Installment Trade - What Are They?

[Anonymous]

Hi Gapplied for a credit card via online...And got uys - I recently denied...It said something like "unfavorable satus on installment trades in the last 24 months" & "unfavorable bankcard trades in the last 12 months"

What do these 2 things mean? Preferably the installment trades...I have no idea what this is?

I have had 16 payday loans from cashnetusa. com all paid on time or even early...not sure if they report to the credit bureaus or not, but isnt this a installment trades?

thanks guys...

[Anonymous]

Dar nit...And I thought I was helping my credit out...I didnt even need these loans either...I though I was gaining installment loans...How long do these stay on my credit report...

thanks for your time

[score_building]

Welcome to the Forums!

It is essential to know what your reports look like b4 applying for credit and to get the best help here.

to have taken out16 pay day loans is extremely dangerous credit behaviour.

even when paid back on time it comes at a financial cost WAY too dear. 

installment accts- like student loans, mortgages or auto loans have a fixed mnthly payment over the term of loan.

[Anonymous]

You may be calling any issuers for reconsideration/manual review for a while. When presenting your case honesty will be the best policy.

[score_building]

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creditwherecreditisdue wrote:
You may be calling any issuers for reconsideration/manual review for a while. When presenting your case honesty will be the best policy.

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+1

OP- post back after you obtain a copy of your FICO report if you want f/b or suggestions for damage control- since you apparently have some negative info reporting. 

it can be difficult to offer valuable suggestions, unless you can post some clear info on what your reports look like.  you'll be fine just resolve to never again deal with those loan sharks, you can find other options that are more beneficial to your credit picture.

[Anonymous]

Payday loans and title loans are the absolute nadir of the credit world. They are so bad that the state of Florida actually regulates them fairly stringently. Since almost anything commercial goes here that's really saying something.

[Anonymous]

OP

I very strongly agree with score_bulder  you should get you credit report from myfico  and review it then post on the forum any negative information on your account.  we will then give you our honest opinion  on how to tackle this challenge.

ETA.  no more payday loan if you "did not need it anyway"   only apply for credit you need or in ( that need sometimes include the need to rebuld credit history  for some of us).    But I agree with the others this practice is very very risky behavior  and maybe it is reported and maybe the mainstream lening institutions  knows the payday loaners and because you have a regualr relationship with them they are staying clear of you.

[Anonymous]

THANK YOU GUYS SO MUCH. No other forum has ever been so helpful...

I just requested my "once a year" free credit report from experian (this seems to be the place all of my credit card applications seem to pull)...So when it gets here I will post the findings... 

I know for a fact that my transunion score is 611...  Also, when I first opened a US bank checking account, I immediatly got approved for $2500 credit card, and I didnt even have any history... It had great rates and everthing...  Then it got upped to $3500 later on... But then being young and dumb I had to use it to go on a trip, and never got to paying it off...I closed it and still owe around $2500...I guess this should be the 1st thing to fix, right?  I also, have had two collections attempts, both paid right away basically, from chase and sprint... 

I just got approved for another capitalOne Credit card...I already have their platinum card...Guess Ill have to see what the card is when it gets in

Thanks once again for all of your help

[Anonymous]

Post your info up here when you get it and we'll take a look at it.

[Anonymous]

HI Guys - I just recieved my experian credit report: I had a question with some of the following:

Usbank credit card seroius delinquent/delinquency for $2500   -   This one im confused on, can someone explain this to me. I am paying monthly for this, have not been late for 20 months.  So I am clearly not delinquent.  I never refused to pay anything, and i never missed any payments as well.  In all actually, and to put it Frankly, I called "them" to help put me on a payment plan, to lower my monthly payments (even though I was within my credit limit).  Is this still called Delinquent.  Im confused, I though "delinquent" meant "refusing to pay or being late in payments".  I have them automatically take payments out of my checking account, of which I have with them as well.  Oh I forgot to mention, when I was setting these monthly payments up, I closed my credit card, maybe this was a bad idea??? My credit limit was $3500, and I still owe them $2500.  But is this delinquency though.

So can I write up a dispute letter about this, or is this actually delinquent? I was under the impression a credit card debt is not the same as credit card delinquency?

Also, there are 2 collections, paid in full for sprint and chase credit card.  This was 2 1/2 years ago.  Can I dispute these to get these off as well. 

Thanks so very much guys.