looking for some advice

[Anonymous]

Ok here is a quick rundown.

My truck broke down and the cost to fix it is more then I really want to pay. I am currently using a rental at $350 a week which is well not going to work for long.

So Im looking over some things find a truck from the rental place I like fits my needs and is pretty much new. Having had some major credit issues in the past I have not used credit for along time.

Long story short I got some FAKO's from the major 3 without knowing about FAKO's and when tyring to get my actual scores says not available because of the reasons listed (no establlished, 6 month, Etc)

Ive lived at the same address as a home owner for over 20 years and worked the same job for over 20 years however I have been laid off at verying times over the years and for some reason my morgage company quit reporting on me in 2009.

I worked out a payment plan with them and they double charged my account which caused me to go for lack of a better word BK. I didnt file BK just was.

I worked out a new repayment plan again with them and have been current on that but its not showing anywhere on the FAKO's reports.

So how do I get a FICO built up? the crazy loans online want 25 apr which Ill pay cash for a junker before Id do that.

Finally the FAKO's show me at about avg  of 640 do you think I could even get a loan?

[IOBA]

Where to begin?

If you don't want to share your credit report information here, then please send it to me via PM (private message) on this site.   If you do post your credit information, please make sure your PERSONAL information (name, address, ss#, etc) are not shown.

1.   Are you still living in the house?

2.   Are you still paying the mortgage?

3.  Do you have any credit cards open?

4.  Are you currently employed?

I would need more information to help you get started.  

[Anonymous]

not sure what you mean by share the personal information? here is a quick rundown that is on TransUnion web site. Score it says is 632. (the rest of this is pretty consitant with the 3.

Says total accounts 1

open accounts 1

delequent 1

public records 4

inquires (2YR) 3

Now the open must be house that is showing a last date of may 2009 120 days late.

As I said I have now worked out that buts not showing up on my report anywhere.

There are 4 judgements listed for public records

1 - 12/03/08 amount $955.00

2 -12/12/06 amount $871.00

3 - 04/04/06 amount $4755.00

4 - 02/25/04 amount $609.00 this was a tax lien and has been payed off long ago.

The 3 inquiries came from the same company the C/A of my morgage company.

1- 7/18/11

2- 5/24/11

3- 12/28/10

Yes I'm still living in the house

Yes Im still paying the Mortgage

No I have no credit cards

Yes Im currently working.

When I signed up here and attempted to get the FICO scores it said not enough information is on file no open accounts in 6 months etc and couldnt create a report for me so I can only use the FAKO's to answer any questions atm.

If you need more detailed information let me know , and thanks in advance for taking a look.

[Booner72]

To get your FICO built up you need to get a revolving account reporting - it looks like you should start with a secured card.

Get your credit reports from annualcreditreport.com

Then sit down, get comfortable, and starting reading reading reading in the rebuilding section.

Good Luck!

[Anonymous]

Just checked my EQ and had an alert that my account had an Inquiry. It was from Roadloans which is the company I talked about above that approved me for 10K at 25% which is the whole reason I found this place.

Quick question I know that when they see all auto loan hits they only consider it 1 hit if you do nothing (IE dont take a loan, buy a car) does that affect your score?

[IOBA]

Yes, it's one hit if they only inquire and you don't' take a out a loan.   I believe, if you take out the loan the "hit" you take is a new account (affects AAofA) and credit utilization, but it should not be anew inquiry hit, other than the one hit for the initial inquiry.

[IOBA]

You have some great things going for you - the mortgage and the employment!

To raise your FICO scores, you can take out the loan, get about 6 months of payment history reporting and refinance to a much lower APR.   I am with you  - 25% apr is outrageous.

Someone else suggested a secured cc.   That would help too.

Department store credit cards - or cards for like furniture stores - are usually really easy to get.

Make a plan before you start applying for credit.   Maybe go to a local credit union and apply for a savings account and a secured card.  (One credit inquiry if done at the same time.)   Do not apply for credit any more than once every 6 months.   Each inquiry lowers the FICO score.   Multiple inquires scare creditors - they think you are going to over extend.   So be careful and make a plan to apply.

[Anonymous]

Thanks for the advice. I got another approval today but didnt get a chance to call them back yet and now the first one is starting to back off the 25%. The 2nd one is called Bluesky I have no idea how they got my info if its from some of the dealers Ive sent out feelers to or the actual truck I want's company. Ill keep you all informed as things go forward and thanks for all the advice and help.

I've always been a cash guy after I totally messed up some things but its time to get this straight and with your help I really think I can get back on track.