topic Re: Oh the joys of the CS game! in Credit Cards

Oh the joys of the CS game!

JayTea7 — Sun, 07 May 2023 01:56:45 GMT

Hello everyone! I apologize in advance for the long post.

Here's a little of my story. I had a couple credit cards in 2015 and got behind and they went into collections. 3 years ago I started to rebuild my CS. I went from a 531 to a 740 over the last 3 years. I have student loan debt that is 6 years old in default. I just applied for the fresh start program to start paying on them and get them off of my CR. The student loans are the only thing negative on my credit report.

Here's the question... Why are companies treating me worse than someone that had a recent bankruptcy?

So, I have 700+ CS in all 3 bureau's. I have never missed a payment in the last 3 years on any of my bills. I have a personal loan through my bank that I can use and repay, similar to a credit card. I finally got approved for a secured discover credit card in February. I have a 10% utilization. I cannot get a car loan. I make enough money to qualify but banks won't lend to me. My current vehicle is starting to fall apart and I'm going to need to buy a vehicle in the next couple of months. Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report.

Can loan companies see past stuff on my credit report that is now off my report from years ago?

Will I then be able to qualify for a decent rate on a car loan?

Re: Oh the joys of the CS game!

Gmood1 — Sun, 07 May 2023 03:13:11 GMT

Once that stuff drops off, you'll be fine.

I know how it feels, it sucks for sure!

Going through denials and being at the mercy of finance managers in dealerships will turn you into a pitbull, when it comes to protecting your credit.

Brighter days are ahead!

Re: Oh the joys of the CS game!

FireMedic1 — Sun, 07 May 2023 10:46:53 GMT

The bad outweighs the good in credit. You can be a perfect angel squeaky clean for yrs. But until the past is gone. It'll haunt you until the baddies fall off. The SL's are the ones that are the crutch. It can only get better as time goes on.

Re: Oh the joys of the CS game!

JayTea7 — Sun, 07 May 2023 12:26:59 GMT

Awesome, thank you!

Re: Oh the joys of the CS game!

Blender — Sun, 07 May 2023 15:03:43 GMT

@JayTea7 wrote:
Hello everyone! I apologize in advance for the long post.

Here's a little of my story. I had a couple credit cards in 2015 and got behind and they went into collections. 3 years ago I started to rebuild my CS. I went from a 531 to a 740 over the last 3 years. I have student loan debt that is 6 years old in default. I just applied for the fresh start program to start paying on them and get them off of my CR. The student loans are the only thing negative on my credit report.

Here's the question... Why are companies treating me worse than someone that had a recent bankruptcy?

So, I have 700+ CS in all 3 bureau's. I have never missed a payment in the last 3 years on any of my bills. I have a personal loan through my bank that I can use and repay, similar to a credit card. I finally got approved for a secured discover credit card in February. I have a 10% utilization. I cannot get a car loan. I make enough money to qualify but banks won't lend to me. My current vehicle is starting to fall apart and I'm going to need to buy a vehicle in the next couple of months. Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report.

Can loan companies see past stuff on my credit report that is now off my report from years ago?

Will I then be able to qualify for a decent rate on a car loan?

I've been wondering the same thing and I've just never asked. I'm currently waiting for my fresh start paper work and the update to my scores

Re: Oh the joys of the CS game!

JayTea7 — Sun, 07 May 2023 15:38:49 GMT

@Blender wrote:
@JayTea7 wrote:
Hello everyone! I apologize in advance for the long post.

Here's a little of my story. I had a couple credit cards in 2015 and got behind and they went into collections. 3 years ago I started to rebuild my CS. I went from a 531 to a 740 over the last 3 years. I have student loan debt that is 6 years old in default. I just applied for the fresh start program to start paying on them and get them off of my CR. The student loans are the only thing negative on my credit report.

Here's the question... Why are companies treating me worse than someone that had a recent bankruptcy?

