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Longtime Stalker, First Post | 341 Meeting on Tuesday

Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

I guess you gotta take the good with the bad.

 

On 8/11 I received a MyFico alert that my EQ score dropped 26 points!  This was due to my defaulted student loan now reporting with a balance! Up until now, it reported 0 balance.

 

The current status is IIB => At least 120 days or more than four payments past due (Boo!

 

I am hoping that this works itself out once my new loan starts reporting which should be any day now.

 

My Credit One account is still not reporting, I called last week to see if they received my documents and they said they had not.  And a side note: even though I am an AU on my BF's Credit One account, that account isn't reporting on any of my credit bureaus so I could have saved myself $19.

 

So now it's the waiting game.

 

 

 

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 11 of 26
Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

Still in a waiting game, but I was recently approved for an auto loan with Capital One through CarMax!  I'm very happy with the approval but am wondering if I can renegotiate the terms.  I would like to put less down (maybe $500 or $1000) and have a shorter term - no more than 60 months.  Is this possible?  Also, I was approved on Friday with the below terms, but I received an alert today that my old student loan balance was deleted updated to 0, reducing my collection balance by more than $13,000 and the new one has not yet begun reporting.

 

APPROVING BANK: Capital One Auto Finance
BUREAU PULLED: EQ/EX/TU
CREDIT SCORE: EQ: 569 582 / EX: 585 / TU: 630
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Acura
MODEL: ILX
MILEAGE: less than 25,000
RETAIL/LEASE: $17,995
AMOUNT OF LOAN: $17,912.22
TERM CONTRACTED: 72 mo
APR/LEASE RATE: 11.04%
MONTHLY PAYMENT: $342.88
ANNUAL INCOME: $114,000
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY: Hoping to renegotiate terms prior to picking up the vehicle.  Also planning to refinance through NFCU within 6-8 months.

 

I am still waiting for the Credit One card - application status says approved as of 7/12.  I've sent in the verification docs they requested prior to their 8/23 deadline but still no update.

 

Rehabbed student loan still not reporting.

 

After reviewing my FICO 3B report, there was a fraud hold on my Equifax account so I called to have it removed.  Hopefully, this will allow the pre-approval sites to start working. FWIW, I never received a pre-approval when I went to the Capital One auto site directly.

 

9/6 UPDATE: So with the old student loan balance being updated to zero my Equifax score jumped to 582 today.  I called CarMax and since I have not yet taken possession of the car, they will run my credit again when I go to pick it up to see if I can get a better rate, lower down payment, etc.  

 

::keep your fingers crossed for me!::

 

 

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 12 of 26
Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

Here's who they pulled:

 

 TUEXEQ
    
Cap Onexxx
Ally x 
Santander x 
CarMax x 
Wells Fargo x 
American Credit Acceptance x 
    
Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 13 of 26
Community Leader
Super Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

Good luck on the auto loan! Im sure they can make it work Smiley Happy Before you sign just tell them you need to go grab some coffee and think about it. I bet they will make the deal happen and not let you leave. The ILX looks like a nice little car, should def last for you.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 14 of 26
Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

Thanks Scupra!

 

I've bought maybe 6 or 7 cars in my lifetime and I think this is the first time I know what I'm getting into - numbers wise - and even though I have the recent BK, I will probably walk away with the lowest interest rate I've ever had.  I definitely feel the most confident and knowledgeable and that is thanks to everyone's advice on this forum!

 

My goal is to put down $1,000 (instead of $2K) financing $18,912 at 8% for 60 months.  Monthly payment would go up $40 to $383 but I would end up saving approximately $2500 over the cost of the loan (assuming it's not refinanced in 6 months).  Hey, I'm putting it into the universe.  Isn't there a saying about a goal not written down is just a wish?

 

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 15 of 26
Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

I wasn't planning on making an update until after I picked up my car but guess whose Equifax score just went up 31 points?  You're looking at her!

 

I'm cautiously excited - I just received a notification that my score went up due to a Credit One account reporting.  However, when I go to the Credit One site it still doesn't show the card has been mailed.  

 

So now 2 bureaus are over 600!!!  Lower interest rate on my auto loan here we come!!

 

Update.jpg

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 16 of 26
Community Leader
Super Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

best-online-collection-of-free-to-use-clipart-contact-us-privacy-H4oT4T-clipart.gif

 

Woooohoooooo!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 17 of 26
Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

I need to get back to regularly posting.  I've still been following the BK to 700 plan with slight variances and as of today, less than 1-year post discharge, I'm just shy of 700 across all 3 bureaus.  Equifax: 659 | TransUnion: 680 | Experian: 665

03.09.2018_Fico.jpg

I ended up not buying the Acura ILX, thankfully.  My boyfriend and I just bought a 2013 Acura MDX which suits our needs better.  The loan is in his name only and I'll update his post with those details.

 

 

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 18 of 26
Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

So here's a little detail about the steps I've taken to get where I'm at today still following the BK7 to 700 in 24 months plan.  I'm following the steps as closely as possible but the only variance is that I'm adding myself to as authorized users to my BF and children's credit cards.

 

August 2017

Finally got the Credit One card after a dealing with verification issues.  Added my boyfriend as an AU - which is pointless since it doesn't report to his credit.  Money wasted on fees, but lesson learned.

 

September 2017

Approved for Capital One Platinum with $500 limit.  Made a HUGE mistake and paid the 1st bill 1 day after the due date.  I thought I enrolled in auto pay but apparently, I didn't.    Rec'd a notice that my Credit Steps would start over.  Set up auto pay, so hoping to see an auto CLI next month sometime.

 

November 2017

 Credit One auto increased my credit limit to $650.

Added as an authorized user to both my son and daughter's Capital One Journey student cards.  They both have $300 credit limits.

 

February 2018

Added myself as an authorized user to both my son and daughter's Discover cards.  My son was approved with a $500 limit and my daughter was approved for a $1250(!) limit. (Side note: very shocked at the difference in credit limits since on applications, they're basically the same).

 

Additionally, I've upped my 401(k) contribution percentage to 6% - and have $300/month direct deposited into a savings account as I'm trying to build an emergency fund of at least 6 months salary.

 

My boyfriend and I bought a new (used) car (2013 Acura MDX - $500 down, $20K financed with BofA at 10.1% for 72 months)  Our monthly payment is $441 but we will only see about $100 per month increase in expenses.  I was making monthly payments of $250 for my BK and the last payment is this month.  And we canceled a storage unit that we were paying $125/month for.  I'm also rebuilding his credit and plan to try and refinance in 6 months.  

 

Edit: I forget when but we also added an additional $200 to my BF's secured Discover, so now the limit is $500.  I think we're right at the 7 month mark so I'm hoping this card becomes unsecured soon! 

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 19 of 26
Regular Contributor

Re: Longtime Stalker, First Post | 341 Meeting on Tuesday

So close, I can almost taste it!!  Got some updates today and 700 is right around the corner!!!!

 

Screenshot 2018-03-20 10.16.58.jpg

Personal:| Business:
Filed BK7: 3/24/17 Discharged: 7/3/2017 (Starting scores | EQ: 493 | TU: 496 | EX: 441)
7/17/17 - EQ: 563 | TU: 549 | EX: 570
8/08/17 - EQ: 589 | TU: 630(!) | EX: 585
3/09/18 - EQ: 659 | TU: 680 | EX: 665
3/20/18 - EQ: 662 | TU: 692 | EX: 670
Message 20 of 26