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ericpwms

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  1. VeVe, I'll read up on it again but my understanding was that since it is reported as a default and has many lates reported, when it is paid off by the consolidator (Direct Loans) it will be reaged and affect my score negatively. Was I wrong about that? Thanks for the advice, I'll be sure to use the card and keep a small balance. AA, I'm actually a customer of BofA so I will definitely be getting a secured card with them, I'm hoping to get rid of as many of the small negs as I can (utilities, an old overdraft and the unpaid tickets add up to less than $1k) and see about the 99/500 card. I have read about combining HSBC cards-would it be possible to get the card with the fees now and in 3 months apply for another card to combine them? My only concern about getting the secured now is that I am thinking the $500 I would use would better be suited to PFD any small collections I can't get rid of through the DV process. Thanks again for your help.
  2. Hello, This is my first post here so I hope you'll go easy on me! I have lurked on this site for a long while but was never in a position financially to start repair, but I think I'm ready now! My first question is something of a time-sensitive one, and doesn't quite relate to repair itself. The last time I pulled my EQ report (April), it had 10 negative TLs, with about $9000 in student loans in default, a $3000 charged-off CC, $1000 in unpaid tickets and a few other smaller misc lines. I'm getting ready to start the process, and the first thing I've done is apply to consolidate my student loans under Direct Loans--I don't believe rehab was going to be an option as the servicer was threatening garnishment and I know your chances of consolidation are toast once garnishment starts, so I was under a time constraint. I just mailed that repayment plan form back so if anyone knows different please let me know! Anyway, on to the question. I know that the consolidation will have a negative impact on my scores as they reage the debt to the day the loan funds, and on a whim I filled out the HSBC prequalification form online. It recommended the Household Bank Platinum (i believe this is unsecured) for $49 processing fee and $5/month. I have no positive tradelines at this point--I understand that you want to have tradelines that have been open and positive for a while, and since I know repair is going to take some time my question is should I take a stab at this card prior to starting repair? It would just sit in my safe and not be used, but once the consolidation funds I doubt I would get the same prequalification due to the score hit. Any advice would be appreciated, and I look forward to being a part of this board! Eric
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