New Member Wanting Advice

[Anonymous]

Pfarro-   Thanks again for the info!    I have the care credit down to around $650 now.   I could actually pay it off now with no problems.   I just thought it looked good on my report since I didn't have many credits things open. ( just my 2 capital one cards and the care credit). 

As as far as the baddie goes, how do I know exactly when it will drop off?   I opened the acct in sept 07 and hsbc(best buy) closed it (or charged off) in sept 09 .  Is it 7 years from that date?   I know this midland company purchased the bad debt from them so I wasn't sure if that messed up the 7 year thing or what.   

If by keeping my current cards and making payments as usual is the best plan then I'm fine with that.   I just was t sure if I needed anything else open or other steps I should be taking.  

[Jerry45]

Excellent advice. Installment loan is a very good idea.

[Anonymous]

So I have another question.....so I talked to a local credit union about the secured shared loan and putting $500 into an account. The lady was telling me the max was 48 months but I could do 18 months or so If I wanted. Which time frame would be best?

Also she said it's a hard pull as well but I'm assuming this is normal. I only have 3-4 HP on my credit right now with one dropping off in like 6 months so I assumed it wouldn't be bad.

Last thing, my dad is buying a new car in like 3-4 months and told me he would put it in my name along with him to help build more credit for me. Should I get this shared secured loan and do the car thing in 3-4 months or should I just do one of them?

Sorry if these questions are stupid!

[Imperfectfuture]

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@Anonymous wrote:
So I have another question.....so I talked to a local credit union about the secured shared loan and putting $500 into an account. The lady was telling me the max was 48 months but I could do 18 months or so If I wanted. Which time frame would be best?

Also she said it's a hard pull as well but I'm assuming this is normal. I only have 3-4 HP on my credit right now with one dropping off in like 6 months so I assumed it wouldn't be bad.

Last thing, my dad is buying a new car in like 3-4 months and told me he would put it in my name along with him to help build more credit for me. Should I get this shared secured loan and do the car thing in 3-4 months or should I just do one of them?

Sorry if these questions are stupid!

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I did one for 48 months.  You pay more interest, but mine came out around 33, so less than 10 per year to improve score.  If you garden your accounts for a year, you should be very good to go.

Even by October 2015, the installment loan provides a sort of buffer to new account changes (did for me).  IF you have made no payments on the account, either to the original credito or a midland, the DOFD RULES DROP OFF.

Call each of the reporting agencies during their business hours.  Be sure you use their reference number for the account.  They will tell you the date of first default (dofd) for TU, or the date of last activity (DOLA), Ex and Eq.  Since charge offs are after 6 months, it could drop off a lot sooner (around February), so you NEED to verify the dates with the CRA's,

[scorewatcher7]

midland is difficult and that collection is bringing your score down. do you receive mail from midland? 

[Anonymous]

Thanks for the info!    I see you have a legacy Visa card.....Legacy is the credit union that I just spoke to about the loan.  If 48 months is what I should do then I will def do it.    Interest rate is 4% I was told.

sorry for the confusion as well but when u say 33 did your credit score go up that amount?

[Anonymous]

Score-      I have gotten mail from them before but it's been at least 6 months or perhaps a year.  

[Anonymous]

I would stretch the loan out as far as you can. Remember, open instsllment loans score better than having a paid off instsllment. Do the 48 month term. It stays oopen longer. 500 bucks at 4 percent will cost prob 33 real dollars. If at some point you get a car loan or a mortgage and you want to pay it off early, you always can. But for 11.50 a month or something may as well get points for the full four years. Some of them will do it with no hard pull, but an inquiry is not terribly important. It stops showing up in scoring in 12 months and is completely off your report in 24. I think you are on a solid path.

Keep doing what you are and you will be there in no time. As for when the negative drops off, have you gotten your fee reports from annualcreditreport.com ? It clearly says on your real actual reports, scheduled for deletion x/xx or will remail on report til 9/16 or whenever.

You are entitled to pull each bureau every 12 month, so if you havent, do that. Some people pull all 3 at the same time, some pull 1 every 4 months.

[Imperfectfuture]

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@Anonymous wrote:

Thanks for the info!    I see you have a legacy Visa card.....Legacy is the credit union that I just spoke to about the loan.  If 48 months is what I should do then I will def do it.    Interest rate is 4% I was told.

sorry for the confusion as well but when u say 33 did your credit score go up that amount?

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Legacy is a Visa card from First National Bank, a rebuilder I will be canceling.  33 was the cost of interest over 4 years.  My credit union is Alaska USA.  That is a different card.

[Anonymous]

pfarro1-   Yea I'm gonna go back by the credit union tomorrow and do the loan so it will def help.    As far as the annual reports, I did get them back in October or around that time. I'm trying to find the copies I made to go back and look but I havent found them yet.   Otherwise I guess I'd have to pay to get them and see.    Def need to find out the info on the baddie so I know when its coming off.    Hopefully sooner than later cause it was so long ago and the only mistake I made.