BF has only one credit account on his FICO - should we get him a CC immediately?

[Von7]

That's news to me too. 

Ducky says " i would jump on it. even if they decline the pre-approval app you can still call and ask for reconsideration (before here i never knew it was possible to do this). almost anyone i've seen post about boa has a posetive experience."

I never knew you could ask for reconsiderations...

My scores are TU 676, EQ 671 and EX 678 
His scores are TU 638, EQ 663 and EX 651.

Who knew that just a slight decrease in numbers...could state that your credit it "not good".

[Anonymous]

lol

[Anonymous]

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Von7 wrote:

That's news to me too. 

Ducky says " i would jump on it. even if they decline the pre-approval app you can still call and ask for reconsideration (before here i never knew it was possible to do this). almost anyone i've seen post about boa has a posetive experience."

I never knew you could ask for reconsiderations...

My scores are TU 676, EQ 671 and EX 678 
His scores are TU 638, EQ 663 and EX 651.

Who knew that just a slight decrease in numbers...could state that your credit it "not good".

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sure can and they do work! i've had about a 50% win rate.

[Von7]

Sherry -
He got the loan from SLM Corporation - aka Sallie Mae  for the school New Horizons.  I have no idea what would not qualify him for the loan.  I didn't pull his credit report until the other day.  He told me he had bad credit and had skipped out on a hospital bill back in 2000.  I just assumed he did have bad credit....but when I pulled his score the only thing listed was this student loan.  Nothing and I mean nothing else is listed.
I don't think the loan is private.

[haulingthescoreup]

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@Anonymous wrote:
4. don't worry about more credit cards at this point what is the point really?

3. work on paying the student loans off treat them like a credit card account they will give you as much power as a credit card when actively paid on and especially paid off

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I have to disagree on these. If OP's BF has no revolving history, then it's important to get that going. If I read correctly, that way he would have an installment TL and a revolving TL. FICO likes that!

It's true that once the balance starts going down on an installment loan, it helps your credit, but installment counts for much, much less in credit scoring than does revolving. I paid off a student loan completely and lost a point. I paid another one down by a good chunk, and absolutely nothing happened.

The potential for serious growth in scores for new credit users comes when one or two revolving accounts are added. As they have more potential for misuse, their higher risk means that smart handling is rewarded with more score growth. And of course, poor handling means that the scores can plummet.

He's really in great shape to get his scores up and climbing: no baddies, some income to pay CC bills, and someone to give him a little guidance! We've all got to start somewhere, and there are a bunch of people here, digging out from past messes, who would love to be in his shoes, starting clean.

Message Edited by haulingthescoreup on 01-01-2008 06:59 PM

[Anonymous]

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haulingthescoreup wrote:
who would love to be in his shoes, starting clean.

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what she said!

[Anonymous]

can i tell you what i think?

based on what you are telling me this would highly likely to be the case

New horizons sounds like a trade school?

If this is a trade school often times the fees are astronomical.

When I say astronomical I mean they exceed what the government gives out in grants and loans for a single person per year to pursue education.

So technically he exceeded the amount and needed addtional funds.

the additional funds were private which meant that he had to qualify by merit by credit score. he couldn't qualify on his own.

Your score allowed him the opportunity because.....you have no collections and unpaid accounts.......

and whalla the loan was extended to you.?

what is puzzling.. is that you are saying according to his paperwork you are basically out of this loan...

I would like for you to look carefully...Im not sure about it...if you are 100 percent sure let me know what this is and the type of loan so that I can have a resource to help others......I do not know of a loan on earth in america that you can sign on to and it go away. remember you are the reason they said yes...

so...........let me know..what this is....i have faith...mmmmmmmmmmmm that you are right...just extend to me more info please

thanks von

[Von7]

Hauling says...
He's really in great shape to get his scores up and climbing: no baddies, some income to pay CC bills, and someone to give him a little guidance! We've all got to start somewhere, and there are a bunch of people here, digging out from past messes, who would love to be in his shoes, starting clean.

He's not one to misuse that's for sure.  I'm jealous of the fact that we can positively move forward on his FICO scores....while I have a few GW letters to write and work on some double entries.  Agh!  I've adopted the Payment Push method on our credit cards and working on being CC debt free next year.
Here's hoping for hight scores next year!

[haulingthescoreup]

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@Von7 wrote:
Here's hoping for hight scores next year!

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I think you're both well on your way! Good luck to you both in 2008.

[Von7]

Tell me everything Sherry - I'm here to learn.
New Horizons - a school to turn him into a computer IT guy.  He should graduate from the program this year.  The loan covers the payments - but it is higher than what I had to pay for a BS in Nursing.  APR 15.927% - I hate this student loan.  I have 3 credit cards and one root canal to pay for before tackling this one with the heavy payments!

He didn't exceed any amount that I'm aware of.  My scores are a little higher but I have a 5 year old collection that's PIF.  "Whalla the loan was extended to you?"  The loan wasn't extended to me.  I just wanted to cosign instead of depending on his parents.  We're both 34 and felt that we didn't need their help in this (his parents are financially strapped).

I'm reading the paperwork to see were it says I drop off - but can't find it yet.  I asked him and he said that his "rep" told him that I would.  I don't know, and right now can't change that if it's not true.  I hope this rep was truthful.

Message Edited by Von7 on 01-01-2008 10:19 PM