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re: Credit Score Repair
Posted on 1/9/14 at 11:06 am to iAmBatman
Posted on 1/9/14 at 11:06 am to iAmBatman
quote:
Hope you don't need to buy a car or a house or apply for a credit card in the next 7 years. Enjoy paying the late penalties
Keep your skirt on, Susan. Jesus.
My student loans defaulted some time ago (similar situation to yours, might have taken me longer to figure it out and/or do something about it.) Get your loans current today (if possible), get into a "uh-oh, I defaulted - help me fix this" status with the lender if you can't bring them current right now, and continue to pay everything else on time.
My credit score went from the low 600s to the low 700s in a couple years time. We just bought a house, at the market interest rate for a 30 year mortgage with no hiccups, probably less than three years after straightening out that boondoggle.
shite happens.
1
Posted on 1/9/14 at 2:10 pm to Sheep
That's the thing, I am current, I got caught up. I'm no OT balla, but I do have 15k in my mutual fund, with little debt outside of student loans, truck will be paid off shortly and I make a decent living.
My plan, thanks to this threads advice, is to write lender and see if those marks can be fixed.
....and I'd also like to do more to better my score, as student loans and 1 credit card will be my only means to build credit.
Eta: and yes, relative to y'all, I am an idiot.. That's why I'm here looking for opinions
My plan, thanks to this threads advice, is to write lender and see if those marks can be fixed.
....and I'd also like to do more to better my score, as student loans and 1 credit card will be my only means to build credit.
Eta: and yes, relative to y'all, I am an idiot.. That's why I'm here looking for opinions
This post was edited on 1/9/14 at 2:24 pm
Posted on 1/9/14 at 3:16 pm to Boudin
Have you asked them about a "student loan rehabilitation program"? My wife missed a few payments years ago and the lender told her about the rehab deal. She made 12 consecutive on time payments and all the negatives were wiped off her reports. I'm not sure if all lenders do this but you could ask.
As for boosting your score, get another credit card or two. Use them sparingly but enough so that they don't close your account due to inactivity. You need more positive trade lines. Your vehicle loan will show up on your report for another 10 years so it will still help your score even after you pay it off.
As for boosting your score, get another credit card or two. Use them sparingly but enough so that they don't close your account due to inactivity. You need more positive trade lines. Your vehicle loan will show up on your report for another 10 years so it will still help your score even after you pay it off.
Posted on 1/9/14 at 4:03 pm to JonTheTigerFan
quote:
Have you asked them about a "student loan rehabilitation program"? My wife missed a few payments years ago and the lender told her about the rehab deal. She made 12 consecutive on time payments and all the negatives were wiped off her reports. I'm not sure if all lenders do this but you could ask.
Awesome, will inquire
I have no issue with that at all, completely reasonable
This post was edited on 1/9/14 at 4:12 pm
Posted on 1/9/14 at 7:29 pm to JonTheTigerFan
quote:
Have you asked them about a "student loan rehabilitation program"? My wife missed a few payments years ago and the lender told her about the rehab deal. She made 12 consecutive on time payments and all the negatives were wiped off her reports. I'm not sure if all lenders do this but you could ask.
This is what I did. It didn't remove the negative, but it (basically) brought the loans current, and they were sold to another lender. So the negative remained, but my loans also showed as current, with no delinquencies from that point forward.
Posted on 9/15/16 at 8:54 am to Boudin
Bump..
How often does your credit score update? If your score was recently impacted negatively by being slightly over the 30% on 1 card, when will that card be checked again? When the next hard check is put in by a lender? or is it by billing cycle?
How often does your credit score update? If your score was recently impacted negatively by being slightly over the 30% on 1 card, when will that card be checked again? When the next hard check is put in by a lender? or is it by billing cycle?
Posted on 9/15/16 at 8:59 am to Drive4show
Additionally, if you were just approved and received a much higher limit credit card, when will that positively impact your score?
I ask because I am about to finance a new vehicle and don't want scores to negatively impact my rate
I ask because I am about to finance a new vehicle and don't want scores to negatively impact my rate
Posted on 9/16/16 at 7:24 pm to Drive4show
quote:
How often does your credit score update? If your score was recently impacted negatively by being slightly over the 30% on 1 card, when will that card be checked again? When the next hard check is put in by a lender? or is it by billing cycle?
It will show up on your credit report when the next statement posts; if your balance changes monthly, it could be that your score changes monthly as well.
Posted on 9/18/16 at 1:27 pm to Boudin
LexingtonLaw.com they are legit. It's about $100 a month but give them 6 months and they will get the late payments corrected on your credit and anything else negative on your credit they will get removed.
Posted on 9/18/16 at 2:25 pm to GeauxTigers1983
quote:
LexingtonLaw.com they are legit. It's about $100 a month but give them 6 months and they will get the late payments corrected on your credit and anything else negative on your credit they will get removed.
