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Next steps...

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Anonymous
Not applicable

Next steps...

So I've been on a DMP for the past roughly 2.5 years.  Last payment was just sent to my last CC company.  Last I checked my free reports (about 7-8 months ago) my scores were about 690.  This last account got to 120days late in early '09.  Had two jobs, lost one to the tanking economy in late '08.  All my other accounts stayed current.  I'd like to get my score back up some now and am trying to figure out the best course of action.  (At some point I'd like to apply for a mortgage but no immediate plans, just trying to plan ahead to get the best rates.) 

 

Currently my only actively reporting account is a student loan account.  Everything else was closed as part of the DMP agreement.  I have one other student loan paid off by/now owed to a family member.  I keep going back and forth between which account to tackle next.  On one hand I like the idea of not owing $ to a family member.  On the other hand, freeing up a little more cash flow and not owing any company would be really nice.  (But it's my only actively reporting account in my report right now).  The family member has repeatedly told me there is no pressure/rush to pay them back until the other student loan is paid off.  Thoughts? 

 

Also, does it makes sense to try to GW a late account (chase) immediately after its paid off?  Happy to re-post this GW question as a separate thread if that's the norm.  Thanks for any insights.

Message 1 of 5
4 REPLIES 4
fishbjc
Senior Contributor

Re: Next steps...

Can you get into nfcu?  If so, I believe they will open an acct for you.  Congrats on finishing the dmp, but contact each creditor to make sure the balances are paid in full.

 

 

Message 2 of 5
Anonymous
Not applicable

Re: Next steps...

Thanks for the reply.  Nope, can't get into most CUs people have mentioned on here and haven't found any that I match the criteria for convenient to my area. 

 

As for the DMP, I've learned the error of my ways and not being in control of my finances.  During the DMP I was probably more "involved" with my finances than probably most people are on a DMP - both though tracking and projecting every penny coming in and going out and by logging into my accounts multiple times per month when I've been able to make extra payments to creditors and confirming when each has been paid in full.

Message 3 of 5
racer-x
Valued Contributor

Re: Next steps...

You can absolutely get into DCU.  You may be required to make a $10 donation to one of their charities to beccome eligible.

I'm applying in a week or two myself.

 

Search 'DCU' here and you'll be app'ing today!

Message 4 of 5
Rhaeny
Valued Contributor

Re: Next steps...


@racer-x wrote:

You can absolutely get into DCU.  You may be required to make a $10 donation to one of their charities to beccome eligible.

I'm applying in a week or two myself.

 

Search 'DCU' here and you'll be app'ing today!


I second that. You should try DCU because with your scores you should be able to obtain something from them. If you decide to app, then do the app for CC first to see if they approve you. That way if not you only have one hp. If you get approved they may or may not do a 2nd hp for membership.   But typically they do 1 hp each for credit product and membershp. I have read quite a number of people who have only gotten 1 hp and that's why I suggest that way. Oh and they pull EQ. 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
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