I took a freind car shopping yesterday. One of the salesman was real nice. So I asked him if he would run my credit and give me my score. He did. I was disappointed! I still had a score in the low 500's. My score was in this range back in 05/00 when I bought a new car and had no positives on my CR. I had a lots of charge-offs/collections and no inquiries. Since then I have 4 sub-prime credit cards reporting their low limits, a car loan, and a computer loan. All accounts are 4 to 6 months old except computer loan which is new. I also now have many inquiries. Why didn't my score change? The salesman said that my accounts are too new and need to be at least 12 months old before they have impact. Why does everyone say this? Where is this in writing? How does longevity effect credit scoring? Also the salesman adviced me not to attempt to negotiate a settelement on my car repo!! I told him I wanted to pay in exchange for deletion. He said creditor probably won't agree. I told him I was afraid of judgement and he said he hasn't seen it happen (he looks at a lot reports daily!) What do you think? My report also stated that I have 20% availability. Anyone heard of that term? Finally, should I be overly concerned that this salesman has my CR?. He did make me sign a credit app and copied my driver's license (he pretended like I was trying to buy a car). He said he couln't give me the report.
RE: Rec'd Trans Union Score..Q Hey Killer, well that was nice of him to run your reports, I wouldn't really worry about him running or having though, I am sure he runs tons of reports. I believe your accounts do need to age some more before they improve your score, I know it stinks but I believe after 12 months you should see a difference. Not sure about the repo though, but maybe he is right?? About the availablity, 20% would mean that you have used 80% of your credit and have 20% left in available credit, does that seems accurate to you?? I know this because when I get my reports it stated we only had 205 fo available credit, I have worked hard at that and now we have 50% of our credit, that too would keep your scores down. I hope I have helped a little Mom
RE: Rec'd Trans Union Score..Q The availability percentage doesn't seem accurate. I think this is the problem. I have second job. Although I always list both jobs on credit applications only my primary income gets reported? Do you think that's it? Or does availability pertain to credit limits vs. balances? How did you increase your availability? About the repo: I have read on this board where people have had judgements for repos. But at the same time, I have talked to several car salesmen and they always say they have never seen such a judgement on a customer's credit report. A person at my church who lost their job and therefore had a repo told me no judgement was done. So I don't know! I just don't want a judgement on my report! I'd rather pay. But if they don't agree to deletion then paying will profit me nothing! And once they know I have the resources to pay they probably will seek a judgement! Maybe a proefessional debt negotiator can get the result I want?
RE: Rec'd Trans Union Score..Q Killer, your availablity has nothing to do with income, it is just your balances to your credit limits. Are your balances at 80%?? if they are I would start paying down some to reduce your balances and give you more avaiable credit. Sorry I don't know much abour repos myself.
RE: Rec'd Trans Union Score..Q Killer, In reference to repo,my significant other had a repo a few years back.Balance due was roughly 8,000.00.He,like you, was able to get financing(with repo) soon after(with steep interest rate though). If I were you,in your situation,you were able to get financing afterward for another vichicle,so it can't be that bad.does repo show on credit reports? If so,it must of lost some of its strength(with age),refering to SOL.I wouldn't make any attempt to negotiate any deal what so ever.If it's showing on CR's that coud have some effect on scoring,but with all the talk about the scoring systems being different for different situations,I would say you're not looking bad considering the amount of your defaulting debt.@!#$,if you could get a MembershipBanking account and I couldn't,you're not that bad off. Could you detect a ting of jealousy there!!!!!In all,let repo play itself out and keep marching on like you have.Season Greetings!!!!
Killer!!! We talked about this last Sunday. I had a repo in Sept of 95. the balance owed was about $5500. In 97 I got about 2 phone calls and 2 or 3 letters asking for payment. I spoke to them 1 time. They wanted me to make payment arrangements. I told them I would have to figure out how much I could pay and get back to them. I never did and haven't heard another word, Now the SOL is expired. If I were you,I would forget about it. The chances are very small they will do anything. Keep working on those other debts we talked about. When you get those taken care of you said your credit union would loan you $$$$. If that's the case,if and when they try to collect the repo you'll be in position to do something or make an offer. But, for now, DON'T WORRY ABOUT IT!!!!
also... re:credit scores. I recently had a car loan paid off and several credit accounts that were not reporting, added to my report. I had like a 580 before, now I am at 630 approx. The car loan shows 3 years of perfect record. The credit account are all between 1-2 years, and all perfect and I only went up about 50 points. When you get near the magical 12 month mark I would bet your scores will start going up. Good luck.
RE: Rec'd Trans Union Score..Q Your income, while an importart factor in any credit decision, does not appear on your credit report. If your credit utilization is indeed 80%, don't even think of applying for anything before making it <50%. For best results scorewise, credit utilization should be between 15%-30%. Saar
RE: also... Ikh .. How did you end up adding your car loan that dosn;t report ? thank for the respone in advice . And did you add it to all three ?
RE: Killer!!! I know we talked about it Ikh but dam I can't stop worrying! I don't want a judgement. What bothers me is this...the collection agency for the repo has inquired into my credit. If they see that I am paying bills now and if they see that I have paid off some collections, they might think they can get some money. I know owe some of the money (not all because they have inflated the debt) so I rather pay before I get a judgement on my CR. But anyway, I will stop worrying. THX
RE: Rec'd Trans Union Score..Q Well River is on my CR and it is still collectable. It won't be until 2003 when the SOL to collect will expire. I want to avoid a judgement. And don't be jealous of the Membership B@nking! You have the AMEX secured and I don't. That's what I really want! Wanna trade? (LOL)
RE: Rec'd Trans Union Score..Q "And don't be jealous of the Membership B@nking! You have the AMEX secured and I don't. That's what I really want!" You may be closer to an Amex card than you think. Centurion Bank's account managers are also authorized to reverse computer-generated rejections for Amex cards. If you turn out to be a good banking customer, you might want to call your account manager and submit yout Amex card rejection for his/her review. I'm sure they'd hate to lose a good banking customer... Saar
RE: Rec'd Trans Union Score..Q My credit needs some work so I will settle for a secured AMEX. I'm waiting until they offer it again. I plan to use my Membership B@nking connection then.
RE: Killer!!! OK, first, they can't get a judgment until they sue you.Second, the debtor in my case also made inquiries into my credit but did nothing to collect other than the 2-3 letters and phone calls. Get your other stuff paid asap. Then, if they attempt to collect it at least you may be in a position to make an offer. But, I really don't think they will do anything more than a letter to attempt to collect. It's already been what? 2 years?
RE: also... My car loan was reported monthly as most are. I didn't add that one. I added 3 credit card loans that were not reporting. How? I called them and asked them to do it and it took awhile but they did eventually.
RE: Killer!!! Yep it's been 2 years. I received a letter from the collection agency back in 07/00 but have not heard from them since. Not only is my telephone number listed on my CR but it's also listed in the phone book. They could have called if they wanted to. So I guess your right! OK here's my new game plan. I'm gonna pay off everything asking for deletion except this huge account. If they want make a deal or sue me I will be in a position to borrow the money. This was my original plan except I was going call them and make an offer after everything was paid. But I think the new plan is better.
RE: Killer!!! You could also wait for the SOL to expire, then make your offer. At that point they aare faced with the choice of either accepting your terms, or get nothing.