Check the dates, this thread started over two and a half years ago, it just got bumped is all.
Posted on 9/18/16 at 7:30 pm to Boudin
I'm not sure why you think taking out a loan and then paying on it will help you. You're already showing you can use credit responsibly by paying your cards off. You also brought your delinquent account current. It just takes a little time. You're in mid 600s, then several months of no bad marks should put you at 700. Relax.
Posted on 9/18/16 at 9:24 pm to Boudin
I had bad credit, paid off everything and got beau coup credit cards and it went up high. Got better cards, closed the old annual fee shite cards, score went down. Score finally goes back up and then I decide to renovate and use credit cards as a loan. Went to 75% on my cards. credit score dropped 100 points.
I fricking hate credit.
I fricking hate credit.
Posted on 9/19/16 at 7:25 am to Boudin
quote:
If I max out my Roth now and earn over the limit in 2014, what happens?
The time machine malfunctions.
EDIT: Goddamnit, a 2 year bump?
This post was edited on 9/19/16 at 7:28 am
Posted on 9/19/16 at 7:54 am to The Mick
quote:
Ironically if you pay it too quickly after charging on the card it doesnt show up as utilizing your credit and paying it off.
This is not correct.
You don't get credit for "paying it off" but being in good standing. Some companies only report accounts with activity during the period
Pretty much every make CC issuer reports all accounts now regardless of activity. Being at $0 balance is best for that portion of your credit score
Posted on 9/19/16 at 8:06 am to mglsu21
What is Payment History?
Payment history is a record of your on-time and late payments on your accounts over the past 7 to 10 years. The accounts considered in your payment history include, but are not limited to, personal, student and auto loans, mortgages and credit cards.
Late or missed payments are typically reported by lenders if you have missed your due date by 30 days. Even one late payment can impact your credit standing.
Why does it matter?
One of the first things any lender usually wants to know is whether you've made your payments on time.
Payment History is typically the factor that has the most impact on one's credit score.
This means that if you have a poor payment history, it will most likely hurt your credit score. A lower credit score may affect your ability to be approved for a loan or qualify for the best available rates when you apply for credit. On the other hand, a solid payment history is an important step towards a good credit score.
What can you do?
Pay on time. Always.
Set up payment reminders. Some banks offer payment reminders and can send you an email or a text message reminding you when a payment is due.
Consider enrolling in automatic payments through your credit card and loan providers to have payments automatically withdrawn from your bank account.
If you have missed payments, strive to get back on track. Missed payments won't hurt you forever. The longer you pay your bills on time, the more your credit score can improve.
Payment history is a record of your on-time and late payments on your accounts over the past 7 to 10 years. The accounts considered in your payment history include, but are not limited to, personal, student and auto loans, mortgages and credit cards.
Late or missed payments are typically reported by lenders if you have missed your due date by 30 days. Even one late payment can impact your credit standing.
Why does it matter?
One of the first things any lender usually wants to know is whether you've made your payments on time.
Payment History is typically the factor that has the most impact on one's credit score.
This means that if you have a poor payment history, it will most likely hurt your credit score. A lower credit score may affect your ability to be approved for a loan or qualify for the best available rates when you apply for credit. On the other hand, a solid payment history is an important step towards a good credit score.
What can you do?
Pay on time. Always.
Set up payment reminders. Some banks offer payment reminders and can send you an email or a text message reminding you when a payment is due.
Consider enrolling in automatic payments through your credit card and loan providers to have payments automatically withdrawn from your bank account.
If you have missed payments, strive to get back on track. Missed payments won't hurt you forever. The longer you pay your bills on time, the more your credit score can improve.
Posted on 9/19/16 at 8:10 am to lsu xman
I think with 2 years of impeccable payment history, you'll be 700+.
On my credit report, it shows I made 206 payments out of 206 payments due on time for the last 24 months.
On my credit report, it shows I made 206 payments out of 206 payments due on time for the last 24 months.
Posted on 9/19/16 at 11:59 am to lsu xman
quote:
I think with 2 years of impeccable payment history, you'll be 700+.
That seems accurate. I have 141 on time payments out of 141 payments and my TransUnion score is in the 770s.
Posted on 9/20/16 at 10:40 am to jclem11
Two years ago?
Can the original poster come back in and update on the current status? What happened?
Can the original poster come back in and update on the current status? What happened?
Posted on 10/10/21 at 1:02 pm to Keithwise
quote:
You've gotta trust me on this one
Or not.
Posted on 10/10/21 at 4:35 pm to Dr Rosenrosen
quote:
You really need to go back to the lender and see if they will delete the late marks. You may have to put something in writing.
If you get really lucky, your lender may have record of your request to defer and for some reason it didn't happen.
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