goemaw.com
General Discussion => Essentially Flyertalk => Topic started by: nicname on July 31, 2012, 02:19:25 PM
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This would be paid in full.
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none at all would be my guess. damage done.
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none at all would be my guess. damage done.
welp, big gulps eh?
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none at all would be my guess. damage done.
welp, big gulps eh?
:lol:
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none at all would be my guess. damage done.
I think it would help eventually. The longer it sits defaulted the longer you will most likely have to wait to get it back to normal
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I've been in a long process of improving my credit score for a few years. This is the next thing on the checklist. Would it be more beneficial to just pay it and be done with it or find a way to get it out of default and make payments will keeping the account open?
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none at all would be my guess. damage done.
I think it would help eventually. The longer it sits defaulted the longer you will most likely have to wait to get it back to normal
this is probably true. I really know nothing about credit outside of how credit cards effect it.
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While we're on this topic, and I'm sure the OP will find it relevant, what's the best way to get your credit score from all three credit bureaus for free? I never do this but I know I should.
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While we're on this topic, and I'm sure the OP will find it relevant, what's the best way to get your credit score from all three credit bureaus for free? I never do this but I know I should.
If you go into a bank and tell them you want to get pre-approved for a home loan, they will get those scores for you. This will slightly hurt your credit score, though.
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While we're on this topic, and I'm sure the OP will find it relevant, what's the best way to get your credit score from all three credit bureaus for free? I never do this but I know I should.
https://www.annualcreditreport.com/cra/index.jsp (https://www.annualcreditreport.com/cra/index.jsp)
go here and follow the steps. you will notice that you can see your credit history, but not your score. sign up for the 7-day trial to see your score. then call the customer support number to cancel the trial. customer support will give you a big speech about not canceling, but it takes less than 10 minutes.
seeing your credit history will not affect your score. i'm not sure if the step it takes to see your score hurts.
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seeing your score doesn't hurt your credit. I get my free report three times a year. I will usually pay for the score once a year. you can get the report free once from each agency via that link once a year. most people get all three at once but I like to check mine more often so spread them out.
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EDIT: luked
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paying off a defaulted loan will help your credit a little because it will lower the amount of debt that you have. It won't remove the negative info from the default though. If you settle for less then the orginal amount it could hurt your credit becuse you're not paying the amount you orginally agreed to pay.
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Pay it off, then there is something like a 3 yr period that it will negatively effect you, iirc.
Doing nothing won't do anything at all to improve your sitch.
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Initially, your score will only go up by 5 - 20 points, depending on the student loan balance, and whether or not you are transferring it to another lender. If the loan is in collection, you may actually lower your score by paying it off (see "Will Paying Off an Old Collection Lower my FICO Score" - another topic I discussed earlier on this board). Of course, over time, your score will improve greatly - especially in comparison to leaving a defaulted student loan on your credit history. But do not expect a tremendous increase just because a defaulted loan is paid. Paying off a loan does not erase the fact that the loan was in default. The history still stands, and will continue to effect your FICO scores until the 7 year statute of limitations has expired (though by that time, the effect on your FICO will be minimum, as it becomes diluted over time).
Hope this helps!
-Sometimes the 1st initial impact of paying off a debt, even a derogatory bad debt is a DROP in credit score. It is strange, however, paying off a debt essentially closes an account. And account closings could temporarily lower your score, especially an installment debt such as student loan. Nobody knows the FICO score formula for sure, it is intended to be a mystery on purpose or else millions of people would begin manipulating their score and breach the score's ability to predict the future. However, installment debt, especially student loans may have a positive effect on your score if you simply continue to pay ON TIME instead of paying off completely.
Read more: http://wiki.answers.com/Q/How_many_points_will_your_credit_score_go_up_when_you_pay_off_a_defaulted_student_loan#ixzz22EjGztvS
Also, if you want to be able to check your credit report/estimated scores as much as you want for free, without affecting your credit score:
http://www.creditkarma.com - TransUnion
http://www.creditsesame.com - Experian
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eff EXPERIAN :curse:
We are going to buy a new car, so we had our credit pulled from all three agencies. When they say you should check your credit report every year you should listen. I follow my trans union report fairly closely but I took for granted that all three reports would vary so much. Well I was wrong. My experian report has seven different accounts and ten different charge offs, including a recent repossession, that does not belong to me. Of course their online dispute resolution center doesn't work, so I had to call the seven collection agencies of the 10 charge offs. And these rough ridin' minimum wagers. Each conversation began with them asking for my social security number, of course I tell them that these aren't my accounts so I'm not giving them my ssn. Because these minimum wage earners are in grab money mode they can't conceptualize why giving them my ssn won't help. So they ask for an account number, and of course experian redacts the last four numbers of the account numbers. So all of these phone calls resulted in mostly "we can't find you, you'll have to dispute it with experian." There was one company that were actually able to verify that I didn't hold the account and they immediately reported it to experian. Of course this was the first number I called so I expected all of the calls to be the same, WRONG, WRONG!
To top it all off experian has an aka name on my report that isn't my name at all, its it's just I completely different person. They can use this to dump whatever crap they want to onto my report. If these companies don't have my address or ssn, how are they appearing on my credit report? How in the hell is this legal? How is there not better federal oversight of this entire system?
