Back in 2015 my MyFico score was like low 500 with 8-10 negatives and 10-15 late payments. So no dealership would approve me for a car. I had a 2008 Prius under a friend's name and had to trade it with a $7k negative with a BMW 320i. I leased it for 3 years with 15k miles. I couldn't lease it under my name so I took it under another friends name with 7% interest $580/month. My lease is up 2018 December and I wish to take my friend's name off the lease since I've made some late payments also
I came across this forum in 2017 June and since then I've started gardening. I had no clue about financial/credit stuff until I start to read posts in MyFico forum. I'm so grateful I met this great community and I want to give back my experience and ask for more advice for my current situation.
06/2017 - MyFico Score - lower 500/upper 400( yes it was that bad without even a BK)
Started off sending DV letters to all the CA via snail mail.
Disputed some accounts personally with EX,EQ & TU
07/2017 - Read about CU , and became members with PenFed, Unify, and Air Force. (Only membership all of them denied CC and checking account)
I have a one badie in the Chexsystem also Which is due to fall off in 12/2018
As of today I have only 2 negatives left and total 7 late payments in past two years(89%)
Most of the late payments I had was with Navient/Sallie Mae student loan accounts.
I have 6 of them but I paid off 3 of them in early 2016 ( I wish I had this knowledge back that time, then I would pay down my loan at least 70% lower in all, than paying off 3 highest interest ones, so currently my loans are like 107% UT)
06/2017 I've sent emails to Navient advocate asking to remove all the late payments since I was in good standing for more than 24 months for some late payments.
They updated only last two year of payments history on 3 open accounts eliminating at least 90 % late payments history.
Opened a Secured CC with Capital One, score jumped+40 points, but they closed it after few months cus 2 payments got bounce from my US bank.
I had no luck in removing the late payments in the 3 closed Navient accounts but they are more than 2 years old and accounts shows as closed.
I was stuck with Portfolio recovery ($550) and National credit adjust ($320) for a while and my score was at 650 after 6 months of gardening.
10/2017 - Got my first car finance with Toyota for 13%, since it's my first car buy under my name.
Thanks to good folks here and spending hours researching/ searching for the knowledge I found out that PR Collection can be removed since I was an authorized user of that CC.
12/2017 - So I called the Chase bank OC and they told me they will remove my name and update it. So I'm hoping PR Collection will dropped off by next year and I will have only one Collection with National Credit Adjust for $330.
I've sent another batch of emails to Navient advocate last week since it's being 6 months last time I've contacted them and if they agreed with me I will have only one 60 days late mark in 03/2016 left in my entire history.
Opened another secured CC with discover, after capital one was closed.
I believe my score will go up to 700 if I only left with NCA and one late payment, and after discover it start to report also.
My income is very limited, like 70k/year and I have 76k in student loans.
I want to open another secured CC or increase my limit ($300 right now) but I don't have that much financial flexibility now.
Sorry for the long story but I want to give you my background and my gardening experience.
NOW I SEEK ADVICE FROM YOU GUYS FOR MY NEXT MOVE.
Now I have two car payments with me I desperately need to do something.
BMW Lease $580 + over 6000 miles + one year left. (@7%) Payoff $26k
2014 Prius $400 (@13)
I want to get rid of this BMW payment asap cus it's killing me and the car is Just parked outside. My friend want his name to be removed asap also.
I was thinking to go-to BMW finance after getting 700 score and do a lease assumption to get the car under my name. So my friends name is clear and I could do something sooner and easier since it's under my name. (I NEED YOUR ADVICE HERE)
Also I want to refinance my Prius with a CU ( PenFed preferred) after the score hit 700
Can somebody tell me what's my best choice here please? And I would be happy to share my experience more if any of you guys out there want more.
THANK YOU