Discussion in 'Credit Talk' started by roni, Feb 26, 2001.

  1. roni

    roni Well-Known Member

    This is what I am left with. I need expert analysis.
    Cap one $2,400 11/99 R1
    Providian $2,600 4/00 R1
    Chase $2,000 8/00 R1
    Citibank $9,000 9/00 R1
    Citibank $9,000 9/00 R1
    Speigel $1,400 8/00 R1
    MBNA $6,100 8/00 (line of credit) R1

    Cap one $500 11/00 R1
    FNBM $200 4/00 R1
    FCNB $550 10/00 R1
    Orchard $400 2/01 R1
    F.Prem. $350 2/01 R1
    cap one $2K 2/01 R1

    Good Items on report:
    Household Auto Finance 9/00 $18K I1
    Chase Secured loan 4/00 $1k Paid I1
    dept of ed student loans I1
    Perkins loans (rehab) I3
    perkins loan I1

    BAddies on report:

    2 defaulted student loans citibank marked as paid collections from 5/98
    3 defaulted student loans(same as above but this is the guarantor) 4/99
    1 public record with DMV Paid 1/01


    2 defaulted student loans with citibank 5/98
    1 discover card charge off settled 2/95
    student loan perkins rehabilitation program off in 10/01.
    4 defaulted student loans that I had deleted reappeared and I am getting them off slowly


    2 citibank 2 defaulted student loans
    1 discover card charge off.
    1 rehab perkins loan. due to come off in 10/01

    Ok, i have given you guys my whole credit file almost. YOu know I want this business loan soon. What do you guys think. Mortgage went ok in prelimes but I need both in about 2 years. Ideas.

  2. mvfl

    mvfl Guest

    Looks like that Discover chargeoff should come off sometime later this year? If it's due to come off next year maybe you can dispute it as 7 years old a little early. Then, your only baddies will be those student loans which are rehabilitated anyway. You could easily explain those to a lender. For a business loan I'm sure they go by much more criteria than just your score so you'll be able to plead your case and explain the student loans. Plus, your scores are on their way up so those student loans may not count that much anyway.
  3. roni

    roni Well-Known Member


    Thank you for taking the time to respond. I am hoping that I dont have anymore disasters like the DMV public record. I have worked hard at obtaining and keeping good credit. I like your response. It was exactly what I wanted and needed to hear.

  4. Geo

    Geo Well-Known Member

    Roni, Why do you cancel the 2K Cap One 2/01
    couldn't you merge the limit with the other one?
  5. LKH

    LKH Guest

    If I had your report I be thrilled. It looks to me like you are doing great. As far as the stupid ticket - you're going to dispute that. As far as discover goes that will be off within the year. And if you are slowly but surely getting those student loans off, I don't think you have a thing to worry about. You'll get your loans with no problemo.
  6. Geo

    Geo Well-Known Member

    upps, sorry forget the questio

  7. mvfl

    mvfl Guest

    Yeah, when they see the judgement is for a traffic ticket I'm sure it won't prevent you from getting the loan.

    Also, it's not like you're some Joe Shmoe trying to get a business loan for some off the wall idea or something. You're a trained dentist with a 97% success rate of a business. And, you'll be probably be taking over another practice with a proven track record.

    I wish I had your report instead of mine!
  8. roni

    roni Well-Known Member

    Dont say that. My report was an absolute mess at this time last year. I had 9 defaulted student loans removed from my reports. I also had 3 collections removed: phone bill, power bill, health club. It was hardwork and more work. But believe me the perserverance does pay off. Good Luck!

  9. Jim

    Jim Well-Known Member

    Congrats. Do you need any more credit? LOL
  10. Chris

    Chris Well-Known Member

    Is this what you currently owe, or are these the amounts of available credit on each account??

    Cap one $2,400 11/99 R1
    Providian $2,600 4/00 R1
    Chase $2,000 8/00 R1
    Citibank $9,000 9/00 R1
    Citibank $9,000 9/00 R1
    Speigel $1,400 8/00 R1
    MBNA $6,100 8/00 (line of credit) R1
    Total: US$32,500

    If you owe US$32,500 then I would not be concerning myself with another loan...

    If you have US$32,500 available credit I would consider closing some of the accounts... Do you actually need this many open accounts, for this much money?

    What is your debt to income ratio? This ratio also plays an important role in obtaining a business loan, and or a mortgage..
  11. roni

    roni Well-Known Member

    I owe about $5000 over all 7 credit accounts. I have about $100K in student loans owed. I earn $106,000 currently.


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