whocares Posted June 29, 2007 Report Share Posted June 29, 2007 This is in my fileSALLIE MAE SERVICING Account Number: .... DateOpened: 09/1999 Status: Paid,Closed/Current, was past due 120 days. NOV 2003SALLIE MAE SERVICING Account Number: .... DateOpened: 09/1999 Status: Paid,Closed/Current, was past due 120 days. NOV 2003 It was in November 2003, it shows me not late after that, will this late drop off in november of this year? Ok heres what I am asking, in november this year, 4 years later...will this show as always paid on time for my past 4 year history? I can't tell becuase the other reports from my student loans are like this:SALLIE MAE SERVICING Account Number: ......./ Date Opened: 09/1999 Status: Transferred,closed/Never late. SALLIE MAE SERVICING Account Number: ......./ Date Opened: 09/1999 Status: Transferred,closed/Never late. The accounts were actaully transferred to the good srtanding accounts, if these just clear up in November of this year, I will just forget trying to remove them, if not do I need to dispute them as they are the same debt that was paid off in good standing? Thanks for the help... Link to comment Share on other sites More sharing options...
Sultan Posted June 29, 2007 Report Share Posted June 29, 2007 Personally I'd dispute them, it couldn't hurt. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted June 29, 2007 Report Share Posted June 29, 2007 I suspect they won't drop off till Nov 2010, 7 years from the delinquencies. when did the account close? Link to comment Share on other sites More sharing options...
whocares Posted June 29, 2007 Author Report Share Posted June 29, 2007 The account was paid off dec 2006, I could have paid off earlier, but wanted a paying history...I don't know what my real credit looks like cause I could not get thru online....so I mailed off for reports today.My big question is, how much does credit have to do with assets? I have my own business, estimated worth 300.000.00, I don't owe one penny on my shop or inventory. I own 5 homes and am debt free...not even car paymentsso why after 4 years do I still only have a 500.00 secured credit card with orchard bank...never late with orchard... Link to comment Share on other sites More sharing options...
Sultan Posted June 29, 2007 Report Share Posted June 29, 2007 The account was paid off dec 2006, I could have paid off earlier, but wanted a paying history...I don't know what my real credit looks like cause I could not get thru online....so I mailed off for reports today.My big question is, how much does credit have to do with assets? I have my own business, estimated worth 300.000.00, I don't owe one penny on my shop or inventory. I own 5 homes and am debt free...not even car paymentsso why after 4 years do I still only have a 500.00 secured credit card with orchard bank...never late with orchard...Sounds like your in good shape financially. I'll ad that IMO all the money in the world doesn't make up for bad credit, I've had over 100K cash in my current checking acct. Couldn't make a major investment purchase a few years back even with over 80K cash to lay down because of my poor/lack of credit status. Link to comment Share on other sites More sharing options...
Sultan Posted June 29, 2007 Report Share Posted June 29, 2007 I'll also ad that you might want to consider opening up some prime secured cards if your unable to get the unsecured versions, later you can graduate them to 'PRIME' unsecured accounts with age.BOA has one Citi has one I believe, you might also consider funding your own secured loan to establish a good payment history, you could be worth multi-millions in the shape you described with good credit.I was all cash for years, I wish I had known what I know now 10 (even 5) years ago. Link to comment Share on other sites More sharing options...
whocares Posted June 29, 2007 Author Report Share Posted June 29, 2007 heres my thing, I have a few negs that will expire soon, just started disputing things as I did not know you could dispute them, Going to try getting the 6 bad things deleted, nothing much besides the student loans, a left over water bill from a tenant, and since I never lived in that house I claimed not mine...I did pay it becuase the tenant did not and it was the only way to get the water back on for the new tenants....I'm just starting on this repair road...I do own more than the shop, total net worth is over 750,000.00 but I have no history with anyone, so I don't want to get into debt, Cash has been the way for me to go so far...I just want better credit so If I do want a new car or something I can get it....I'm afraid of capital one, they send the preapproved stuff all the time as well as many other companies...I'm just afarid of sub-prime right now and having too many inquiries.Thanks for the input. Link to comment Share on other sites More sharing options...
Sultan Posted June 29, 2007 Report Share Posted June 29, 2007 Gotcha, Couple of things; > Do you belong to a credit monitoring service? You might be able to *bump* some of the inquiries off, TrueCredit or CreditSecure allow daily pulls, do a search for *Bumpage* > The more you read / study / and learn the better your chances will be for successful repair, since your in repair mode right now, you might want to get through your first round of disputes before applying for any new credit. > A pre-approval letter does not actually always mean you'll be approved. > Capital One offers 'Prime' products as well as sub-prime. As do many creditors at this point, even the elite Amex now has several cards which are easier to obtain aimed at a less than prime market. > Keep reading and asking questions, your in the right place. Link to comment Share on other sites More sharing options...
whocares Posted June 29, 2007 Author Report Share Posted June 29, 2007 I had to mail off for my reports, could not get them all online, so whe I get them then I'll have a better idea where to goI will then sign up for a service...no need to yet...can't tell if I need one.as far as inquiries I have 3 on my history for the last 2 years, most was recent cause I was going to borrow money to remodel my shop...I'm excited about my credit for the first time in a long time, I am 42 years old and in great shape financially with my house and shops and no monthly payments...I would like lower insurance rates.I'm not planning any major purchases either...I have a job, a car, a house, furniture everything I want now...I'm working on hubbys credit too, as I don't think he has any at all...Thanks for all the help and advice Link to comment Share on other sites More sharing options...
CleverCynic Posted June 29, 2007 Report Share Posted June 29, 2007 No mortgages on 5 homes?Try a HELOC on one or two of them... forget the secured cards. HELOC = Home Equity Line of Credit Link to comment Share on other sites More sharing options...
Sultan Posted June 29, 2007 Report Share Posted June 29, 2007 No mortgages on 5 homes?Try a HELOC on one or two of them... forget the secured cards. HELOC = Home Equity Line of CreditSo long as their real property and worth more than 30K, otherwise non-conforming loan terms can often be far worse than even a personal line of unsecured credit. (the other thing to consider is that you will be securing the credit with your property, which means you can potentially lose the property if for some reason you couldn't pay the money back, unlike unsecured credit)IMO, revolving accounts are vital to good credit regardless of mortgages (OP might want to consider having a well balanced range of trade lines to include revolving accounts with hopefully high limits at some point down the road) Link to comment Share on other sites More sharing options...
whocares Posted June 29, 2007 Author Report Share Posted June 29, 2007 If not I may try it after I get my reports in order, But I hate to put my houses on the line, Just in case something happens to hubby...heres what I Own now1 mobile home in Ft Myers Fl, home n lot worth 155,000.00 rented to my sister1 Mobile Home In Michigan, Private Park no land, 4,000 being sold thru us, private payments1 Mobile home here in Kansas 4900.00 in park not rented costing me 100.00 a month for lot rent1 Fixxer upper 3 bedroom home on land, valued at 12,000.00 empty but still getting fixedThe House I live in 5 bedroom victorian in the country 189,000.00My Computer Repair Shop, Building is valued at 300,000.00, inventory at 160,000I own everything, no financing at all....I just want open lines of credit so it looks good...I don't intend to use them but a few times, get a payment history going then close, I don't think thats possible with a HELOC is it? Link to comment Share on other sites More sharing options...
whocares Posted June 29, 2007 Author Report Share Posted June 29, 2007 I don't work for anyone and the shop is not showing a good profit yet, it's paying it's own bills, but not enough to live off....Been in business almost 2 years.Hubby works but make a little over minimum, so I can't apply for too much as he makes just enough to pay the monthly bills. Without any extra credit bills or payments.Insurance for all these are driving me crazy cause I pay so much at a time... Link to comment Share on other sites More sharing options...
Sultan Posted June 29, 2007 Report Share Posted June 29, 2007 I don't work for anyone and the shop is not showing a good profit yet, it's paying it's own bills, but not enough to live off....Been in business almost 2 years.Hubby works but make a little over minimum, so I can't apply for too much as he makes just enough to pay the monthly bills. Without any extra credit bills or payments.Insurance for all these are driving me crazy cause I pay so much at a time...One thing you could do is shop around for some competitive insurance rates, especially considering you should be eligible for some type of multi-plan discount.As far as LOC or HELOC there is a mortgage section here. As I mentioned above remember that you would be securing the debt, we own several properties out right and I refuse to secure them at this point, thats just my stubbornness though, it's not the right thing for everyone. I carry revolving debt, but have good rates on the cards I carry balances on, I've used my revolving credit to renovate our properties. Link to comment Share on other sites More sharing options...
CleverCynic Posted June 30, 2007 Report Share Posted June 30, 2007 My main initiative was she would still enjoy low interest without the secured notation on the credit lines which could be more attractive to fico. I don't think you guys got where you are without some sort of calculated risk. After all, it's what you ask credit grantors to do as well. Link to comment Share on other sites More sharing options...
Sultan Posted June 30, 2007 Report Share Posted June 30, 2007 My main initiative was she would still enjoy low interest without the secured notation on the credit lines which could be more attractive to fico. I don't think you guys got where you are without some sort of calculated risk. After all, it's what you ask credit grantors to do as well.I gotcha, I was suggesting that in any event the revolving accounts are still essential. OP likely needs those for healthy credit no matter what else. You actually brought up a good point, seeing the details it looks like only one of the properties would qualify, note though IMO, the low or lack of credit status may not yield the low rates folks look for or expect. Link to comment Share on other sites More sharing options...
whocares Posted June 30, 2007 Author Report Share Posted June 30, 2007 I have an orchard bank secured card, never late in 4 years, but still secured, they have never offered me an unsecured. 500 limit 450 balance, I occasionly pay this off...but keep using the cardI have an open silhouettes card, never used with 250 unsecured limit, shows as open since 2005 and pays as agreed.but so far looks like orchard has posted positive in 2 bureaus, the other only 1I will wait till I get the CR in the mail...Thanks Link to comment Share on other sites More sharing options...
Recommended Posts