Question about my credit
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URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=3055
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Topic: Question about my credit
Posted By: croat
Subject: Question about my credit
Date Posted: 17/October/2005 at 12:26pm
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Not sure if it's a right section of the forum, but here it goes anyway. I paid for most of my university tuition by working my a$$ off in the summer. But I did have a loan for one year which was around $7k. While in school, I also had two credit cards. MC of $1000 limit and Visa of $1500. Back then I didn't think of credit at all, but rather of beer and girls :P. After I finished school - I couldn't find a job so I just sat on my ass and didn't even have part time job. I maxed out my credit cards and let them go to default. Also I missed a year worth of my payment of my federal part of the loan (4-5K) which also went to default. All 3 went to default around same time. I finally got a job but I had collectors on me. after a year or so of me making partial payments, I paid all of it off. Well paid my federal student loan in full and settled my credit cards at around 80%. This is when I realized how important credit is. I wanted a new car but noone would give me loan. So I did some search and came accross Capital One. I applied for secured Card and got $200 limit. After 2 months of use (and I used it for everything, and paid it off right away) they sent me application for 'regular' credit card. I applied and got $750 limit. At that time I canceled old $200. After using $750 limit one for every single purchase I made (groceries, gas, etc), and at the same time paying it off in full every week or so, a week ago they increased my limit to $1750 I've had account with Capital One since March and it's really good standing. How long would it take to improve my credit and I start getting approved for loans? A year or two? |
Replies:
Posted By: Nicki
Date Posted: 18/October/2005 at 3:26am
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You should order your credit reports from Equifax and Transunion. You can also purchase your FICO score to see where you stand. My fico score's are in the mid-500's. |
Posted By: SusanfromAB
Date Posted: 18/October/2005 at 5:23am
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My husband got the secured Capital One card to help rebuild his credit! He was able to get an unsecured TD Visa shortly after because of our mortgage with them (some promo 2 + years ago--get a mortgage & get a visa!). We DID have a friend who worked at TD doing all the paper work, so that probably helped him get the card in his name--with only $500 limit, and our friend had to really go to bat for my husband with his boss. Anyway, just a few months ago, he cancelled the Capital One card--we figured the $6/month charge was better used elsewhere. Also, he wasn't too impressed to find out that he had to be INVITED by Capital One to get his security back ($200) even though he had had the card for over 2 years with absolutely no problems. Since he had the Visa, he didn't really need the Capital One. We now have the internet bill and the phone bill charged directly to his Visa, to help rebuild his credit. They are expenses we incur every month anyways, so it makes sense. We still do not use our credit cards for everyday purchases--we still want to make sure we are FIRMLY rooted in the idea of spending ONLY what you have in the bank! We have ordered our credit reports and am eager to see how his credit building has helped him--I'll keep you posted on that! ------------- Hitting them hard! |
Posted By: croat
Date Posted: 23/October/2005 at 1:13pm
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Anyone else have any opinions on my credit? 1. Would I be able to get a loan after a year of extensivly using my credit card and paying it off rightaway (once a week)? 2. As I said, I settled for my credit cards. When I got my credit report, it showed that I still owed money ($200) on my MC. Should I pay that and get them to update my report with $0 owing? |
Posted By: SolveStudentDebt
Date Posted: 30/October/2005 at 11:23am
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Croat, No one here can answer your questions without first knowing what your situation is. Unfortunately, describing your situation does not work. It has to be looked over and then assessed to determine those types of conclusions. Each case is unique. Johnny http://www.cfwgroup.ca - www.cfwgroup.ca http://www.cfwgroup.ca/forum - www.cfwgroup.ca/forum
------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |