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How to minimize credit pulls-Auto Loan Application

A1Credit
Established Contributor

Re: How to minimize credit pulls-Auto Loan Application


@Gmood1 wrote:
Ah..ok..yeah you want to be in the mid 600s before apping with PenFed on a auto loan. I know how it is..been there done that as well. Good thing is..it's all temporary.

I'm working as hard as I can.  I have paid every charge-off and collection.  I only have one unpaid collection with PRA and that is a story within itself.  I have not been late on anything in the last 2 years.  I haven't had much success on getting the CO tradelines removed or old lates but I am working on it.  It's sort of exhausting sometimes and I hate that it consumes my thoughts at times.  Once I get everything all cleaned up I will never allow this to happen again and protect it as much as I can.  But life has a funny way...

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 11 of 28
Gmood1
Super Contributor

Re: How to minimize credit pulls-Auto Loan Application


@A1Credit wrote:

@Gmood1 wrote:
Ah..ok..yeah you want to be in the mid 600s before apping with PenFed on a auto loan. I know how it is..been there done that as well. Good thing is..it's all temporary.

I'm working as hard as I can.  I have paid every charge-off and collection.  I only have one unpaid collection with PRA and that is a story within itself.  I have not been late on anything in the last 2 years.  I haven't had much success on getting the CO tradelines removed or old lates but I am working on it.  It's sort of exhausting sometimes and I hate that it consumes my thoughts at times.  Once I get everything all cleaned up I will never allow this to happen again and protect it as much as I can.  But life has a funny way...


I promised myself the same...to never let my credit get screwed up again. I admit..I'm a fanatic about it now. lol

I have an idea. How old is your oldest positive reporting account? If you want a quick boost in scores. And you have a close family member that has a nice looong positive trade line that has been reporting with perfect payment history and utilization. If they add you as an AU, it will speed the process of recovery much faster. It needs to be a TL that back dates such as Capital One, Chase, BofA or maybe Synchrony. You'd be surprised with what 10 or 20 years of positive credit history will do for your scores! lol

In less than a month..you'd be in the 600's!

Message 12 of 28
A1Credit
Established Contributor

Re: How to minimize credit pulls-Auto Loan Application


@Gmood1 wrote:

@A1Credit wrote:

@Gmood1 wrote:
Ah..ok..yeah you want to be in the mid 600s before apping with PenFed on a auto loan. I know how it is..been there done that as well. Good thing is..it's all temporary.

I'm working as hard as I can.  I have paid every charge-off and collection.  I only have one unpaid collection with PRA and that is a story within itself.  I have not been late on anything in the last 2 years.  I haven't had much success on getting the CO tradelines removed or old lates but I am working on it.  It's sort of exhausting sometimes and I hate that it consumes my thoughts at times.  Once I get everything all cleaned up I will never allow this to happen again and protect it as much as I can.  But life has a funny way...


I promised myself the same...to never let my credit get screwed up again. I admit..I'm a fanatic about it now. lol

I have an idea. How old is your oldest positive reporting account? If you want a quick boost in scores. And you have a close family member that has a nice looong positive trade line that has been reporting with perfect payment history and utilization. If they add you as an AU, it will speed the process of recovery much faster. It needs to be a TL that back dates such as Capital One, Chase, BofA or maybe Synchrony. You'd be surprised with what 10 or 20 years of positive credit history will do for your scores! lol


I think my oldest reporting account would be my student loans which were opened in 2002.  I do have an aunt that I am very close to but I am afraid to ask.  It seems like such a personal thing since I would be able to see their limite and how much they owe even if they kept the card and didn't give it to me.  How would you view it if it was asked of you?

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 13 of 28
Gmood1
Super Contributor

Re: How to minimize credit pulls-Auto Loan Application


@A1Credit wrote:

@Gmood1 wrote:

@A1Credit wrote:

@Gmood1 wrote:
Ah..ok..yeah you want to be in the mid 600s before apping with PenFed on a auto loan. I know how it is..been there done that as well. Good thing is..it's all temporary.

I'm working as hard as I can.  I have paid every charge-off and collection.  I only have one unpaid collection with PRA and that is a story within itself.  I have not been late on anything in the last 2 years.  I haven't had much success on getting the CO tradelines removed or old lates but I am working on it.  It's sort of exhausting sometimes and I hate that it consumes my thoughts at times.  Once I get everything all cleaned up I will never allow this to happen again and protect it as much as I can.  But life has a funny way...


I promised myself the same...to never let my credit get screwed up again. I admit..I'm a fanatic about it now. lol

I have an idea. How old is your oldest positive reporting account? If you want a quick boost in scores. And you have a close family member that has a nice looong positive trade line that has been reporting with perfect payment history and utilization. If they add you as an AU, it will speed the process of recovery much faster. It needs to be a TL that back dates such as Capital One, Chase, BofA or maybe Synchrony. You'd be surprised with what 10 or 20 years of positive credit history will do for your scores! lol


I think my oldest reporting account would be my student loans which were opened in 2002.  I do have an aunt that I am very close to but I am afraid to ask.  It seems like such a personal thing since I would be able to see their limite and how much they owe even if they kept the card and didn't give it to me.  How would you view it if it was asked of you?


