That sounds like a good idea. However, I was declined for a credit card from them in October, so I don't know if they'd be likely to approve it. They pulled TU, which is by far my worst report, though I can't figure out why, since there's nothing there that differs from EQF or EXP. I don't mean to be negative, I'm just a bit gun-shy at this point, but perhaps I will speak with Stacy and see what happens. Thanks for the tip!
I was declined for a CC, too, initally but got approved at a high interest rate on reconsideration. But the car loan was too easy since that is secured debt. And that is exactly what I told Mr. Atherton: I really applied for this card b/c I wanted a low interest rate to BT my car loan (I heard that you have very good BT offers and a hidden line of revolving credit, which would not hurt me if I used this to pay off my car). But since you declined me for a credit card at a reasonable rate, I would really rather know if you would just refinance this car and KEEP it secured. After all you were willing to give me a huge amount of unsecured credit but I'd rather have the car loan with Generations as secured debt. He was like - no problem - and negative equity wasn't even an issue with him. It was done in one week.
Marci, Will they report on the back end when the loan is paid off? Taking the debt off the report entirely is a great idea. I'm now not bashing Cap1 for not reporting limits. I have 5k hidden in avail credit and it can only go up. Go hidden credit
I doubt it. When I asked a Generations loan officer whether they were going to report soon, she said "there are no plans to report at all in the near future". And whenI brought it up with the LO who did my car refi - he did not mention any back end reporting, either. I'm happy for now, though my Equifax score didn't go up with the pay off of the previous loan. (die, Equifax, die...) I feel the same way, too. All the more so, if my AmEx Blue doesn't report. Nothing so far.
I got excited and called Generations Bank. I was told that you must have a least a 650 credit score to qualify for any auto loan. 1.877.788.3520
Thanks TU is my better report Most pull EQ for me and it is my worst I am still waiting for an answer from them on my disputes
Drop the car off in a bad hood and leave the keys in it....... your insurance is paid up right? Oh and make sure you have gap insurance too........ important..... now you can save that 2200 plus dollars and have a paid off auto loan.......Bye Bye
