Hello all, I have spent the last 2 days doing a lot of reading to familiarize myself with the terminology and maybe to find answers to prior questions. I have taken a look at my credit report and have a question. I have numerous student loans that have been cosolidated. I have so many student loan companies on my credit report and it drives me crazy looking at them. They are not listed as negative, but they just say sold with a 0 balance. Is there any way to get these deleted, or are they helping me and it is a good idea to keep them?
They should not be hurting you if they have no lates or chargeoffs, and show $0 balance. Their age may actually help if they are your oldest accounts. Have you pulled your FICO scores, and if so, what are they?
Last look at credit scores was in Sept when I purchased my house. My scores were in the mid 600 range on all 3. I have since looked into purchasing a car (bad choice) and ended up with 6 inquiries on my credit and decided not to purchase a car. Since I have you...a couple more question. My derogs on my credit are my BK-9/04 and the 6 accounts that are reported included in the BK. Is there anything that I can do with these or do I just have to wait the time period? Also, my only open lines of credit are mortgage, auto, and Sprint cell (not reported though). How can I increase my scores?
None of your open accounts are revolving credit accounts (CCs). Mortgage and auto accounts are fixed term, so they don't reflect any additional available credit. This makes your debt to available credit ratio effectively 100%. You might wait about 6 to 9 months or so for your inquiries to fade and your mortgage history to start pulling your scores up instead of down. Then pull your scores and see where you are. Start looking at selectively applying for 1 or 2 credit card accounts, even if necessary opening a secured card, possibly thru a credit union, to get started. Once you have even one CC with some history, it should be easier to get others.
Thanks for your help. I notice that you have provided others with great information. I am glad I found this site and look forward to the days when my scores go higher.
