topic Re: A little knowledge is a dangerous thing... in Credit Cards

A little knowledge is a dangerous thing...

tcbofade — Thu, 05 Jul 2012 18:38:56 GMT

OK, some of you will remember that my local CU offered me product after product until I finally accepted a small personal loan...

Of course, I paid off several credit card accounts and vastly reduced the balance on two others....I'm saving money both short term and long term. Yay me.

It's been a month (tomorrow) and the inquiry DID show up, the "unsecured loan" account hasn't shown up on ANY of the three CR's.

You just KNOW what I'm thinking, don't you....

I'm in the garden club and trying to avoid applications...(30 days tomorrow...)

...but I'm also terribly tempted to ask the CU to make the loan larger...reducing my credit card util further, and moving more of my debt into a "hidden" trade line...but having made only one loan payment, methinks perhaps it's best to just wait for a while and do nothing.

Your thoughts?

Re: A little knowledge is a dangerous thing...

Mailak — Thu, 05 Jul 2012 18:38:32 GMT

They probably will get around to reporting it.

I've had 2 Discover statements and they haven't reported the account to any bureau yet. But I'm sure it will show up eventually.

Re: A little knowledge is a dangerous thing...

LS2982 — Thu, 05 Jul 2012 18:45:15 GMT

It will be reported, just lagging.

Re: A little knowledge is a dangerous thing...

Anonymous — Thu, 05 Jul 2012 18:48:03 GMT

Is it reporting as revolving or installment? I have a couple small signature loans through my CU and they both report as installment loans, so they don't affect my UTIL.

Re: A little knowledge is a dangerous thing...

tcbofade — Thu, 05 Jul 2012 18:51:02 GMT

@Anonymous wrote:
Is it reporting as revolving or installment? I have a couple small signature loans through my CU and they both report as installment loans, so they don't affect my UTIL.

Um...my point kinda was that it isn't reporting AT ALL.

When I opened the CC account with them in March, it appeared almost immediately...

Re: A little knowledge is a dangerous thing...

RockinRay — Thu, 05 Jul 2012 21:57:32 GMT

I think eventually you will see this show up on your reports. Others may correct me, but loans report differently than a CC would.

This being said, you might consider contacting the credit union to see if they might be willing to extend you more credit that you can apply to your current card balances. I would like to think the APR would be a bit better. Please correct me if I am wrong.

They key would be to get the cards paid off and do not let them get back in front of you. As you are aware, it is a really hard journey to get them paid back down. I can speak to this as I have just killed off some major CC debt, like over $50k. I will never fall back in to that trap again.

Contact them and see what they have to say. I can't hurt. Credit cards are cool and it is always hard to read about the approvals here! But, you all need to do what is right for you!

Please let us know what you decide to do...

Re: A little knowledge is a dangerous thing...

Revelate — Thu, 05 Jul 2012 23:08:11 GMT

If they report their CC's to the 3 bureaus, they'll almost certainly report the installment loan too. That's not a bad thing, some additional installment loan history is usually a good thing for nearly everyone, including the typical member of this forum.

What RockinRay suggests may be accurate too: all of my installment tradelines are wierd about consistency in reporting every month (from notable lenders like Wells and USAA), whereas my other credit products are reporting every time like clockwork.

Re: A little knowledge is a dangerous thing...

Anonymous — Fri, 06 Jul 2012 07:22:52 GMT

It will show up some stuff just takes longer than others!

Re: A little knowledge is a dangerous thing...

tcbofade — Fri, 06 Jul 2012 20:23:01 GMT

@RockinRay wrote:
I think eventually you will see this show up on your reports.

Contact them and see what they have to say. I can't hurt.

Please let us know what you decide to do...

The general concensus seems to be that it will eventually show up...

...contacting them via telephone to say, "Good morning" results in two or three hard pulls on my Trans Union... (YOU think I'm kidding, don't you?)

For the moment, (having just reached 30 days app free), I'm doing NOTHING, and happily sitting in my little garden...

