Hey, everyone. I'm Melissa. My current Experian score is 588. I have two defaulted credit cards on my file that are NOT MINE, but my mother's, and I didn't cosign for them. I dropped a dispute letter in the mail to Experian a few weeks ago in hopes they'll remove it. (My "former name" is also listed as being my mother's name, and it never was.) I know this is bringing my score down, as well as having delinquent payments on my own two $500 limit CC's about two years ago, and one collections report that's paid in full. I can't seem to get rid of that one.
Question one: When Experian gets those two defaulted cards off my report, how much can I expect my score to go up? I have a few other cards on my report that are hers, but I'm keeping them there for my credit history as they were all paid timely and closed by her. Those two defaulted cards are the only two real bad ones.
Alright, now, the real reason I'm here:
I'm getting married in May, and we're planning something very budget. Our family keeps surprising us with help, but over all, we're pulling it together with our meager earnings.
He is seeking employment, and I am currently employed full time, making about $17,000 a year from that job. (Blah!) However, I generally have extra income because of the fact that his family is so generous and is constantly feeding us, haha. Also, I have a photography side business.
We're planning a European cruise for our honeymoon, and creating a honeymoon registry to fund it, as opposed to something at Target or Macy's, because neither one of us needs a thing for the home. I've lived on my own for a while now and have everything ... that, and what better a wedding gift than the gift of amazing memories and travel?
Problem: To book and secure the cruise, we need to lay about $3000 down. The cruise is about $5200, EVERYTHING including fights, gratuities, transfers, insurance ... everything, included. But to book it, we have to put $500 down and purchase plane tickets.
Our wedding is May 15th, and we'd leave for the honeymoon May 19th. The $3000 needs to be done soon (like, within this month if we can) and the rest of it needs to be paid by March.
Now, I'm not going to go around getting credit inquiries on my report ... so far, I've only done two. I tried raising my credit limit with Chase, so that was one. They told me no. I tried to get a Kay card (I was told people with 540 credit scores can get one) in order to finance our wedding rings, but I was rejected. (The rings are on layaway, right now.)
I've been searching all over the place to see if there's any way someone like me can get a loan or get credit for approximately $3000-$4000 just so we can book the honeymoon now ... then, we'd pay that loan off with all the money we get from the honeymoon registriy ... if we don't make enough (which I'm not really doubting we will -- we're both only children and our families are known for surprising us, that and we're also both very frugal people and always have a bit of money stashed and never even go out to dinner) then we'd just use our own money to pay the rest of the loan off, which, at the most, I imagine there'd be less than $2000 or even $1000 left.
Where the heck can I go to get this kind of loan/credit? Does any one here have any suggestions?
It just seems so unfair seeing as for the past two years, I've paid my two cards properly, have avoided credit inquiries, and I make enough money to pay little bits of things off at a time ... and yet I can manage to find a loan for this amount *anywhere* because of my 588 score.
What about peer-to-peer lending?
Hopefully, those baddies that *aren't mine* will be knocked off soon ... I'm hoping to get accepted into graduate school soon, which means I should be able to get some student loans ...
Again, the advantage here neither one of us plan to have this sit around for more than a year. More than half, if not all of it, would be paid off pretty much the day right after the wedding.
Thank you for your help. 
-Melissa
PS -
I don't have any serious debt right now, either. My two CC's are really kind of pushing the limit because of an emergency recently, but I'm sticking $50 on each of them with the next paycheck and bringing them back down by Christmas ... I have a student loan sitting deferred right now to the tune of about $8000 ... and that's it.
PPS - Also, my car is paid in full and worth just over $4000, if that means anything.
Thanks again!
@Anonymous wrote:Hey, everyone. I'm Melissa. My current Experian score is 588. I have two defaulted credit cards on my file that are NOT MINE, but my mother's, and I didn't cosign for them. I dropped a dispute letter in the mail to Experian a few weeks ago in hopes they'll remove it. (My "former name" is also listed as being my mother's name, and it never was.) I know this is bringing my score down, as well as having delinquent payments on my own two $500 limit CC's about two years ago, and one collections report that's paid in full. I can't seem to get rid of that one.
Question one: When Experian gets those two defaulted cards off my report, how much can I expect my score to go up? I have a few other cards on my report that are hers, but I'm keeping them there for my credit history as they were all paid timely and closed by her. Those two defaulted cards are the only two real bad ones.
Alright, now, the real reason I'm here:
I'm getting married in May, and we're planning something very budget. Our family keeps surprising us with help, but over all, we're pulling it together with our meager earnings.
He is seeking employment, and I am currently employed full time, making about $17,000 a year from that job. (Blah!) However, I generally have extra income because of the fact that his family is so generous and is constantly feeding us, haha. Also, I have a photography side business.
We're planning a European cruise for our honeymoon, and creating a honeymoon registry to fund it, as opposed to something at Target or Macy's, because neither one of us needs a thing for the home. I've lived on my own for a while now and have everything ... that, and what better a wedding gift than the gift of amazing memories and travel?
