WOW! works well..

Discussion in 'Credit Talk' started by mil, Nov 10, 2000.

  1. mil

    mil Guest

    last month I walked in to 3 diffrent banks and managed to get secured loan for 3k (each). already reporting in my cr so here what i did today ...I have 2 car financed both of these will be payoff next year (12 -14 payments) both with high int 16% so what i did today is pay both of these car off and will be making monthly payments to both of my secured loan so in next 12 months i have 3 loan paid off plus 2 cars i guess this put me in good score i hope?

    any comments....
     
  2. Cadillac408

    Cadillac408 Well-Known Member

    That's great and all that you did this Mil and I'm sure it's going to help your credit tremendously.

    You must remember though.....the average person doesn't have NINE THOUSAND DOLLARS to *invest* into obtaining excellect credit. Most of us have to "Bob and Weave" to get good credit (i.e. get Cap1, Providian, Orchard etc...keep for a while, spend months/years of disputing entries on our credit bureau, apply for Citibank after praying to the credit gods and somehow get approved, then gradually close off all the b.s. accounts).

    Don't get me wrong....I think your strategy will work out to your advantage.

    :)
     
  3. mil

    mil Guest

    MP$40 RE: WOW! works well..

    I know , but I just like to share information with the group , since i paid off all my collection account and recived these secured loan I got approved ARIA online with 1k and provididan over the phone gold $900 which is not that bad for last 5 yr this is the first time I got approved credit without going thru hassle...I'm not sure should i get the aria or not man they charge $59 annual fee .
     
  4. Cadillac408

    Cadillac408 Well-Known Member

    RE: MP$40 RE: WOW! works wel

    Leave Aria alone and roll with Providian. Sounds like you are on a great track to rebuild your credit! I think Privdian Gold will pick up on that and increase the hell out of your limit! $900 is a great start....I bet you in 6 months, it will be WELL over $900.
     
  5. Michael

    Michael Guest

    One Point

    One point,

    To do this you don't need to tie up $9K.

    Take 3K (or whatever) go to the first bank,open the C.D. and get the loan on the secured C.D. Get the loan structured to be interest payments only. Then at the end "Cash Out" the C.D. to pay off the loan,
    (one paper cancels out the other!).

    With the $3K your "borrowing" go to bank 2 and repeat, and bank 3. Thus you've borrowed $9K with no tie up of your $$$.

    You could even borrow that money from a friend (to start)and pay him back in 1-2 weeks!
     
  6. mil

    mil Guest

    RE: One Point

    interest payments ? please explaine also MP$40 ARIA ? any comments
     
  7. Cadillac408

    Cadillac408 Well-Known Member

    RE: One Point

    What I mean is choose the Providian Gold over the Aria. I've noticed that Aria is slow at giving increase were as the gold card might see better increases. I could be wrong???? Aria is a card issued by Providian also. Plus you mentioned that the annual fee is pretty steep so.....

    It's up to you. There has been some discussion over if you can have both cards. I guess you're not supposed to but what are they going to do when you apply for both with in days and receive and accept both cards? I have the gold card but if I apply for the Aria card, I'll be instantly denied.

    Whatever......just do what you feel comfortable doing.
     
  8. tj

    tj Guest

    RE: One Point

    You should not get denied as long as the apps are 90 days apart. They have new rules now and consider ARIA a different part of Providian and are giving both out. I have the Visa Gold w/7000 limit and just got an ARIA w/2000 limit no problem. Call customer service and ask if you want to be sure before you apply. I got the Aria in 10 days from applying on-line
     
  9. mil

    mil Guest

    RE: One Point

    Not sure why but I applied both card (prov gold and aria) in samem week and got approved ...tj do u know how often they increase limits?

    tj wrote:
    -------------------------------
    You should not get denied as long as the apps are 90 days apart. They have new rules now and consider ARIA a different part of Providian and are giving both out. I have the Visa Gold w/7000 limit and just got an ARIA w/2000 limit no problem. Call customer service and ask if you want to be sure before you apply. I got the Aria in 10 days from applying on-line
     
  10. tj

    tj Guest

    RE: One Point Limit increase

    According to customer service for BOTH they review every 90 days then in the fourth month you will ussually get an offer to increase, sometimes with a fee and sometimes it just shows up on your statement. Mine have been like clock work for the past 2 years on the Gold and that is why it is up there on the limit. I have only had the Aria for two months so I'll have to wait and see
     
  11. the rock

    the rock Guest

    RE: One Point

    SO why was i denied a aria card when i have a providian classic with 2,000 limit.The denial letter stated you cant have both?
     
  12. marvin

    marvin Well-Known Member

    RE: One Point

    Only problem with this solution is that it takes at least a year to get any significant credit score increase from an account. Just opening an account and paying it off within a month will do very little for you're credit. If you have $3000, you'd be better off opening 3 seperate loans @ $1000, and paying them off over a 1 year term. This is just my opinion, but this is what I've been reading.
     
  13. roni

    roni Well-Known Member

    RE: One Point

    I agree with you Marvin. $1,000 is just as good as $3,000. But Mil had already done the loans, before posting. I felt no need put pin in Mil's balloon. Mil took a giant step to work on his/her credit history. I think that is great. I know I felt like a million bucks, when I took out my first secured loan.

    Marvin wrote:
    -------------------------------
    Only problem with this solution is that it takes at least a year to get any significant credit score increase from an account. Just opening an account and paying it off within a month will do very little for you're credit. If you have $3000, you'd be better off opening 3 seperate loans @ $1000, and paying them off over a 1 year term. This is just my opinion, but this is what I've been reading.
     

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