So, I have 700+ CS in all 3 bureau's. I have never missed a payment in the last 3 years on any of my bills. I have a personal loan through my bank that I can use and repay, similar to a credit card. I finally got approved for a secured discover credit card in February. I have a 10% utilization. I cannot get a car loan. I make enough money to qualify but banks won't lend to me. My current vehicle is starting to fall apart and I'm going to need to buy a vehicle in the next couple of months. Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report.

Can loan companies see past stuff on my credit report that is now off my report from years ago?

Will I then be able to qualify for a decent rate on a car loan?
I've been wondering the same thing and I've just never asked. I'm currently waiting for my fresh start paper work and the update to my scores

I got the letter stating My loans are being transferred to a new servicer. They said it takes 30 to 45 days to get the letter that The loans are being transferred. After you get that letter it'll tell you who's the new servicer. Then it takes 30 to 45 days to have it removed from your credit. So basically two to three months. It's definitely a huge thing. Make sure you get on an income driven replacement plan. They'll base it off your income. If you're married they will also require your spouse's income.

Re: Oh the joys of the CS game!

SUPERSQUID — Sun, 07 May 2023 18:34:48 GMT

Firstly I wish you good luck and certainly some good advice has been given on this thread.

All i have to add is 2 fold,

1 - Lenders are fickle and sometimes their decisions seem nonsensical, dont fret about that we all go thru it.

2 - As far as an auto loan I believe capital one auto finance has a low bar, I dont know if their int rate is competitive. Penfed and NFCU are constantly nagging me about car loans, perhaps a credit union is a good bet. At least you set up the financing before you get the vehicle, I have read horror stories about letting dealers find financing.

Re: Oh the joys of the CS game!

JayTea7 — Tue, 09 May 2023 18:00:16 GMT

Here's something communication. I got denied for a car loan. It was a soft pull. My Equifax CS is 783. I have no debt other my student loans. I literally have a slate otherwise. Can companies doing a pull see old stuff that fell off or were paid off? When I pulled my CR the only negative thing was my student loans. Ugh.....

Re: Oh the joys of the CS game!

FireMedic1 — Tue, 09 May 2023 21:49:07 GMT

The CRA's can only see whats on your report. From your OP:

"Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report."

Wait it out a month or 2 and the door will be wide open and the interest rate will be so much lower. Thats a saving in itself.

Re: Oh the joys of the CS game!

JayTea7 — Tue, 09 May 2023 21:50:57 GMT

Will do. Thank you!

Re: Oh the joys of the CS game!

JayTea7 — Thu, 18 May 2023 13:14:05 GMT

@FireMedic1

I have another question. I just realized I have 1 closed account from synchrony bank from January of 2016. It's still showing up as if it never went away water 7 years. Should I dispute it to get it off of my CR or does it not matter?

Re: Oh the joys of the CS game!

FireMedic1 — Thu, 18 May 2023 13:29:43 GMT

Was it a positive or neg acount? If neg. You can file a dispute as too old. Positive. Leave it.

What CRA is it on?

Re: Oh the joys of the CS game!

JayTea7 — Thu, 18 May 2023 13:44:48 GMT

From what I can tell it's only Equifax. It was a negative thing.

Re: Oh the joys of the CS game!

Anonymous — Thu, 18 May 2023 15:15:18 GMT

@FireMedic1 wrote:
The CRA's can only see whats on your report. From your OP:
"Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report."
Wait it out a month or 2 and the door will be wide open and the interest rate will be so much lower. Thats a saving in itself.

The exception would be if the institution you are requesting the loan from is one that you have a history with. Most/all FI keep records nearly for ever, and don't need to rely on the credit report to see your past history. This becomes a bigger problem with the TBTF banks like Chase, who have acquired tons of banks over time. So that account that you had at that little bank in BackWoods, RuralState that went to collection in 1977 can still come back to haunt you, if Chase bought it in 1990 for example, though it's long gone from any CRA etc.

