Posts Tagged Personal Line Of Credit
Will paying off an auto loan help my credit even though my credit card balances are high?
To provide a little more information, my mother in law will be taking it over via a personal line of credit because the loan is taken out against her vehicle (we actually used the money to pay off some other debt). The balance is just under $10k and we still have another 32 months on the original 5 year term. So even though we’ll technically still owe her the money, as far as our credit report goes it will be an auto loan we paid off. We have 2-3 credit cards each (we’re married but not joint on any of the accounts) that are nearly maxed with really high interest. I’m wondering if getting the auto loan paid off will enable us to qualify for a lower interest high balance card where we could transfer these balances and pay the debt off in a reasonable amount of time. Any info is greatly appreciated!!!
Tracy
Credit score advice?
I need some advice.
I am buying a new home and am approved but am trying to improve my score to get the rate down.
My median score is 714.
I have no history of lates or derogatories but I’ve been carrying a personal line of credit for a while. It is at 24k of 25k. This always shows up as my #1 ‘warning’ or ‘reason for score’ on my report.
I have 10 thousand I could pay that down to 14k of 25k.
How much of a difference would that make on my score?
How quickly would that show on my credit report?
Michele
Line of credit / Collection?
First of all, I made a grave mistake transferring my 2nd mortgage (9.5%, 20yrs) to a personal line of credit (10.99%, 8 yrs) thinking that an unsecured loan is better than a secured loan. I did not realize that the interests are calculated sooo differently that now, 7 months later, I feel like the loan amount has only gone down a little…it could have been close to being paid off if I had kept my 2nd mortgage.
Second, I did not receive any notification that one of my medical claims from Feb 2007 had not been approved by my insurance. I was told by the hospital that they were working with the insurance company to get this resolved. Last month when I checked my credit report, I noticed there was a collection and that my FICO score had dropped from 760 to 650! Can they do that without notifying me? I paid the collection in full right away. Would they remove the entry from my credit reports? What else can I do to recover my previously good FICO score?
Because of these two problems, I now have a 33% debt to credit ratio and am not in good credit standing to refinance my mortgage at the current low rate.
This is more of a general complaint (and I have a such a big headache). But any comments are welcomed.
Thanks for the info. I’m not having problems paying my bills or anything. I had very good credit (until that collection showed up on my credit report) and have never missed a payment.
The 2nd mortgage had about 13K on it when I paid it off and opened a personal line of credit. My main mortgage is about 77% loan-to-value. I know I can refinance, but it’s unfortunately I won’t be able to get a good rate for it. It now just looks like I have a lot of credit card debts whereas before, I was debt free except for my mortgages… 
Roger
What are the qualifications to get a personal loan?
I have been unemployed for about a year and living on my savings from my previous business that I sold. I want to get a personal loan for an Internet business. I don’t think I even qualify to get a business loan since I have no income coming in, right? Will I likely get denied getting a personal loan too? I have 0 balance and good standing on my credit report/credit score.
If I am denied, would I also get denied to open a personal line of credit or home equity line of credit?
Peggy
Use a Gap Card to Build up Credit?
I did a Credit Report after being denied on a Personal Line of Credit to see that my Credit Score was considered “Poor.” I was wondering- If you open store credit cards like Gap but NEVER use them will this help your Credit Score?
Or should you use like $10 every month and pay it off?
Which Stores offer the BEST Credit Card Deals??
PERCY