topic Re: Happy Dance - 36 point jump (WF reporting)!! in Rebuilding Your Credit

Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Thu, 21 Jun 2012 17:42:52 GMT

I just got Score watch alert. My TU report jumped from 548 to 584 (36 pts) just from WF reporting !!!! (Doing a dance a happy dance)

Duncan

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Thu, 21 Jun 2012 18:41:28 GMT

Little confused as why the CL isnt reported. And I dont like the damned description "secured credit card." Do like fact that it says first reported 6/1/12.

Re: Happy Dance - 36 point jump (WF reporting)!!

annielorie — Thu, 21 Jun 2012 19:04:38 GMT

Good for you!! Do you have any other tradelines?

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Thu, 21 Jun 2012 19:20:27 GMT

Thats my first credit card account in more than 7 years! (I have 3 collections that I'm in process of removing, 1 mortgage but it doesnt report to any CRA's, 2 active student loans - 19 prior student loans consolidated into these 2, 2 five year old installment loans paid off, and 1 car note.)

Yes 19 prior student loans. Undergrad, grad school, law school and bar study loan will do that to ya :0

Re: Happy Dance - 36 point jump (WF reporting)!!

annielorie — Thu, 21 Jun 2012 19:33:10 GMT

My dad is an attorney. Where did you attend? He went to Brooklyn Law about a gazzilllion years ago. You need another card but not one that reports as secured.

In the old days they really didnt have loans but my dad always tells us he used to work at Jolly Rogers an amusement park by Shea Stadium to pay for law school. LOL The loans will get paid and when they do you'll think your rich with all the extra money not going towards loans

Ive read that you can pay a fee to the CRA's to add things like utilities or loans if you wan it to be reported. hOW LONG ON MORTGAGE? Get another card and see about reporting mortgage for a good score boost.IMO

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Thu, 21 Jun 2012 19:38:29 GMT

@annielorie wrote:
My dad is an attorney. Where did you attend? He went to Brooklyn Law about a gazzilllion years ago. You need another card but not one that reports as secured.

In the old days they really didnt have loans but my dad always tells us he used to work at Jolly Rogers an amusement park by Shea Stadium to pay for law school. LOL The loans will get paid and when they do you'll think your rich with all the extra money not going towards loans

Ive read that you can pay a fee to the CRA's to add things like utilities or loans if you wan it to be reported. hOW LONG ON MORTGAGE? Get another card and see about reporting mortgage for a good score boost.IMO

Went to LSU. Im trying to refi mortgage to a traditional lender in 12 months or so. I have Cap1 secured card that will generate first bill 6/24 or 7/24 and that doesnt report as "secured." Ive also considered getting a personal loan from bank for 12 months...havent gotten too much advice on this one so still on fence about it. I have 25 years left on mortgage at 7% (I pay more on my students loans than I do on my house note)

Re: Happy Dance - 36 point jump (WF reporting)!!

annielorie — Thu, 21 Jun 2012 19:48:43 GMT

You definitly need to get that mortgage on your reports it will help with mix. Yes to small amount !,000 on secured loan or unsecured loan (*CD) from bank or CU. IMO I'd be fast and furious to get your score a jumpin so you could refi you house mortgage. The rates are just to good!! Also if there is equity in house you could either take out a HELOC loan orwhen refi house if values are ok given market and take 30 year out with less interest (hoipefully below 5%) and completley pay off student loans. To offset the 5 years added to morgtgage pay one extra month (toward principal) each year and or see if you pay the mortgage bi-monthly if that will effect the interest of total loan. I hope that helps! Whats the rate on the student loans?

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Thu, 21 Jun 2012 19:59:50 GMT

Rate on student loans is largely excellent: federal portion of them is 3.8% and the other is 8% (its only 10k left on this loan and Im paying it off quickly).

Re: Happy Dance - 36 point jump (WF reporting)!!

cassie3783 — Thu, 21 Jun 2012 20:17:34 GMT

@Duncanrr wrote:
Went to LSU. Im trying to refi mortgage to a traditional lender in 12 months or so. I have Cap1 secured card that will generate first bill 6/24 or 7/24 and that doesnt report as "secured." Ive also considered getting a personal loan from bank for 12 months...havent gotten too much advice on this one so still on fence about it. I have 25 years left on mortgage at 7% (I pay more on my students loans than I do on my house note)

Whoop, whoop! Geaux Tigers!!!