Re: Oh the joys of the CS game!

FireMedic1 — Thu, 18 May 2023 22:21:40 GMT

@JayTea7Look on annualcredit reports.com. Look for the first late that led to the charge off. If its past 7 yrs since then. Dispute it as too old. Nothing changes that date. It should be deleted already. Might need a bump from a dispute. EQ isnt easy.

5,4,3,2,1

Re: Oh the joys of the CS game!

JayTea7 — Sun, 21 May 2023 01:18:29 GMT

@FireMedic1 check this out.

Your credit score: 736

Key factors that adversely affected your credit score:

- Length of time accounts have been established

-Lack of recent installment loan information

- No recent bank/national revolving balances

-Length of time revolving accounts have been established

I legit spend on my credit card then pay it off before it cycles. Even with my student loans off my report now I still can't get approved. It's complete BS. I'm being treated like I'm a POS and all I've been doing is building my credit responsibly for a few years.

I don't get why they'll give a card with a large SL too sometime that just had a bankruptcy but not to someone that pays their bills for a few years and is responsible.

End rant..lol

Re: Oh the joys of the CS game!

lutherblunks — Tue, 27 Jun 2023 16:26:26 GMT

@JayTea7 wrote:
Hello everyone! I apologize in advance for the long post.

Here's a little of my story. I had a couple credit cards in 2015 and got behind and they went into collections. 3 years ago I started to rebuild my CS. I went from a 531 to a 740 over the last 3 years. I have student loan debt that is 6 years old in default. I just applied for the fresh start program to start paying on them and get them off of my CR. The student loans are the only thing negative on my credit report.

Here's the question... Why are companies treating me worse than someone that had a recent bankruptcy?

So, I have 700+ CS and gta v data in all 3 bureau's. I have never missed a payment in the last 3 years on any of my bills. I have a personal loan through my bank that I can use and repay, similar to a credit card. I finally got approved for a secured discover credit card in February. I have a 10% utilization. I cannot get a car loan. I make enough money to qualify but banks won't lend to me. My current vehicle is starting to fall apart and I'm going to need to buy a vehicle in the next couple of months. Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report.

Can loan companies see past stuff on my credit report that is now off my report from years ago?

Will I then be able to qualify for a decent rate on a car loan?

In my case i got approved by company. I also buy many stuff from GTA 5 and it also show in my credit card detail and receipts. And company just check did you pay on time and never miss same like you. And it don't know why they disapprove your loan. You may contact the other company for assurance or there will be country law or somthing.

Re: Oh the joys of the CS game!

JayTea7 — Tue, 27 Jun 2023 14:09:02 GMT

I finally got approved for the Amazon prime visa thru Chase. $2k SL. $150 SUB. My credit file is thin so that played a part.

Re: Oh the joys of the CS game!

Brian_Earl_Spilner — Tue, 27 Jun 2023 14:16:52 GMT

You get treated worse than someone that filed bankruptcy because you can still file bankruptcy. Lending to someone fresh out of bankruptcy is safer because they can pursue them if they default. The same can't be said of you. If you default on everything and judgements are entered against you, you can simply file to clear yourself of the debt. Assuming you qualify, of course. Someone that has already filed is blocked for a certain time frame.

Re: Oh the joys of the CS game!

JayTea7 — Sat, 13 Jul 2024 20:08:12 GMT

Hello all, it's been a while but I wanted to give an update.

I now have the following cards:

- Discover - $1600 CL

- Chase prime - $2000 CL

- Chase freedom - $500 CL

- (just got this today) Citi double Cash - $3600 CL

I started with a 536 CS 4 years ago. I now have a 732 CS with these 4 cards and I got approved for a car loan with 5.9% in July of 2023. It is possible to recover from bad credit and crappy life situations. It just takes time. Give time, time. My next purchase will be a home next year hopefully.