topic OneMain blunder...please advise in Rebuilding Your Credit

OneMain blunder...please advise

JLL2104 — Mon, 27 May 2019 17:52:53 GMT

Last April I got a OM loan for various reasons. I’ve paid on time every time. It’s garbage though. The payoff is ~8k and somewhere around 35%. It’s also a precomputing loan. I have a little extra cash (not enough to PIF) what should I do? Is there a good calculator or simulator that could show different options?
I soooooo wish I had found this forum earlier

Re: OneMain blunder...please advise

FireMedic1 — Mon, 27 May 2019 18:10:10 GMT

Well look on the bright side. Once you get it below 28% that will bump your score up. Once below 8.99% thats a huge boost until its paid off. Then you lose some points. It may stink that rebuilders have to go certain routes to get our scores up. But it is helping you build credit. Without knowing your full credit file or scores. You could look into a balance transfer card, credit union debt consolodation loan, or even a CC 0 APR for so many momths and escape their grip. Either way Good Luck!

Re: OneMain blunder...please advise

JLL2104 — Mon, 27 May 2019 18:53:58 GMT

28%? You mean 28% of the balance left?

Re: OneMain blunder...please advise

FireMedic1 — Mon, 27 May 2019 21:32:19 GMT

Yep. You stated it was at 35% right now. Fall below 28% and you'll get a score increase.

Re: OneMain blunder...please advise

JLL2104 — Mon, 27 May 2019 22:22:03 GMT

Sorry, I meant 35% interest

Also, is there somewhere to check for percentage left or just do the simple math myself?

Re: OneMain blunder...please advise

FireMedic1 — Mon, 27 May 2019 23:31:01 GMT

Oh. ok. Whats the original loan amount and the balance now. Theres your percentage FICO goes by on loans.

Re: OneMain blunder...please advise

JLL2104 — Tue, 28 May 2019 00:04:37 GMT

10k original amount. About 8k left

Re: OneMain blunder...please advise

MyDataMyChoice — Tue, 28 May 2019 04:50:34 GMT

your at 80% you need to be under 28.9% to have optimized score <50 will give you a small boost too

Re: OneMain blunder...please advise

fishbjc — Tue, 28 May 2019 15:08:02 GMT

Oh boy. I went through something similar and here is how I knocked it down.

I didn't buy anything that wasn't an absolute necessity.

I sold whatever I could on eBay.

Picked up extra hours.

Let that 35% interest be your guiding force.

Re: OneMain blunder...please advise

Remedios — Tue, 28 May 2019 15:56:26 GMT

@JLL2104 wrote:
Last April I got a OM loan for various reasons. I’ve paid on time every time. It’s garbage though. The payoff is ~8k and somewhere around 35%. It’s also a precomputing loan. I have a little extra cash (not enough to PIF) what should I do? Is there a good calculator or simulator that could show different options?
I soooooo wish I had found this forum earlier

That's a predatory loan interest rate. I would not worry about scoring, I'd worry about the amount of interest you will be paying and the impact it will have on your finances overall.

I think you should make every effort to pay it off as soon as possible.

Re: OneMain blunder...please advise

JLL2104 — Tue, 28 May 2019 16:49:46 GMT

I know

That's why I called it a blunder. Anyway, your right. I gotta get out of it.

Joe

Re: OneMain blunder...please advise

jons998877 — Tue, 28 May 2019 17:08:19 GMT

@JLL2104 wrote:
Last April I got a OM loan for various reasons. I’ve paid on time every time. It’s garbage though. The payoff is ~8k and somewhere around 35%. It’s also a precomputing loan. I have a little extra cash (not enough to PIF) what should I do? Is there a good calculator or simulator that could show different options?
I soooooo wish I had found this forum earlier

I too just took out a loan from them to pay off some things (2 collections that offered PFD), mine is $2K.. $114 for 24 months @36%.. I just made my first payment of $400 so hopefully have it taken care of quickly

Re: OneMain blunder...please advise

Remedios — Tue, 28 May 2019 19:09:04 GMT

@JLL2104 wrote:
I know
That's why I called it a blunder. Anyway, your right. I gotta get out of it.
Joe

Just keep working on it. Every little bit extra you pay will help. Dont beat up yourself over it now. Most of us have learned just about everything the hard way.