Rebuilding with my Local CU

[Repo-ed]

I sent an email to my local CU (Branch Mgr) I joined 1.5 years ago asking to meet with him so that we can discuss my finanical/credit goals, and to see if the CU can help get me started.

When I walked into their branch nearly 2 years ago, they offered me a personal loan using my reports I pulled from Idenity guard (not even from the CRAs) and asked that I move my banking to them.  Technically I did, but didn't 100%.  I moved my direct deposit from my p/t job to them, but now have moved my salar DP to them starting tomorrow.

Anyway, I said I'll pull my own 3 CRs from their sites and once we look at them and either determine to NOT move on, I'll continue to garden.  However, if he feels comfortable extending me another personal loan (like the last one, it would just go into a savings account and pay the loan each month) of $500 or $1000. Makes no difference to me and I don't think FICO cares about the amount either. I also asked if we could entertain the possibility of a unsecured CC from them as well.  I asked if that was even remotely possible, can we dicuss a CL that will at least cover my current CLs so that I can close HSBC as I will be upon the AF in a few months.  At that time we can do a HP and get the paperwork in motion.

Hopefully I'll hear back from him today.  I feel confident, but only because my files were in worse shape then, than they are now.  In fact, I don't think I had paid-off one of the collections at the time they gave me the loan.

Now, if this all does go as planned.  I'm locked in the garden until my repo falls off. I would then have several new positive TLs to include the Amex and need nother other credit until we are ready to buy a house, and that won't be until after that repo falls off in 10/2014.

[Repo-ed]

Pulled my EQ and TU FICO/reports from here just now.  Pulled EX report from EX site.

Have my W2's, Latest pay stubs, as well as financial paperwork such as my 401k and investments.

Taking that along my knowledge base that has/is being formed from here.  Really hope to walk out of there this morning with 2 pos. TLs.  That would be great!

[Repo-ed]

Took all my paperwork in this morning, and the mgr was more than willing to offer me a 1k loan based upon the reports I bought from here. 

However, he was not able to process an app for a unsecured CC without a HP of TU and EQ.

The bad news their TU score came back at 627 (mine came back from here this morning at 664).  The good news is my EQ came back at 617 this morning from here and he pulled back 627.

So clearly, a couple of different algorithms being used.

Either way, he said my score last year was 557 when I applied for my last loan, so at least I'm somewhat moving in the right direction. Loan was for 1k @ 9% 

Still waiting to hear back on rates from the CC.  The CL is $1500 - I was asking for $1420.  BT is 4%, but I only have $170 to transfer, so no biggie.

Will update again when I get the apr on the CC.

[Anonymous]

Having an installment loan and the revolving line are well worth the HP's.

Nicely done!

[Repo-ed]

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@Anonymous wrote:

Having an installment loan and the revolving line are well worth the HP's.

Nicely done!

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I think I'm going to have to agree.

As there is nothing more I can really do with regards to "rebuilding" other than waiting out the 10/2014 for my repo to fall-off, I'm going to have to enter the garden and step away from this site.

Thanks to RobertEG for the awesome info.

LS for the good laughs early in the morning.

Frugal for taking time to write up the blog.

The mods for showing mercy on me for rezzing 5 year old threads, weekly.

When I set my mind to something, I can really knock something out, and I can't wait to report back one day with some EPIC updates!

Thanks again gang

[Anonymous]

Is the repo your only baddie reporting these days?  My husband's CR has 4 excellent tradelines reporting on Experian and Equifax and one bad tradeline -- a repo. Transunion reports 3 excellent tradelines -- and on bad tradeline, the repo.   I have tried writing goodwill letters to Toyota until I'm about to get carpel tunnel in my wrist, they are beyond stubborn.  The repo on his reports won't go away till December of 2016.  His FICO® is as you see in my signature below.  We just recently joined a local CU and we are hoping to use them to help us rebuild too.  

I wish you the very best with your credit adventure and hope to see you around from time to time.

[Anonymous]

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@Repo-ed wrote:

 

When I set my mind to something, I can really knock something out, and I can't wait to report back one day with some EPIC updates!

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I've been reading a lot of your threads, even if I haven't commented, but this thread to me already qualifies as an EPIC update!

[Anonymous]

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@Repo-ed wrote:

Took all my paperwork in this morning, and the mgr was more than willing to offer me a 1k loan based upon the reports I bought from here. 

However, he was not able to process an app for a unsecured CC without a HP of TU and EQ.

The bad news their TU score came back at 627 (mine came back from here this morning at 664).  The good news is my EQ came back at 617 this morning from here and he pulled back 627.

So clearly, a couple of different algorithms being used.

@Either way, he said my score last year was 557 when I applied for my last loan, so at least I'm somewhat moving in the right direction. Loan was for 1k @ 9% 

Still waiting to hear back on rates from the CC.  The CL is $1500 - I was asking for $1420.  BT is 4%, but I only have $170 to transfer, so no biggie.

Will update again when I get the apr on the CC.

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Good job Repo! So happy that things worked out the way that you hoped. All your hard work has paid off. Keep this up and you'll be able to one day request a $10k loan with ease. 

[CreditCardDiva]

Congratulations to you! I'm glad you took a chance with your CU.

[Repo-ed]

Well, I needed to get in here and give another quick update.

AU cards are starting to show up on my reports, so I'm seeing slight increases due to AAoA. I'm using the Amex skymiles plat as my primary card for all spending (no more ATM, unless amex is not accepted). Will be closing my cap1, and getting my 1k depo. back!

But here is the WONDERFUL news - They financed a motorcycle for me!!!

I app'd 10k today, and they countered with 8500 @ 9% (high, but considering my repo was from another CU - I was not shocked).  I found a bike for $3500!  So now I have CCs, personal loan, AND vehicle loan credit mix all reporting (the line of credit and auto-loan will likely take a month to show up) So I think there is not much else for me to do, but to continue gardening (app-free since April 4th, lol, they used the HP from the 4th to do the loan today)

So here she is.  2005 Suzuki Boulevard C50 (820cc v-twin) with flames, Kuryakon Hypercharger, Power commander 3, Vince & Hine Pipes, Mustang Seat & Stawk Bib, Road Chrome Fender dress,Unibar Lyndby customs,Quick Release Hardbags,Memphis Shades Windshield, 14k miles.  Came with all service records and receipts as well as stock parts as spares - even threw in the battery tender.