How can “up” my credit score?
Amanda Asked: How can “up” my credit score?
I have several negative items that are showing on my credit until about 2014-2016, all of these negative items showed paid however it is still hurting my credit, I do have a few good standing items on my credit which I know are helping a little- my small limit credit card,a small loan installment I just paid off and my student loans which are paid on time every month, however these older negative items are still putting a heavy weight on my low credit score and I don’t know how to bring it up. I don’t want to take out more credit and it wouldn’t be easy anyway with a 590 credit score but seems like the few good standing accounts I have aren’t even making any impact on my credit. I have no car payment and no real “debt” I just make sure what little bills I do have are paid on time every month and pay more than the min. to try and help with my score. I would like to be able to buy a house in the next few years!! help!!
Answers:
steelerchick86 Answered:
Persistently write letters to the paid debtor and to the credit bureau (transunion, etc) asking them to please remove the items. Explain to them that people make mistakes and learn from them and that your debt is indeed paid in full. ask them if there is anything they can do to help you clear these items so you can purchase a home to better your life and the economy….sounds stupid right? I got 13 negative things removed from mine jumping my score from 595 to 672….once i did that i opened a few credit cards-charged minimal and then paid in full every month now my score is almost 760!!! Even if you don’t hear back keep writing them letters-they will get sick of hearing from you and delete it just so you stop. It took me almost 2 years to get everyone to cooperate but they all did.
Frank is Back Answered:
Opt out of pre-approved c/c offers from the opt out website (use google).
I heard it can raise your score 25 pts by opting out. Give it a try. I did.
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Categories: Loan Questions Tags: Amanda Asked, Answered Persistantly, Back Answered Opt, loan
Will installment loan mess up credit when already approved for car?
Sexy Redbone Asked: Will installment loan mess up credit when already approved for car?
Ok just trying to get some info. I have recently been approved for a suv i wanted and am putting money down on it. But because of this it has left me short a little. If i was to get an installment loan that says no credit checks which is my last and most dreaded option, would that mess up me finalizing my truck? Will the loan Company even check my credit again when i go in to finalize? Or is it best to wait till that’s all done before doing any of that?
Answers:
BungalowMo Answered:
Buying a new/used SUV, and already being broke & needing a loan for daily expenses is a really really bad sign of what is to come.
Buying a new/used SUV, and already being broke & needing a loan for daily expenses is a really really bad sign of what is to come.
I KNOW you want that vehicle, but at what cost? What do you have planned if something happens & you need some major repairs in 6 months?
I’m just trying to play devils advocate here for a minute.You honestly might want to consider a little cheaper vehicle, putting less down on it, and stashing the rest of that cash away for a rainy day.Because none of us knows when the storms are going to hit & it’s only wise to be prepared.
A payday type loan is trouble with a capital “T”!
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Categories: Loan Questions Tags: loan, Sexy Redbone Asked, SUV
When should I refinance my auto loan?
Mitch Asked: When should I refinance my auto loan?
I purchased a vehicle in December 2010 with very little credit history.Total purchase price was $14,900 with $1,900 down. I’m not sure what my actual FICO score was at the time but I had 0 installment credit history and only 2 credit cards that had been opened for about 2 years each. Plus, another 3 small student loans totaling $12k. Only one late payment on my credit history due to Microsoft renewing my Xbox live account without any notice. Needless to say, I didn’t get a very good interest rate (just under 12%) at the time of purchase. After 6 months of payments, the balance of the loan is about 11,500 now since I’ve been paying nearly double the minimum monthly payment of $297. I checked my credit score for the first time in over a year and according to Experian, it currently sits at 707.FYI – I have 6 hard inquiries on my credit over the last 2 years because I had my credit run 4 different times during the vehicle purchasing process which I know was a mistake. The Finance director at the dealership I purchased this vehicle through mentioned it’d be best to wait a year or a year in a half before I refinance. However, I think there’s obviously a conflict of interest there.
When is it best for me to refinance since I only have about 6 months of installment credit?
Answers:
Common Sense Answered:
Ummm, 12% isn’t that bad for “very little” credit. If you’re paying double your effective interest rate is much lower anyway. I wouldn’t bother with a refi.
Huntsman Answered:
With the way that auto loans have been a challenge to get in hand these days. The online places are fast and I have heard the are less paperwork.