Problem: To book and secure the cruise, we need to lay about $3000 down. The cruise is about $5200, EVERYTHING including fights, gratuities, transfers, insurance ... everything, included. But to book it, we have to put $500 down and purchase plane tickets.
Our wedding is May 15th, and we'd leave for the honeymoon May 19th. The $3000 needs to be done soon (like, within this month if we can) and the rest of it needs to be paid by March.
Now, I'm not going to go around getting credit inquiries on my report ... so far, I've only done two. I tried raising my credit limit with Chase, so that was one. They told me no. I tried to get a Kay card (I was told people with 540 credit scores can get one) in order to finance our wedding rings, but I was rejected. (The rings are on layaway, right now.)
I've been searching all over the place to see if there's any way someone like me can get a loan or get credit for approximately $3000-$4000 just so we can book the honeymoon now ... then, we'd pay that loan off with all the money we get from the honeymoon registriy ... if we don't make enough (which I'm not really doubting we will -- we're both only children and our families are known for surprising us, that and we're also both very frugal people and always have a bit of money stashed and never even go out to dinner) then we'd just use our own money to pay the rest of the loan off, which, at the most, I imagine there'd be less than $2000 or even $1000 left.
Where the heck can I go to get this kind of loan/credit? Does any one here have any suggestions?
It just seems so unfair seeing as for the past two years, I've paid my two cards properly, have avoided credit inquiries, and I make enough money to pay little bits of things off at a time ... and yet I can manage to find a loan for this amount *anywhere* because of my 588 score.
What about peer-to-peer lending?
Hopefully, those baddies that *aren't mine* will be knocked off soon ... I'm hoping to get accepted into graduate school soon, which means I should be able to get some student loans ...
Again, the advantage here neither one of us plan to have this sit around for more than a year. More than half, if not all of it, would be paid off pretty much the day right after the wedding.
Thank you for your help.
-Melissa
PS -
I don't have any serious debt right now, either. My two CC's are really kind of pushing the limit because of an emergency recently, but I'm sticking $50 on each of them with the next paycheck and bringing them back down by Christmas ... I have a student loan sitting deferred right now to the tune of about $8000 ... and that's it.
PPS - Also, my car is paid in full and worth just over $4000, if that means anything.
Thanks again!
Hi Melissa,
I agree with Lynette, where did you get that score? If you can come up with about $25, you can get your TU and EQ scores off this site along with the reports. That would be the best place to start. Once you have those, you will know your scores AND exactly what your reports say.
I also agree that the cruise will be amazing and is a good idea...my husband and I also asked for "experiences" as presents and it worked out wonderfully. Although it can be hard booking stuff in advance since you don't have the "presents" yet.
I would suggest taking your scores and reports you get from this site to a local CU and talking with someone there. If you can, they can be a little nicer about loaning you money (although the rates can get high). Another option is to join a national CU/"cu like bank" (ie Navy, USAA) if you qualify, they will pull your score but you can explain your situation and they might be willing to work with you (expect to put money into an account with them).
Also, I would suggest coming up with another $25 and pulling your future husband's scores and reports...maybe his are higher than yours? If he doesn't have any score, or if his are the same or lower...consider getting a secured CC. You may have to put down $200-500 for this, but you might be able to borrow that from parents or someone and then you'll have something reporting.
Finally, you can look into peer-to-peer lending, but they might also pull your scores and deny you OR you can draw up a loan agreement with your parents/his parents...give them a fair rate and detail out what you are willing to pay them and when.
good luck!
(PS, you are getting married 1 day before my 1 year anniversary!)
The defaulted cards aren't mine. They're my mothers. I'm trying to remove them from my account.
My own credit cards only have delinquent payments from two years ago when I graduated college and wasn't working yet. 30 days only.
The $3000 will be paid back in June, at the latest. I already have $1000 for it and more savings.
I wouldn't be going into this if I didn't have the means by which to pay on it until then, if I had many credit cards and loans out (I have one student loan that is deferred until I'm totally out of school, including graduate school, which means I have another 2 or 3 years, according to the company, before I owe on it), or if I was really lost, financially.
Not counting my student loan, I have about $800 in credit card debt which is paid on monthly.
I'm not one to argue on the internet, so clarification on my message is all I care to offer right now.
I'm completely willing to accept that this could be a bad idea, even if I *could* secure a loan, but I'm stubborn and determined and rarely in life have I ever given up on something after only a handful of shots at it. I love my fiance to bits and him and I have both told each other that we're a honeymoon in itself for the other, and if a drive to Chicago is all we can muster, then we'll both be fine ... but this is a dream trip for the two of us, something we want to do now if at all possible, while we're still in our early twenties and before life begins to take over (house, kids, promotions) ...
Thanks for all the input, though, all of it.
Melissa