Increasing credit scores

[Anonymous]

Can you explain the cheap and painless way to get an installment loan for a quick bump in scores please.

[Anonymous]

---

@Anonymous wrote:

Can you explain the cheap and painless way to get an installment loan for a quick bump in scores please.

---

Contact a credit union like Alliant or one local in your area that offers shared secured loans. You can get them started with little out of pocket and no HP with the right CU.

I wouldn't say the bump in score is necessarily quick and if you already have a vehicle or a different installment loan reporting it might not even make a difference on your score. YMMV.

[Anonymous]

---

@Anonymous wrote:

It's also really important whether he has an open installment loan.  If he doesn't, we can suggest a cheap and painless way for him to get one, a strategy which almost certainly would get him a number of points.

---

Hi Triton.  Happy to point you to some resources about this.  Can you confirm that you have no open installment loans?  (Student loan, personal loan, auto loan, mortgage, etc.)

[Anonymous]

So, after reading additional comments, I have discovered that this idea will not be of help to me.  I have a student loan and an auto loan (this one will be pif in 3 months)

I have discovered that I may be in that place where only time will help

I really need about 5-10 pts in order to get out of this overpriced nasty rental and in to a house

i have a 20% downpayment

and will still have $20,000.00 in reserves

but have a thin file

with blemishes (all of which are paid, or deleted or etc)

[Anonymous]

Hi Triton.  What is the original amount of the student loan and how much do you owe on it now?

[Anonymous]

$6,000.00  $2,356.00

[bdhu2001]

---

@Anonymous wrote:

So, after reading additional comments, I have discovered that this idea will not be of help to me.  I have a student loan and an auto loan (this one will be pif in 3 months)

I have discovered that I may be in that place where only time will help

I really need about 5-10 pts in order to get out of this overpriced nasty rental and in to a house

i have a 20% downpayment

and will still have $20,000.00 in reserves

but have a thin file

with blemishes (all of which are paid, or deleted or etc)

---

. . .with blemishes (all of which are paid, or deleted or etc)

Sounds like you need to do constant GW letters.  If the blemishes are showing, they aren't deleted. Since they're paid, you can't offer to PIF if they delete.  The only thing I can thing of other than GW is being added as AU to someone's aged account.  When I added my son-in-law, he gained over 10 points.  

If you have a parent or spouse with good credit who keeps their account paid off, that would be the way to go (it needs to be an old account 10+ years. The account I added my son-in-law to was over 20 years old).

[Anonymous]

Thanks Triton.   Do you mind giving us the same info for your car?  How much you still owe on it and how much the car loan was originally for.  Armed with this info about your open installment loans, we may be able to formulate a helpful scoring strategy.

You also mention that your profile is thin.  That means that you have very few accounts.  Can you tell us how many accounts you have, both open and closed?  Don't count any closed accounts that are so old (9+ years) that they will be falling off your reports soon.

Also can you tell us how many credit cards you have and what you total urilization is?

[Anonymous]

I would look into getting added on as an AU on a couple of accts with long payment history and low utilization.

This will help increase your AAOA and overall utlization. You'll get some quick points this way depending when they report.

I did this at the start of my rebuild. Points will be somewhat artificial and if your not trying to get a mortgage it will help your score.

[Anonymous]

I have accomplished a lot in a short period of time

5 paid for deletes   all five gone from the 3 Bureaus

1 GW (repeated requests) that cleared out 3 30 day lates ... on a Chase student loan that had been transferred to AES and i was not notified of transfer (I am co-borrower)

this is the student loan that was originally $6,000.00 and now $2,300 ish

A paid and released lien removed so far from Eq and Ex but not yet TU

negative remaining

a charged off Cap1 CC - i screwed up on this one.. mostly my fault- and it all took place while my Husband was battling 2 kinds of Cancer, not working, not yet qualified for SSDI, I was in Crazy land, working, taking care of him and everything else. 

4 months of inaccurate reporting of no payments on a Nelnet account which is now paid in full  but in 2014 they show 4 months in a row of non payment. .. 13 months before that are all OK's then 4 months of no payments received (showing me late) and then back to OK.  i never came out of forbearance on this. I am fighting it, and have disputed iwth Dept of Educaiton as well as Dept of Education Ombudsman.

that is is

I have one, yes one brand new secured cc card of which i funded with $1,100.00 i charged on it and know exaclty when to pay, etc..

I have the aforementioned student loan $6,000.00/ $2,300.00

Auto Loan $16,000.00 ish $1,632.00

and that is it

I am in an over priced rental that my Husband and I intended on living in for just one year (we had sold our house a year prior after the last left for college) and then he became sick and then very very ill and died.

Now i have been in the rental for 3 years,, the owner is struggling and does nothing, nothing to maintain it.. loads of issues, gutters have fallen off, serious issues iwth foundation to point of water coming in large open cracks, and so on and so on

I have 20 % to put down and up to $25,000.00 to set aside

I have a feeling it is as good as it gets unless i am willing to wait a year or so to continue to throw $1300.00 a month of rent out the window on a dump.

My parents are in their 90's and so i will not be asking them to have me on anything of theirs.

That is me in a nutshell