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Categories: Loan Questions Tags: Huntsman Answered, loan, loans, Mitch Asked
Refinanced auto loan, old account closed new one opened with same debt but credit score dropped 60+
AJ J Asked: Refinanced auto loan, old account closed new one opened with same debt but credit score dropped 60+
I refinanced my 60 month auto loan which was at 6% to 3% at the 20 month mark to save myself some money. I refinanced with a new bank and the terms are now 40 months (but since I paid 20 months into the 60 month term the balance and payment is pretty close to the old account). I subscribe to transunion and can see my accounts/credit scores. I noticed when the old account was “removed” and new account “added” my credit score dropped about 60 points instantly!! The debt did not increase, it actually is getting lower every month as I pay my auto debt. Why did the act of refinancing drop my score so dramatically? This is from the official transunion site using vantage score (dropping form 820 to 760 approx). Is “opening” the new refinanced account making it look bad? Shouldn’t the “closed” account be seen as a transfer and not like I am losing and adding accounts in just a few days?
I though refinancing was actually good not just to save money but for your credit score too since it adds a mix of installment credit?
I was just wondering as I was not expecting a 60 point drop in 1 day due to refinancing and having the same number of debt.
Answers:
A Hunch Answered:
Based on your description, it’s because you lost payment history.
When you say “removed” the old loan, no longer shows on your credit report?
– it’s not listed as “paid in full” or “closed by XYZ”?
What i would have expected:
OLD loan – classified as “paid per agreement”, “paid in full, “closed by customer or lending institution”
New loan would appear as a new loan with one month of payment history.
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Categories: Loan Questions Tags: Andrian Ramirez, John Herod Answered, loan, loans
I need help with this question please..?
Rain Yang Asked: I need help with this question please..?
Emma decides to buy a home entertainment system costing $5000. She takes out a loan from her Credit Union for the full cost of the system. The loan is based on a reducing balance interest rate of 10.5% pa with equal monthly installments for three years.
a.) find the size of each repayment for the loan.
b.)Hence find the total paid for the Entertainment System and the amount of interest paid.
c.) after two years,Emma finds that she is in a position to pay off the loan in full.How much does she still owe the bank after two years?
d.)How much does she save by paying off the loan early?Would you advise Emma to pay off the loan early?
Answers:
Tharaka Jayalath Answered:
a) 5000/36 X 110.5/100 = 153.47
b)153.47 X 36 = 5524.92
c)153.47 X 24 = 3683.28
d)524.92
yes
a) 5000/36 X 110.5/100 = 153.47
b)153.47 X 36 = 5524.92
c)153.47 X 24 = 3683.28
d)524.92
yes
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Categories: Loan Questions Tags: loan, Mr Richard Success, Rain Yang Asked, Yours Sincerely
Installment loan of $1,500, pay back in 18 months
Anna Asked: joseph alexander obtained an installment loan of $1,500. he agreed to repay the loan in 18 monthly payments.
The finance charge is $146.25. what is the APR?
Answers:
Scott B Answered:
9.75%
9.75%
Divide the finance charge (interest paid) by the amount financed to get your percentage.The actual calculation comes to .0975, but you have to multiply that by 100 (move decimal point 2 places to the right) to get the percentage.
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Categories: Loan Questions Tags: Anna Asked, loan
Can I payoff my car loan at once and get good credit score?
V Asked: Can I payoff my car loan at once and get good credit score?
I bought/financed my car about 2.5 years back and since then I am paying car’s payment on a monthly basis (regularly). The car loan is for 5 years.
Now I want to pay off the car loan as soon as possible but at the same time I want to get a good credit score increment because I was regular at all my payments.
The question is:
1) Shall I pay all the remaining amount at once (which is equal to 2.5 years of payments) or shall I pay it in 3-4 equal installments?
2) What happens when you payoff the car loan? I mean when you can get the car’s registration certificate?
Please advice. Have a good day!
Answers:
John Jones Answered:
NO, they like to see history, so keep paying.
Huntsman Answered:
Installment loans build credit by making payments over time. You have to pay on car loans for at least 12 to 18 months to do much for your credit/score. Paying off the loan early will do nothing to improve your credit/score. It will save you a lot of interest though. Sometimes you should think with your pocketbook and not worry about a few points to your score.
Your payoff on that car loan is a lot less than 2.5 years of payments. You don’t have to pay the interest on those 2.5 years. Call your lender and ask for the payoff balance. Pay that and save all that interest.
When you pay off the car, the lender will release their lein and you get clear title to the vehicle.
Ronald S Answered:
If you can afford to get it over with now, do it. You will see a bigger effect on your credit score from the fact you paid off the loan and now owe less money, than from the extra payments. All you’ll get out of four more payments is the privilege of paying more interest.
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Categories: Loan Questions Tags: Huntsman Answered Installment, loan, loans
I am looking for a lender who loans funds to those with bad credit and not a payday loan
Michael Asked: I am looking for a lender who loans funds to those with bad credit and not a payday loan.
My credit is bad and have only been on my job for 3 months. I am trying to borrow $2000.00 to be re-payed in monthly installments. I am not interested in payday loans. If I can get a loan in this amount, it will financially put me back on track. I will be able to afford notes between $150.00 and $200.00 per month.
