Heys guys I want to give you guys an update on my progress so far and seeking some advice for my current situation. Thanks in advance
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.
Freeman47, first of all great job in getting those negative removed. You may want to post your question regarding what to do next in the Rebuilder's forum. That forum is a lot more active so you will likely get greater input. Good luck!
Got back on the horse in 2017.
Backslid some at year-end with an undisciplined CC application spree -- four successful apps, but I really should have stopped at two. (These forums provide a wealth of invaluable information and a wonderful support network, but are a bad influence as regards unbridled credit card lust. )