Credit??

[edgarr]

I am trying to re build my credit. My score is around 555. I have not had a late payment in over 3 years but before that I had lots. However no bankrupt or repose. I have very little debt and great income. I also have a bunch of 7 year old stuff falling off in the next 12 months. But my questions are:

1. If there is still a balance due when the 7 years comes up does it still fall off? There somthing that I refuse to pay as it was not my fault.

2. I have titles to lots of expensive cars, boats, bikes. I would like to take a loan against one and can even get a co signer with a 880 score. Does anyone know of a good place to do this? My credit union would not. I am not to concerned with the rates because I will pay it off in 6-8 months but I think that will help my score.

Any other advice is welcome.

[j4ever41]

a few years ago when i purcheased my first house i had a couple things on my credit that were still on there (with the balance) after the time frame that it should have come off,i called the companies and pointed it out to them and it was taken off asap.

[gixxerboy1]

I am trying to re build my credit. My score is around 555. I have not had a late payment in over 3 years but before that I had lots. However no bankrupt or repose. I have very little debt and great income. I also have a bunch of 7 year old stuff falling off in the next 12 months. But my questions are:

1. If there is still a balance due when the 7 years comes up does it still fall off? There somthing that I refuse to pay as it was not my fault.

2. I have titles to lots of expensive cars, boats, bikes. I would like to take a loan against one and can even get a co signer with a 880 score. Does anyone know of a good place to do this? My credit union would not. I am not to concerned with the rates because I will pay it off in 6-8 months but I think that will help my score.

Any other advice is welcome.

If they sell it to a collection agency it will go back on.

[edgarr]

If they sell it to a collection agency it will go back on.

What if it is already with a collection agency? Can they sell it to another?

[gixxerboy1]

What if it is already with a collection agency? Can they sell it to another?

yes they can. Just cause something comes off your credit doesn't mean you don't still owe the money. So if some else is willing to buy it your beat. If that happens i would dispute it. Chances are if its that old and been sold a couple of times they aren't going to have the proper documentation to prove it

[edgarr]

got it. anyone know of any loan places with people with bad credit?

[outofthebox]

Go to a local credit union. They will give loans to just about anyone as long as you have collateral. Some credit unions also give their members free help with disputing credit issues. Good luck!

[edgarr]

My existing credit union which is Alliant, use to be Unoted Airlines turned me down with a co signer. I'll try local

[Bertuzzi]

Gixxer is 100% correct.....

If you're in Canada I can get you a loan.... If not, I am no help to you.

[edgarr]

^^ Sorry, in the USA where credit is hard

[Bertuzzi]

^^ Sorry, in the USA where credit is hard

Trust me... banks in Canada are not lending right now either.... they are on fckin lock down! I know the states is real tough but Canada is real bad too, but its is everyones fault this happened. They opened the candy jar and we couldn't keep our hands out of it.... and look what happened.

I hope everyone learned from this

[zimmy]

I was not happy when the big companies had debt and expected it to be ok not to pay it...I don't think we should be able to do it either.

[edgarr]

I have great income and have not been late in 3 years on anything. I am just trying to get loans against the vehicles I own so I can start to build my credit back up.

[matt77]

If your responsible and disciplined now you could build it back with a credit card. Even one with a small limit helps a lot. A couple of months ago my wife applied for a mortgage for a cabin we were looking at and got pre qual'd right away and then it went to under writing and was approved there for $130k. I was shocked! The only thing she had in her name other than some utilities was one CC with a 500 limit and they approved her. She had a 755 score. I still cant figure it out but it happened.

[Bertuzzi]

If your responsible and disciplined now you could build it back with a credit card. Even one with a small limit helps a lot. A couple of months ago my wife applied for a mortgage for a cabin we were looking at and got pre qual'd right away and then it went to under writing and was approved there for $130k. I was shocked! The only thing she had in her name other than some utilities was one CC with a 500 limit and they approved her. She had a 755 score. I still cant figure it out but it happened.

It happened because mortgages are easy to get, even people with not so good credit can get them because the bank is lending money on something that generally does not depreciate, whereas almost everything else that people borrow money on, depreciates. An auto loan is waaaayyy harder to get approved for than a mortgage. The best thing that helped her was the high beacon score, because banks generally require a minimum beacon score between 650 and 680 to get approved without a 20% down payment.

This is also a perfect example of why a beacon score is just a guide line and not the determining factor of your credit. She has a 755 beacon score but extremely limited and inexperienced credit. She has only had to be responsible for a one $500 trade line which has a minimum monthly payment of $15.