i pay it all off, would they delete off of my credit report?
Should I pay off my auto loan? The whole point of me getting it was to help build my credit.
What kind of score bumps would I see if I paid off the car loan, and or collection accounts? And how long will it take to reflect on my report?
Should I also get another Applied Bank card for $500 or more?
My Equifax score watch shows my utilization at 1000% even though I do not have any credit cards? How can I get this down to an acceptable number?
What score would I need to meet to get approved for a home loan?
03-30-2013 01:24 AM
03-30-2013 01:29 AM
Thanks for the advice, how will paying about $4000 of my auto loan help? that way the interest doesnt kill me on this ... that way leaving a balance for the credit report
03-30-2013 01:52 AM
03-30-2013 08:46 AM
Paying off an auto loan will not help that much. Installment loans count very little toward your score. If it is your only installment, paying and closing it could impact your score because it will be closed and no longer count toward mix of credit. It will, however, continue to factor into your AAoA.
03-30-2013 08:40 PM
Were you approved right away for First Progress? I need to get a secured credit card too but I have low scores
04-03-2013 03:09 PM
Yes, it was instant, and added the funds right on the web page with my debit card
04-03-2013 03:13 PM
Ok guys, I now have 6 Letters of deletion in my hands from the collection agencys, one of the smaller collections ($50) refused to delete it off my report, so that will show as paid in full after the next update. is there a faster way to get these off of my reports rather then wait the 30-60 days? how could I fax these to the credit companys to speed this up? Also, how much of a score bump do you guys think I will see from this? after this, I will only have the one collection on my credit, and it will show paid in full
04-03-2013 05:38 PM
Do secured cards check credit at all? I found a secured card called "Applied Bank Secured Gold Visa Prefered" that says 'No Credit Check or Minimum Credit Score Required" and they report to all three bureaus. I'd like to get a secured card, but without the inquiry. I'll probably call them tomorrow just to make sure.