How do I delete subprime FC

Anonymous · ‎09-02-2007

I had about 10 of subprime financial account and it's hurting my credit, how do I get rid of them or atleast consolidate into one account only?

Please help.

fused · ‎09-02-2007

Are these accounts loans or credit cards?

Anonymous · ‎09-02-2007

These are loan accounts.

MidnightVoice · ‎09-02-2007

Close them and wait 10 years?

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎09-02-2007

MidnightVoice wrote:

Close them and wait 10 years?

Unfortunately this is absolutely right Had I known getting a loan and paying it on time would hurt my score...oh well. BUt you can get a buttload of Aspire and Tribute cards and come out smelling like a rose.

fused · ‎09-02-2007

With FICO scoring you are not penalized for having sub-prime CC TLs but when it comes to installment TLs, FICO does penalize you for having sub-prime (consumer fiance loans) TLs. This makes no sense since CC util and debt carries considerably more weight than installment util and debt. This is one aspect of FICO scoring that I find very irking.

Anonymous · ‎09-02-2007

Does anyone know which cards would be considered subprime? I have just received (last month):

USA Air

Carnival

AmEx (not a high limit, and may not keep it after all the reviews)

Citibank (also not high at all, but I would like to build this one up)

and WaMu (I've banked with them since 2003 it is not as high as USA or Carnival but I want to build this one up too).

The above are all m/cards, are any of these subprime?

I do have 2 GEMB cards also, I though I remember reading something about them. 1 is for Lowe's and the other is for Ford Quality Parts.

Any help will be greatly appreciated.

Anonymous · ‎09-02-2007

Don't think any of your cards would be considered sub Duck Hunter. Even if they were there is no penalty built in to FICO for subprime cards, only subprime installment loans (finance companies). You can get one of those without even knowing it by taking the furniture store up on the 12 mos same as cash when they finance it through somewhere like beneficial.

Message Edited by Brammy on 09-02-2007 10:38 PM

Anonymous · ‎09-02-2007

Thanks for the info Brammy!

Anonymous · ‎09-02-2007

That's pretty sad, AmEx denied me just because these consumer finance TLs even though my score was 702 Fico. They said the reason for deny was I've had too many CF TLs