DH's Utilazation

[Anonymous]

DH has the our mortgage, his truck, and my truck on his report.

He is the cosigner on my truck. It is only listed on the EQ report. Would it help if I had him removed as co-signer (if the OC would go for it)? I've had the truck since 2004, so I'm thinking they would do that for me. Who knows?

Total Balances Owed:/ Total Payments:
EQ - 56367 / 1230
TU - 37598 / 656
EX - 38348 / 751

Big difference there. I was just thinking it may look a little better with my truck total and payment off of him. What do you think?

[fishbjc]

My mom co-signed for my sisters car.  As soon as it's been one year, my sister will re-finance to have it only in her name.  This was because her credit was poor due to bk, but has since improved.

My guess is they won't take a co-signer off, you may have to refinance.

Why not give your creditor a call and discuss it with them?  If you've had the loan this long, they may be agreeable. 

[Junejer]

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@Anonymous wrote:
DH has the our mortgage, his truck, and my truck on his report.

He is the cosigner on my truck. It is only listed on the EQ report. Would it help if I had him removed as co-signer (if the OC would go for it)? I've had the truck since 2004, so I'm thinking they would do that for me. Who knows?

Total Balances Owed:/ Total Payments:
EQ - 56367 / 1230
TU - 37598 / 656
EX - 38348 / 751

Big difference there. I was just thinking it may look a little better with my truck total and payment off of him. What do you think?

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Me-DH..., it's possible, but I doubt it. They don't have a lot of incentive to do so, without a refi. However, stranger things have happened. It is certainly worth a try.

[Anonymous]

Thanks! As said, never hurts to try. Strange things happen every day! Refinance wouldn't be a bad idea either. I'll call and discuss it with them.

[haulingthescoreup]

The odd thing is, utilization on installment debt (balance owed divided by credit limit or amount of original loan) barely affects your FICO scores. Installment is the most stable part of your credit profile, as long as you pay on time. Your balance on installment loans does get looked at, but just barely.

If you are trying to raise your scores, or your husband's scores, it's the revolving utilization (= credit cards) that really swings the pendulum.

Do you have any credit cards? If so, what are their limits, and what are their current balances?

[Anonymous]

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@haulingthescoreup wrote:
The odd thing is, utilization on installment debt (balance owed divided by credit limit or amount of original loan) barely affects your FICO scores. Installment is the most stable part of your credit profile, as long as you pay on time. Your balance on installment loans does get looked at, but just barely.

If you are trying to raise your scores, or your husband's scores, it's the revolving utilization (= credit cards) that really swings the pendulum.

Do you have any credit cards? If so, what are their limits, and what are their current balances?

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We do not have any credit cards. We have two installment loans. One is a Personal Line of Credit through one of our banks. 3000 line of credit. But we used it to buy washer/dryer. Balance is around 2800. Never been late. Its an automatic deduction from our checking account. Payment is only round 85-90 dollars depending on balance. We just got our income tax money and will be paying this off and it will show an open line of credit. Wont that help?

The other is loan from credit union for 1000. Balance about 550. We used it to have surgery on DH mouth. Payment is 95 dollars. Never been late. Haven't had but about 3 months. We always pay extra on this loan. They want us to keep this one open atleast 6 months, so I've taken the balance and divided by 3 and will be paying that off. The credit union is where we want to get our Mortgage through in the next year. So, we will probably get another loan(little larger), do good, pay on time,pay more, pay off just to keep something open with them.

Anyway - other than that - Nothing.

We have
House Payment Balance 23000
His Truck Balance 13000
My Truck Balance 14000
Bank line of credit Balance 2800
Credit Union loan Balance 550

Truth be known, we could have everything possible paid off in 2 years. I could get both the trucks off of us within 9 months. But I hear that's not the smart thing to do. Which I'm going to get the house payment off of us. We have a doublewide. And when we get the mortgage, I dont want this on there. Noone is going to buy it from us at a decent price. We will have to move it off the property once we buy somewhere else. So I want to get it paid for. Pay to move it on a piece of small property. Finish remodeling it - Then resell. But just in case we cant resell, we wont have that as a payment when going for the new mortgage. Am I thinking right?

Anyway, any other ideas? How would you tackle this?

[Anonymous]

The Line of credit is treated just like a CC in scoring (revolving)

Paying this off should give you a score boost- 

I would highly recommend getting at least 1 major credit card from a major bank.  (Amex, WAMU, BofA etc)

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@Anonymous wrote:

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@haulingthescoreup wrote:
The odd thing is, utilization on installment debt (balance owed divided by credit limit or amount of original loan) barely affects your FICO scores. Installment is the most stable part of your credit profile, as long as you pay on time. Your balance on installment loans does get looked at, but just barely.

If you are trying to raise your scores, or your husband's scores, it's the revolving utilization (= credit cards) that really swings the pendulum.

Do you have any credit cards? If so, what are their limits, and what are their current balances?

---

We do not have any credit cards. We have two installment loans. One is a Personal Line of Credit through one of our banks. 3000 line of credit. But we used it to buy washer/dryer. Balance is around 2800. Never been late. Its an automatic deduction from our checking account. Payment is only round 85-90 dollars depending on balance. We just got our income tax money and will be paying this off and it will show an open line of credit. Wont that help?

The other is loan from credit union for 1000. Balance about 550. We used it to have surgery on DH mouth. Payment is 95 dollars. Never been late. Haven't had but about 3 months. We always pay extra on this loan. They want us to keep this one open atleast 6 months, so I've taken the balance and divided by 3 and will be paying that off. The credit union is where we want to get our Mortgage through in the next year. So, we will probably get another loan(little larger), do good, pay on time,pay more, pay off just to keep something open with them.

Anyway - other than that - Nothing.

We have
House Payment Balance 23000
His Truck Balance 13000
My Truck Balance 14000
Bank line of credit Balance 2800
Credit Union loan Balance 550

Truth be known, we could have everything possible paid off in 2 years. I could get both the trucks off of us within 9 months. But I hear that's not the smart thing to do. Which I'm going to get the house payment off of us. We have a doublewide. And when we get the mortgage, I dont want this on there. Noone is going to buy it from us at a decent price. We will have to move it off the property once we buy somewhere else. So I want to get it paid for. Pay to move it on a piece of small property. Finish remodeling it - Then resell. But just in case we cant resell, we wont have that as a payment when going for the new mortgage. Am I thinking right?

Anyway, any other ideas? How would you tackle this?

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[Anonymous]

Thanks for all the info. I understand now what you mean about the PLC account being just like a CC. Should have already known that, it just didn't click.

Anyway, I have sort of taken care of that. I just paid 2300 on that account and I bumped up my payment to $100 on the auto deduction. Will apply more weekly. She is also going to ask for an increase in the credit limit. Maybe to $5000. I hope so. With a low balance that will look good right?
I also even got an application from the bank for a Visa. With my scores, I don't know if it will work, but we'll see. I don't care if they even start me out with a $100 limit or so. (FICO 560-602)

Other than paying more on the loan and getting that balance down a little more, there's not much else I can do except wait on scores to come up from disputes. Oh, and refinancing my truck in my own name. I think my credit union would do that for me. Calling them today.

Any other help/tips/pointers would be greatly appreciated!

Thanks again!