Answers:
Huntsman Answered:
You are about to get about 50 responses (answers) of online loans.
Careful.The online loan scam is very, very simple to operate.
If you fall for it, it will make you cry for days.
Stop by your local small banks and credit unions.
If they turn you down, everyone else will.
You are about to get about 50 responses (answers) of online loans.
Careful.The online loan scam is very, very simple to operate.
If you fall for it, it will make you cry for days.
Stop by your local small banks and credit unions.
If they turn you down, everyone else will.
Note:For any personal loan you will need employment for at least 1 full year
MVD34 Answered:
To put it bluntly:that just isn’t the way the world of banking and credit works.
To put it bluntly:that just isn’t the way the world of banking and credit works.
Payday lenders and the like exist for people with bad credit because everyone else (“the banking industry”) refuses to lend to subprime borrowers in all cases.
The only reasonable exception to the rule is a credit union.However, if your FICO score is below 620, you won’t be able to get an unsecured loan from them either.
Ed Fox Answered:
No chance.
Would you really loan money to someone with a poor record of paying back?
No chance.
Would you really loan money to someone with a poor record of paying back?
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Categories: Loan Questions Tags: get a loan, loan, loans, Michael Asked
Where do I apply for Student Loans for Fall 2011?
Ay000000 Asked: Where do I apply for Student Loans for Fall 2011?
So I’m starting college in the fall and I just applied for FAFSA last week. Since the first half of payment is due August 15th, I need to go find a loan agency.
I have to pay 20,000 dollars by August 15th, so I need to apply ASAP. Where do I go? Is there anywhere online I could get an application?
I need a loan for 10,000 this semester that I don’t have to pay until after graduation and then 10,000 that is spread out through 4 monthly installments. And then I have to repeat it next semester, or do I get enough for the whole year? In that case, I need 20,000 each.
Answers:
just not that Answered:
Filling out the fafsa is the beginning process of taking out a student loan.Your school acts as the lender, you do all your paperwork through them and the money that you borrow goes directly to them.Unfortunately for you, (who apparently hasn’t been paying attention) most folk who are starting school in the fall did their fafsa back in Feb.You are incredibly late and not likely to get your paperwork done in time for payment.
This is unfortunate for you… as success in college requires planning and responsibility.It may be you may need to set out a semester, unless of course, you have 10,000 laying around the house or in your bank account.If you don’t, then you may need to wait until after Christmas to enroll for the spring semester.
Filling out the fafsa is the beginning process of taking out a student loan.Your school acts as the lender, you do all your paperwork through them and the money that you borrow goes directly to them.Unfortunately for you, (who apparently hasn’t been paying attention) most folk who are starting school in the fall did their fafsa back in Feb.You are incredibly late and not likely to get your paperwork done in time for payment.
This is unfortunate for you… as success in college requires planning and responsibility.It may be you may need to set out a semester, unless of course, you have 10,000 laying around the house or in your bank account.If you don’t, then you may need to wait until after Christmas to enroll for the spring semester.
Federal loans (by filling out the fafsa) do not require a credit check or a cosigner… but there is a limit on the amounts you can borrow on your own.dependent freshman can only borrow up to 5,500 a year.AYEAR… and it sounds like you need more than this at the school you are considering.Without a parent or a cosigner willing to borrow for you, you may need to find a better (cheaper) more Realistic school.
Again, those who succeed spend a year or more getting their plans together to start school (esp one that expensive).Waiting til the last minute is a guarantee you will surely fail (or starve to death or die of EXPOSURE when you are homeless college student).
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Categories: Loan Questions Tags: AYEAR, EXPOSURE, Johny Answered, loan
What are the estate tax effects of an installment loan?
Mary Ortega Asked: What are the estate tax effects of an installment loan?
One of my clients want an installment loan for their son. What are the tax effects of a note released through my client's will or trust? What would the tax effects be if the note is released in the loan agreement at the death of my client?
Answers:
Max Hoopla Answered:
There are too many variables for an answer in 25 words or less.This is a problem for an estate planner not a free quickie answer.
There are too many variables for an answer in 25 words or less.This is a problem for an estate planner not a free quickie answer.
tro Answered:
your question is most confusing, are you asking if an installment note can be issued to a son thru the trust of the parent?
this is probably more a legal question than one of taxes, and it would seem to me that the trust is not in the position of making such a contract but the terms of the trust would need to be accessed
your question is most confusing, are you asking if an installment note can be issued to a son thru the trust of the parent?
this is probably more a legal question than one of taxes, and it would seem to me that the trust is not in the position of making such a contract but the terms of the trust would need to be accessed
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Categories: Loan Questions Tags: loan, Mary Ortega Asked