Is there any company out there

Discussion in 'Credit Talk' started by musa, Sep 28, 2000.

  1. musa

    musa Guest

    just wondering i heard this from someone, is there any company out who can add positive items in your report i know sound funny but someone did I know done this 4 yrs ago and my friend does not have any information about this company..please advice
     
  2. Michael

    Michael Guest

    RE: Is there any company out t

    It is possible, but I don't know of any one.

    Obviously they would charge for the service, and you could achieve the same end with going to a bank and getting a secured loan, paying the interest only.

    The funds can go into a C.D. for one year earn 4%, you get the money back in the form of a loan at about 7-8%.

    Your monthly payments are only the interest, and at the end the C.D. is cashed out to pay the loan off!
     
  3. musa

    musa Guest

    RE: Is there any company out t

    What I heard is they charge 300-500 per positive entry , I mean they have there own corp and they are cr customer and they can add anything they want this is not for sure but thats what my buddy told me he is in california and one of the mortgage guy hook him up wioth someone about this but my friend does not have any contact information about that person/co.....thx for ur help
     
  4. Michael

    Michael Guest

    RE: Is there any company out t

    O.K. let's do the math, say you go to a bank and get a $5,000.00 loan at 8% (since it's fully secured the rate will be a great one)
    Now your earning 4% on your C.D.

    Your making the interest payments which will be $33.33 per month ($400 per Yr.).

    The loan is paid off with the C.D. at the end of the year, and you get a cheque for the interest the c.d. earned which is $200.00

    Let's see you were able to spread a $200.00 charge over 12 months, as compared to $500.00 cash upfront, and the loan is from a well respected bank as opposed to
    "willys finance r us".

    Well you tell me!!
     
  5. Sorin

    Sorin Well-Known Member

    RE: Is there any company out t

    Several remarks here...
    First, you can do better than 4% on a CD.
    I got mine at 6%, 9 months term.

    Then, if you can, it's better to arrange
    a monthly payment on the loan, not just
    the interest. This way, you'll pay less
    interest overall. It's a higher monthly
    payment, but at the and you can cash back
    your deposit (and the interest it accrued,
    of course).
     
  6. Michael

    Michael Guest

    RE: Is there any company out t

    Sorin, I know you can do better on internet banks etc. but I was looking to give a practical everyday example of going to your local banker,

    Also I agree with you that you pay less by making say a 8% (of the amount) payment each month, and if you want to lock up $400.00 a month till you accumulate $5K go for it.

    However most folks on this board can't lock up this much cash making a $400.00 payment each month.

    Let's face it if they can afford to pay $400.00 a month they wouldn't need the loan to help them add to their credit!

    I know your intention with this advice was well meaning, but I must remind you of thinking about making the advise fit the person your giving it to, a lot of people here have payment problems and advising a $400.00 monthly obligation won't help.

    One other point is this, with my meathod paying $33.33 a month as opposed to $400.00 it will stand less of a chance of the person screwing up on the loan he took to initialy fix his credit.

    Myself, I would take $500.00 and stick it in an account with the same bank, and get them to take out the payment each month from the account, that way I'm guaranteed against any problem.

    Also I use the examples of $33.33/$400 a month as payment on a $5K loan, thinking that if your going to go through this trouble then do it for something worth while, obviously you could do it for less, but the idea is to help your credit as much as possible.
     
  7. Sorin

    Sorin Well-Known Member

    RE: Is there any company out t

    Michael, you're perfectly right, I know
    lots of people cannot afford this kind of
    payment. I was just trying to suggest an
    alternative for the ones that can. There
    are people out there with good income, but
    little or screwed credit that could find
    my way better.

    Anyway, like with anything else, your mileage
    may vary....

    BTW, I did exactly as you sugested, put the money back in my savings account and had the
    bank withdraw the monthly payment automatically.

    BTW2, that wasn't an internet bank, it was
    my local branch of First Union...
     

Share This Page