Re: A little knowledge is a dangerous thing...

crunching_numbers — Sat, 07 Jul 2012 18:17:18 GMT

Just to put in a bit of our story. My husband and I applied for a mortgage about 7 years ago. At at time the signature loan that he had with our work CU did not show up on any of the credit reports.

Re: A little knowledge is a dangerous thing...

tcbofade — Sat, 07 Jul 2012 19:12:38 GMT

Thank you, crunching...the CU didn't happen to be Community America, did it?

Re: A little knowledge is a dangerous thing...

RockinRay — Sat, 07 Jul 2012 22:20:43 GMT

@tcbofade wrote:
@RockinRay wrote:
I think eventually you will see this show up on your reports.

Contact them and see what they have to say. I can't hurt.

Please let us know what you decide to do...

The general concensus seems to be that it will eventually show up...

...contacting them via telephone to say, "Good morning" results in two or three hard pulls on my Trans Union... (YOU think I'm kidding, don't you?)

For the moment, (having just reached 30 days app free), I'm doing NOTHING, and happily sitting in my little garden...

Like I said, you all need to do what is right for you!

Let the money make the choice for you. If you have some high APR cards and you can reduce that APR via the CU, why the heck not?

I fully understand the garden approach and you have been doing very well for sure. My point was if I am currently paying percent "fill in the blank" and the CU would loan me the money for "less than current APR" then I would do this in a heartbeat... INQ's or not. It makes financial sense for sure.. INQ's as you know are scored low in the big picture.

I have done this in the past, three times. I had racked up the CC debt and was able to get a personal loan from USAA at a much lower interest rate. To me, it made good sense.

JMO - what what little it is worth!

Re: A little knowledge is a dangerous thing...

tcbofade — Sun, 08 Jul 2012 01:25:42 GMT

@RockinRay wrote:
@tcbofade wrote:
@RockinRay wrote:
I think eventually you will see this show up on your reports.

Contact them and see what they have to say. I can't hurt.

Please let us know what you decide to do...

The general concensus seems to be that it will eventually show up...

...contacting them via telephone to say, "Good morning" results in two or three hard pulls on my Trans Union... (YOU think I'm kidding, don't you?)

For the moment, (having just reached 30 days app free), I'm doing NOTHING, and happily sitting in my little garden...

Let the money make the choice for you. If you have some high APR cards and you can reduce that APR via the CU, why the heck not?

JMO - what what little it is worth!

I certainly value your opinion...thank you for your input...

Both times that the CU pulled my TU score, it seems to be Tu08, the same version that I get from Walmart...

If that holds true, my TU score should improve enough to get me an even lower APR within about 60 days...

For the moment, I'm waiting to see if that occurs.

Re: A little knowledge is a dangerous thing...

RockinRay — Sun, 08 Jul 2012 02:38:44 GMT

@tcbofade wrote:
@RockinRay wrote:
@tcbofade wrote:
@RockinRay wrote:
I think eventually you will see this show up on your reports.

Contact them and see what they have to say. I can't hurt.

Please let us know what you decide to do...

The general concensus seems to be that it will eventually show up...

...contacting them via telephone to say, "Good morning" results in two or three hard pulls on my Trans Union... (YOU think I'm kidding, don't you?)

For the moment, (having just reached 30 days app free), I'm doing NOTHING, and happily sitting in my little garden...

Let the money make the choice for you. If you have some high APR cards and you can reduce that APR via the CU, why the heck not?

JMO - what what little it is worth!

I certainly value your opinion...thank you for your input...

Both times that the CU pulled my TU score, it seems to be Tu08, the same version that I get from Walmart...

If that holds true, my TU score should improve enough to get me an even lower APR within about 60 days...

For the moment, I'm waiting to see if that occurs.

It's all good and you make a good point. If your score does jump, better APR will be in the cards for you.

Fingers crossed!

Re: A little knowledge is a dangerous thing...

tcbofade — Thu, 12 Jul 2012 21:34:20 GMT

Well, fark. Farkety, fark, fark.....fark.

Showed up on my EX today as an installment loan.

doesn't effect utilization tho, so that's a plus...