I'd view it as I'm helping my Family! Smiley LOL

I've already done exactly what I told you for six of my family members. I've seen the impact and the good it did for each one of them. It doesn't affect my scores at all.

As I have the CCs issued, except for the ones that live right here in the house with me. What good is family if you can't help one another from time to time? 

All those I've helped are on a positive track with their credit. They see how much easier life is now with good credit..and don't want to go down that path again..if they can help it.

Message 14 of 28
A1Credit
Established Contributor

Re: How to minimize credit pulls-Auto Loan Application

It's funny because I talk to her about everything but I still get nervous about asking for favors and things even if it is my mom.  I guess it's pride.  One of the reasons why I am comfortable sharing here is because it's anonymous and a lot of us here are going through the same thing with a common goal.  

 

I will talk to her about it later.  And that is very nice of you to help family.  You're awesome!

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 15 of 28
Gmood1
Super Contributor

Re: How to minimize credit pulls-Auto Loan Application


@A1Credit wrote:

It's funny because I talk to her about everything but I still get nervous about asking for favors and things even if it is my mom.  I guess it's pride.  One of the reasons why I am comfortable sharing here is because it's anonymous and a lot of us here are going through the same thing with a common goal.  

 

I will talk to her about it later.  And that is very nice of you to help family.  You're awesome!


There's nothing to be ashamed of..we all make mistakes or go through life challenges. No one on earth can walk on water.

Swallow the pride and explain your situation to her and ask. All she can say is no. One way or the other..you'll get there..just keep pushing.Smiley Wink

Message 16 of 28
A1Credit
Established Contributor

Re: How to minimize credit pulls-Auto Loan Application


@Gmood1 wrote:

@A1Credit wrote:

It's funny because I talk to her about everything but I still get nervous about asking for favors and things even if it is my mom.  I guess it's pride.  One of the reasons why I am comfortable sharing here is because it's anonymous and a lot of us here are going through the same thing with a common goal.  

 

I will talk to her about it later.  And that is very nice of you to help family.  You're awesome!


There's nothing to be ashamed of..we all make mistakes or go through life challenges. No one on earth can walk on water.

Swallow the pride and explain your situation to her and ask. All she can say is no. One way or the other..you'll get there..just keep pushing.Smiley Wink


Have I said, "You're awesome," already?  LOL Thank you for the pep talk.  I need it because as people tell me, I am often too hard on myself.  She knows about the difficulty I ran into a few years back with my mortgage and pulling it out of foreclosure.  Despite all the schooling, I was stuck in low paying jobs making roughly $35K.  Finally I was blessed a great job making very good money and boy was it right on time! I was able to pull it out of delinquency and start paying all my bills on time and more importantly start saving.  I think of my credit much until Feb of this year.  I pulled my CRs and saw the damage from the prior years and got to work paying off what was needed.  Now I'm just focusing on a good payment history and adding cards when I can.  I have a Cap One Plat and I just got approved for the AMEX Delta Gold.  I had to get a card a few years ago after an accident and was hurt by the interest rate so that encouraged me as well.  That's my story...

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 17 of 28
Gmood1
Super Contributor

Re: How to minimize credit pulls-Auto Loan Application

I had a foreclosure on my file up until February 2016. Ive also had a BK and repo. Yeah I've run the board on bad credit. LoI I was still able to rebuild my credit and buy another home nearly 3 years ago. I believe the things in life we go through make us who we are today for the better..if used in a positive manner.
You've certainly done that with your situations. Wishing you the best in your future endeavors! In a year or so you'll look back and smile and maybe laugh at how far you've come.😀

Message 18 of 28
A1Credit
Established Contributor

Re: How to minimize credit pulls-Auto Loan Application

Congrats on your rebuild and improvement and I agree.  It definantely makes you value and appreciate your credit.  

 

Thanks!  I definately look forward to that day when I can look back and see how far I have come.  I bit the bullet and asked my aunt and she said she will think it over.  She is worried that it will hurt her score although I assured her that it would have no negative implications.


@Gmood1 wrote:

I had a foreclosure on my file up until February 2016. Ive also had a BK and repo. Yeah I've run the board on bad credit. LoI I was still able to rebuild my credit and buy another home nearly 3 years ago. I believe the things in life we go through make us who we are today for the better..if used in a positive manner.
You've certainly done that with your situations. Wishing you the best in your future endeavors! In a year or so you'll look back and smile and maybe laugh at how far you've come.😀


 

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 19 of 28
A1Credit
Established Contributor

Re: How to minimize credit pulls-Auto Loan Application

@ GMood1 can you tell me if Discover and Chase (I think that's her other card) backdate so I can benefit from the full history?  If not, which ones?  I'm aware that AMEX does not.

***Gardening 3/29/2018 until 9/25/2018***

FICO 8 Scores: EQ~692 l TU~657 l EX~669
Message 20 of 28
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