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Thu, 21 Jun 2012 20:28:42 GMT

@cassie3783 wrote:

Whoop, whoop! Geaux Tigers!!!

Re: Happy Dance - 36 point jump (WF reporting)!!

Anonymous — Thu, 21 Jun 2012 20:34:27 GMT

@Duncanrr wrote:
@annielorie wrote:
My dad is an attorney. Where did you attend? He went to Brooklyn Law about a gazzilllion years ago. You need another card but not one that reports as secured.

In the old days they really didnt have loans but my dad always tells us he used to work at Jolly Rogers an amusement park by Shea Stadium to pay for law school. LOL The loans will get paid and when they do you'll think your rich with all the extra money not going towards loans

Ive read that you can pay a fee to the CRA's to add things like utilities or loans if you wan it to be reported. hOW LONG ON MORTGAGE? Get another card and see about reporting mortgage for a good score boost.IMO
Went to LSU. Im trying to refi mortgage to a traditional lender in 12 months or so. I have Cap1 secured card that will generate first bill 6/24 or 7/24 and that doesnt report as "secured." Ive also considered getting a personal loan from bank for 12 months...havent gotten too much advice on this one so still on fence about it. I have 25 years left on mortgage at 7% (I pay more on my students loans than I do on my house note)

Congrats Bro!

We are pretty much in the same boat. I will let you know how much of a score jump I get when the capital one generates its first statement

Re: Happy Dance - 36 point jump (WF reporting)!!

annielorie — Thu, 21 Jun 2012 20:58:02 GMT

Sounds like the student loans can stay put! But try to rethink that mortgage. 8% is high even if you get a 5% loan that is alot of change over the course of the loan!

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Thu, 21 Jun 2012 21:10:45 GMT

The reason Im focused on my rebuild so much right now is my mortgage. Its my goal at end of this process (refi in 12 months - 18 if I have to). Im hoping to get at least 5% on mortgage. At that rate I save about 300 per month off note so 3600 per year....multiply that by 24 (term left on current mortgage at time Im going to reapply) thats slightly over $86,000. Thats not even factoring in interest on that amount which would easly boost my savings (over term of loan) to over $100,000!!!

Re: Happy Dance - 36 point jump (WF reporting)!!

annielorie — Fri, 22 Jun 2012 02:06:34 GMT

Im sorry if I sounded condescending. Many people will just stay in bad int. loans.

Re: Happy Dance - 36 point jump (WF reporting)!!

LALALISA — Fri, 22 Jun 2012 02:08:10 GMT

Awesome! Congrats!

Re: Happy Dance - 36 point jump (WF reporting)!!

JonRun — Fri, 22 Jun 2012 02:21:51 GMT

Went to LSU

Fellow Tiger here! Do you know if consolodating your student loans did anything to your credit score? I just consolidated 2 Sallie Mae loans to Department of Education loans and wondering if it will affect my credit either way.

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Fri, 22 Jun 2012 02:36:58 GMT

@annielorie wrote:
Im sorry if I sounded condescending. Many people will just stay in bad int. loans.

The only reason I'm with a bad loan is I'm paying a stupid tax for past mistakes. I'm correcting that now. And I deserve a little condescension thrown my way given the fact I let myself get in this trouble to begin with

Re: Happy Dance - 36 point jump (WF reporting)!!

Lasardo — Fri, 22 Jun 2012 08:53:38 GMT

Doing the "happy dance" with you'!! Good for you.!! I have an idea called a "credit builder" that is not a card it is a CD if you are interested PM me.

Re: Happy Dance - 36 point jump (WF reporting)!!

Duncanrr — Fri, 22 Jun 2012 12:55:15 GMT

I'm not sure if consolidating influenced my scores as it has been a longtime since I did that and I wasn't monitoring scores back then. From a financial prospective I saved a huge amount on interest rate when I did it and it makes repayment easier since only 2 accounts instead of 19.

As for cd product, my credit union offers one as well. I need to figure out which route I want to go on that and move ahead with it.