Trying to rebuild credit: Need the credit experts here to help!

For just about anything you want to get off your chest about credit cards.
17 posts
nitrov
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Postby nitrov » Wed Sep 18, 2013 9:13 pm

Basically, the consensus is that the repo won't keep me from getting a mortgage, but my score is keeping me from getting a conventional Fannie/Freddie loan versus FHA.

I would love to try and negotiate the repo to get it off my credit report, but I don't know if I'm taking a huge risk by doing that or even picking up the phone and calling them. The SOL in Florida is 5 years on written contracts, the longest SOL on debts in Florida. It has been more than 5 years, but people have told me if I try and settle it can "re-start the clock on the SOL" and I risk them taking me to court. I don't know how true that is or not.

I work at a bank and am a lender and know first-hand (obviously) that people make mistakes whether it's foreclosures, repos, bankruptcies, etc. so it's not the end of the world, but I really want it off my credit report because the stigma of a repo is just awful when you're applying for credit of any kind. I had an auto loan with Americredit (bought out by GM Financial) that was co-signed which was paid in full. Now I have another co-signed auto loan with BMW Financial, which is great because it's a prime lender now.

When they sold the car at auction they made a killing and got almost $32,000 for the car. They are still trying to get from me the sum of the lease payments PLUS the amount I "could have" bought the car for when the lease was over (about $33,000), so for a car that was worth $35k BRAND NEW, they're trying to make almost $70,000 on it.


nitrov
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Posts: 12
Joined: Tue Sep 03, 2013 11:13 am
Location: United States

Postby nitrov » Wed Sep 18, 2013 9:15 pm

I was contemplating sending a PFD letter or trying to call the CA but I don't know if I should consult an attorney about the SOL or what I should do. I'm scared of making any kind of move on it until I get a definite answer from someone who knows the legalities of it.

nitrov
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Postby nitrov » Wed Sep 18, 2013 9:22 pm

On another note for an update:

--Capital One Platinum upgraded to Quicksilver card and got CLI up to $2000 CL
--American Express BCE declined, recon request round 2 (sending letter to EO tomorrow)
--APPROVED for Barclayscard Platinum Reward MC for $1500 CL (requesting increased CL tomorrow via analyst)
--Declined for Discover IT card

Chase EO is working on my GW letter to remove 2 CO accounts and maybe even set up new account :D

Getting there...

Obi-dan
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Joined: Fri Aug 02, 2013 2:35 pm
Location: Houston, TX

Postby Obi-dan » Thu Sep 19, 2013 10:05 am

Maybe with Chairman Bernacke's announcement that QE will not be tapering off anytime soon mortgage rates will settle in a little lower for awhile and you can wait it out. :-)
Cards:
Chase Sapphire Preferred
Marriott Rewards
Citi Hilton
Barclay Arrival
AMEX BCE (member since 95)
Chase Freedom
Discover It
Wells Fargo Platinum
Barclaycard (Apple)
Local Credit Union Visa (buy local!)


FICO Scores:
TU: 824 (Aug 2014)
Experian: 789 (Aug 2014)
Equifax: 807 (Aug 2014)

takeshi
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Postby takeshi » Thu Sep 19, 2013 11:37 am

nitrov wrote:I was contemplating sending a PFD letter or trying to call the CA but I don't know if I should consult an attorney about the SOL or what I should do. I'm scared of making any kind of move on it until I get a definite answer from someone who knows the legalities of it.

Your latter sentence has the answer for the uncertainty in the first. Don't rely on internet forum "attorneys".

nitrov
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Location: United States

Postby nitrov » Thu Sep 19, 2013 6:06 pm

takeshi wrote:Your latter sentence has the answer for the uncertainty in the first. Don't rely on internet forum "attorneys".


Yea, I'll probably be consulting an attorney, and if I get the all-clear I'll try sending a PFD. I'll update when I hear from a real attorney ;)

nitrov
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Location: United States

Postby nitrov » Thu Sep 19, 2013 6:08 pm

Obi-dan wrote:Maybe with Chairman Bernacke's announcement that QE will not be tapering off anytime soon mortgage rates will settle in a little lower for awhile and you can wait it out. :-)


Again, one can dream!

I did have success with Barclays and got a $3500 CL out of them, plus called CareCredit and got bumped up to a $5500 CL! :D YIPPEE!

I had no success with a recon attempt with Discover IT card. I was contemplating applying for another GE Capital card (Amazon, Dillard's Amex, Walmart Discover, etc.) since they just gave me a CLI, but I don't know if they'll give me anything significant or which card may give me the highest CL.



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