need some serious help/advice on getting a loan

[matt81]

ive been on this board for a few years, had another name but never posted, i just read posts whenever i get a chance, however, now i come in need of some help, appreantly i do not have any good credit because i tried to apply for a loan yesterday, got a call back this morning saying its a no go, i asked the reason why, and was told its because i have open things in collections, i have no clue what i have in collections, but im willing to bet its something stupid like blockbuster video from 4 years ago or something, the only thing i have in my name currently is my truck, and have never missed a payment on that, when i was younger i had screwed up on some bills but i was hoping that would all be gone by now, so if anyone in here is in the lending business, could ya please help me out, i dont have alot of time before i go back to work, then its hard for me to even get on the internet let alone make phone calls,

thank you, matt

[czy40p]

You need to obtain your credit report ASAP. Since you were denied a loan it should be free. First thing is to look for the bad stuff and fix it quickly, call them tell, them you just found out and ask them what you can do to make it better. I had an issue years ago from power bill that I did not shut off. It can be fixed. My understanding is it is better to owe 15K one 30K max credit card (50%) than to owe 4K with a 5K max (80%.).
You need to find out where you stand first and start working on it. Good Luck straightening it out.

[DaveP]

Originally Posted by matt81

ive been on this board for a few years, had another name but never posted, i just read posts whenever i get a chance, however, now i come in need of some help, appreantly i do not have any good credit because i tried to apply for a loan yesterday, got a call back this morning saying its a no go, i asked the reason why, and was told its because i have open things in collections, i have no clue what i have in collections, but im willing to bet its something stupid like blockbuster video from 4 years ago or something, the only thing i have in my name currently is my truck, and have never missed a payment on that, when i was younger i had screwed up on some bills but i was hoping that would all be gone by now, so if anyone in here is in the lending business, could ya please help me out, i dont have alot of time before i go back to work, then its hard for me to even get on the internet let alone make phone calls,

thank you, matt

1) You need to pull your credit report
2) Do you know what your credit score is?
3) Collection accounts - need to get them removed ASAP.
4) Screwed up on some bills? How long ago?

Email me at dpatnaude@essexcredit.com and I will try to help you sort it out.

[Cash Bar]

Equifax free credit report since you have been denied.

Call 1-800 free411 and get their automated number.

[phragle]

sounds like it might be a little thing called zombie debt...its like, say you didnt pay for a magazine subscription or something forever ago, the magazine company sells the debt to a collection agency, then a couple years later the agency sells it to another agency and so on and so onuntill its sold for pennies on the dollar and the cycle keeps going with the debt follwing you forever on your report..these are usually 'disputable" you tell the credit agency, trw, equifax etc, that you dont believe the debt is valid, they contact the reporting collection agency requesting proof, if they cant provide proof of the legitmacy of the debt in 30 days, its removed from your report. but the chances are good that it will be on some debt list that agency is gong to sell another agency down the road. these agencies are bad news..many will offer to 'settle' the debt, which you will thinks is easier than challanging it..the will say you owe us $500.oo, give us $125.00 and we will call it even, you give them $125 and guess what, they sell the remaining $375 to another collection agency.

[Von Bongo]

You should get a copy of your credit report from all 3 agencies so you don't miss something. You can go to:

www.annualcreditreport.com this is the official FTC website. You have the option to get credit scores if you wish. You can obtain 1 free report from each agency per year regardless of if you were denied or not.

It doesn't do any good to get just 1 from say equifax because it may not have all your information. Also you should get a notice of adverse action from the lender and they will tell you in general why you were denied and who they got their information from.

It can be a headache tracking it all down but it's important if you want to get a "luxury" loan in the future to have as good a credit as you can get.

[matt81]

i pulled a credit report today, after posting this. have all 3 reports, have 4 things in collections, 1 was a check i bounced almost 4 years ago that i obvisouly missed that i had bounced, it looks to be under 2 diffrent collection agencies, another one was a 75 dollar fee from a hospital that i was suppose to get a bill for and never did, i got that one taken care of today, took a couple hours of phone calls to get it taken care of, and the other looks to be another hospital bill for 140 dollars??? so, 4 collection agencies on me, 3 diffrent items, almost 4 years ago i was having troubles with my company, and company checks and getting paid, which came down to me, missing a couple credit card bills. one month and 2 months late , it shows 90 days on one but i dont ever rember that, i have had my truck for alittle over 2 years, spotless on that, never missed anything,
my debt to income rate is 7%, and my credit score is 31% higher than the rest of the nation it says, but its also low enough to be looked at by lenders as poor, so i dont know what to do, kinda given up on the idea on a boat at this time, because i dont see it getting good enough for a loan anytime in the near future

[DaveP]

Originally Posted by matt81

i pulled a credit report today, after posting this. have all 3 reports, have 4 things in collections, 1 was a check i bounced almost 4 years ago that i obvisouly missed that i had bounced, it looks to be under 2 diffrent collection agencies, another one was a 75 dollar fee from a hospital that i was suppose to get a bill for and never did, i got that one taken care of today, took a couple hours of phone calls to get it taken care of, and the other looks to be another hospital bill for 140 dollars??? so, 4 collection agencies on me, 3 diffrent items, almost 4 years ago i was having troubles with my company, and company checks and getting paid, which came down to me, missing a couple credit card bills. one month and 2 months late , it shows 90 days on one but i dont ever rember that, i have had my truck for alittle over 2 years, spotless on that, never missed anything,
my debt to income rate is 7%, and my credit score is 31% higher than the rest of the nation it says, but its also low enough to be looked at by lenders as poor, so i dont know what to do, kinda given up on the idea on a boat at this time, because i dont see it getting good enough for a loan anytime in the near future

Those 4 collections will take 7 years to come off. Late pays from 4 yrs ago...............

I would say that you are looking at 3-5yrs for your credit to recover at least.

[matt81]

^^^^^ yup, so i wont probably wont be getting a loan for anything anytime soon, might as well just learn to invest the money i make so i can buy something in cash in a year or two, maybe vegas, hehehhehe j/k

[handfulz28]

Experts correct me if I'm wrong, but I say dispute everything, but perhaps only through the credit reporting agency that has the most negatives. If by chance someone can't come through, off it goes. Anyone think there's something to lose by this?
Also, if any of those collections are old, leave 'em be as far as paying them. Paying an old collection item actually brings it current in some instances.
If the 90 day late is recent, get that straightened out or at least make sure you're not late anymore.
As long as the old stuff stays old, it matters less than your current/existing accounts. If you clean up what you can now, your credit score should go up a lot in less than a year.