Having the most basic and common name combination is such bullshit :bang:
eff EXPERIAN :curse:
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Serious question...can you just give them the last four digits of your ssn and tell them to compare that to what they have on file? If it is tied to 'you', they should have 'your' ssn on file, right?
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I'm not sure why he didn't just call his Zander insurance agent and have them clean up this identity fraud for him right slobbs?
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Experian is dumb as eff. They had my credit history merged with my dad's it took an act of God to unfuck it. They acted like it was my fault they had 2 SSNs for me.
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i had a problem with experian as well :thumbs: (but thumbs down)
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We are going to buy a new car
:excited:
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"That credit report be Lyin' on me Mr. Salesman" said everyone ever with bad credit.
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Serious question...can you just give them the last four digits of your ssn and tell them to compare that to what they have on file? If it is tied to 'you', they should have 'your' ssn on file, right?
Well all of the unsuccessful calls asked for my full social. My response was always, "I'm not giving you my full social because I am not in your system. I'll give you my last four." Then after five to ten minutes of typing "we can't find you in the system sir." No rough ridin' crap. In all of these cases I'm certain that they found one of the 87 million people with the same name as me and said eff it. I can't determine if this is experian doing this or the creditors but my guess is that it's experian.
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Just marry someone with a perfect credit score. Probably would help you a little bit (and hurt them a little bit more)
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Moral of the story: pay for cars with cash.
Also, Discover lets you check your FICO score whenever you want, which is cool. No annual fee either, so if you pay for credit score you might as well just hold the card for that reason alone.
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There are lots of ways to get a free credit score and having a Discover card should be about 11tybillionth on that list.
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MIR, if you don't have this all resolved by FattyFest, have hemmy print all the documentation and bring it in the new car and I'll look at it on the ride to MHK.
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Moral of the story: pay for cars with cash.
Also, Discover lets you check your FICO score whenever you want, which is cool. No annual fee either, so if you pay for credit score you might as well just hold the card for that reason alone.
or home equity loc
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Just marry someone with a perfect credit score. Probably would help you a little bit (and hurt them a little bit more)
I don't have bad credit tho
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There are lots of ways to get a free credit score and having a Discover card should be about 11tybillionth on that list.
I wonder if they still have the predatory Discover card table at the union, that was my first credit card.
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>800 :billdance:
Just need more credit history. I think that will take some time. :ROFL:
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At this point my credit score fluctuates almost entirely based on what percentage of my (non-overdue) credit card balance I'm using at a given point in time.
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Moral of the story: pay for cars with cash.
Also, Discover lets you check your FICO score whenever you want, which is cool. No annual fee either, so if you pay for credit score you might as well just hold the card for that reason alone.
every card in my wallet lets you do that
he needs his reports to see the collection companies/accounts that are screwing up his score
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Moral of the story: pay for cars with cash.
Also, Discover lets you check your FICO score whenever you want, which is cool. No annual fee either, so if you pay for credit score you might as well just hold the card for that reason alone.
every card in my wallet lets you do that
he needs his reports to see the collection companies/accounts that are screwing up his score
That's good. I guess Discover is the only one that really hypes the FICO thing. Also, my post was not necessarily directed at MIR (who btw obvs didn't know his credit score prior to going to the dealership).
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ya just letting you know that the FICO thing is pretty standard these days
also, credit karma is free but it's not a true FICO
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Moral of the story: pay for cars with cash.
Also, Discover lets you check your FICO score whenever you want, which is cool. No annual fee either, so if you pay for credit score you might as well just hold the card for that reason alone.
every card in my wallet lets you do that
he needs his reports to see the collection companies/accounts that are screwing up his score
That's good. I guess Discover is the only one that really hypes the FICO thing. Also, my post was not necessarily directed at MIR (who btw obvs didn't know his credit score prior to going to the dealership).
1. I didn't go to the dealership, I ran all three reports myself. I purchased a house and car in 2009 and didn't feel the need to look at the reports until now.
2. I know my score from Trans Union and key components of that report. Anyone who has the capital one app has the same. Knowing your report from all three agencies is drastically more important than knowing one score.
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https://www.youtube.com/watch?v=aRrDsbUdY_k
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Saw that last night, unfortunately when I go car shopping this weekend me saying "hey did you see that John Oliver segment on credit bureaus? That happened to me, help a brother out" won't help me out too much.
I did get a letter today from the one single collection agency that I had success with last week telling me "the process has started" of removing the erroneous $3700 default from my credit report. This was slightly discouraging because I waited on the phone for 20 minutes while they reported it to experience and was told at the time that it would be gone in 72 hours.
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buying cars with cash is dumb. don't do that.
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"If it drives, flies, or fucks -- lease." - Dwayne The Rock Johnson
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Saw that last night, unfortunately when I go car shopping this weekend me saying "hey did you see that John Oliver segment on credit bureaus? That happened to me, help a brother out" won't help me out too much.
I did get a letter today from the one single collection agency that I had success with last week telling me "the process has started" of removing the erroneous $3700 default from my credit report. This was slightly discouraging because I waited on the phone for 20 minutes while they reported it to experience and was told at the time that it would be gone in 72 hours.
Yeah but if you can pull it up on your phone and show them that it is also linked on a reputable site like gE then maybe they will believe you. ;)