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5 to 6 years...and no improvement on credit score!

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Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

You definitely can’t wait 2 years to begin. If you do an SSL, your credit score shouldn’t matter for the most part. There are other credit unions. You’ll have to see the thread for the latest ones that work and don’t work that are known.

As for the credit card, if you can score one now, you start the aging process sooner, but an argument can also be made to wait for May. Do you have any inquiries on your record? You will definitely look prettier in May but I don’t know the extent of the rest of your derogatory’s.

Do you have any cards now?













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 61 of 69
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Established Member

Re: 5 to 6 years...and no improvement on credit score!


@Birdman7 wrote:
You definitely can’t wait 2 years to begin. If you do an SSL, your credit score shouldn’t matter for the most part. There are other credit unions. You’ll have to see the thread for the latest ones that work and don’t work that are known.

As for the credit card, if you can score one now, you start the aging process sooner, but an argument can also be made to wait for May. Do you have any inquiries on your record? You will definitely look prettier in May but I don’t know the extent of the rest of your derogatory’s.

Do you have any cards now?

Birdman this is exactly what I was looking for. Thanks!

 

I didn't know about other credit unions. I always thought the military ones were the best...but good to know. I have no inquiries as of now.

 

No credit cards of my own. Just as an AU. You've answered my last questions. Cheers. Anything else can be researched based on this commentary.

Message 62 of 69
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Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

Navy and PenFed are normally awesome. If you can join Navy and then wait till May you can probably get the SSL there and probably a credit card as well.

But for the SSL, I think Alliant works and I think US Bank works and I’m sure there’s countless other credit unions, you just have to make sure they push out the payments.

Good luck to you.













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 63 of 69
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Established Member

Re: 5 to 6 years...and no improvement on credit score!


@Birdman7 wrote:
Navy and PenFed are normally awesome. If you can join Navy and then wait till May you can probably get the SSL there and probably a credit card as well.

But for the SSL, I think Alliant works and I think US Bank works and I’m sure there’s countless other credit unions, you just have to make sure they push out the payments.

Good luck to you!

 

I do belong to PenFed and they were the people that felt I would be denied based on my score. I am not in the military so it was a one time opportunity that I got into Penfed for various reasons. I've heard nothing but good things about NAVY.  However, as you mentioned there other options which I will look into.

 

Thank you!

Message 64 of 69
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Moderator Emeritus

Re: 5 to 6 years...and no improvement on credit score!

Alliant stopped offering secured loans, presumably from the deluge of people on this forum hah. Sorry not sorry Alliant for finding that feature years ago.

Penfed does offer secured loans still and at least from the one report that we got from someone who does have a loan with them, they do keep the original terms even when overpayments are made.

As such they are a good place to play reindeer games and since you already have an account with them I would try there... and as others have stated don’t wait just go and get some accounts right now. Every day lost is a day you don’t get back when it comes to building positive credit history.



        
Message 65 of 69
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Established Member

Re: 5 to 6 years...and no improvement on credit score!


@Revelate wrote:
Alliant stopped offering secured loans, presumably from the deluge of people on this forum hah. Sorry not sorry Alliant for finding that feature years ago.

Penfed does offer secured loans still and at least from the one report that we got from someone who does have a loan with them, they do keep the original terms even when overpayments are made.

As such they are a good place to play reindeer games and since you already have an account with them I would try there... and as others have stated don’t wait just go and get some accounts right now. Every day lost is a day you don’t get back when it comes to building positive credit history.

Appreciate these little details. It all helps!

Message 66 of 69
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Senior Contributor

Re: 5 to 6 years...and no improvement on credit score!

sparky2start One more thing. Talk to someone different at PenFed. You might have better odds. When you do an SSL, you are borrowing your own money, so I wouldn't think the score would preclude you. Maybe I'm wrong. If not, research other FIs, as planned.

Meanwhile, Opensky or whatever you can!

I assume you have no family in military and no path for Navy then. Shame.













(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated March 2020.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 67 of 69
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Established Member

Re: 5 to 6 years...and no improvement on credit score!


@Birdman7 wrote:
sparky2start One more thing. Talk to someone different at PenFed. You might have better odds. When you do an SSL, you are borrowing your own money, so I wouldn't think the score would preclude you. Maybe I'm wrong. If not, research other FIs, as planned.

Meanwhile, Opensky or whatever you can!

I assume you have no family in military and no path for Navy then. Shame.

Yeah, that sounds like a plan. It's all good! 

 

Personally, I really don't need anything at this point in my life but it's best to take care of this now as that may change.

 

Thanks again for your support!

Message 68 of 69
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New Contributor

Re: 5 to 6 years...and no improvement on credit score!


@CreditInspired wrote:

@nmk94 wrote:


Does this mean mean judgements don't affect your scores? Only the collection?


Here is a link to the new law that affected tax liens and judgments: 

https://www.creditkarma.com/advice/i/credit-score-increase-removal-tax-liens/


Great, thank you!

11/17 - EX 614 | EQ 626 | TU 612
04/20 - EX 649 | EQ 645 | TU 661
Goal - EX 750 | EX 750 | TU 750
Message 69 of 69
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