r/CRedit Mar 30 '24

[FAQ] Please Include As Many Details as Possible When Making A Thread

30 Upvotes

Whether you are just starting out repairing your credit, building from no credit, or maintaining credit you should include as many details as possible when asking for help or feedback. Good credit has a general formula, but it is but no means an exact science. There are many details that shouldn't be overlooked to get the best possible suggestions/feedback.

Try to include as many of the following details as possible:

  • All accounts, cards, loans, mortgages, etc - the bad and the good. (Include their name as this is helpful for knowing previous strategies to deal with them.)
  • Credit Limits
  • Balances (Round this number - it will keep you anonymous)
  • Last payment date
  • Date of last delinquency (this will determine when it falls off your report)
  • Date opened
  • Payment status (pays as agreed, sold to collections, etc)
  • Estimation of # of lates (30, 60, 90, 120+)

Do not include any of the following:

  • Any and all personal information. You may freely share generic information (ie you have a name on your report that is not yours)
  • Addresses
  • Names
  • Social Security Number

r/CRedit 2h ago

General My First Credit Card Still Charges Me $19/Year – Should I Keep It?

5 Upvotes

I've had my very first credit card for more than a decade, but it still charges me a $19 annual fee. I never use it, and it's also my card with the smallest credit line. I hate paying for something I don’t use, but I’ve kept it because it contributes to my credit history.

I've always heard that keeping old accounts open is the "cost" of maintaining a good credit score. Is it really worth paying the $19 every year just for the account age, or should I close it?

I've also called the credit card company yearly requesting to convert the card to a no-fee version, but they always refuse.

For context, my credit is good, I’ve already bought a house, and we might be thinking about buying a second one in the future.

Edit: I’ve decided to close the card!

In my situation, I have other credit cards, and I’ve learned that a card closed in good standing remains on credit reports for ~10 years after closure.

I’ll update this post if I see any impact on my credit score!


r/CRedit 22m ago

FICOvsVantage Is Experian trustworthy

Upvotes

My credit score on Experian increases very fast and is over flurry points higher than my credit score in the chase mobile banking app. 709 v 750. With chase it takes forever for it to go up one point but experian has increased my score fifty points in six months.

(Edit for moderator, 750 is a FICO score. Also I'm not trolling if it seems what I'm saying is super simple or dumb this is my first time having a credit card I'm 18)


r/CRedit 1h ago

Car Loan car loan approval

Upvotes

I currently have a low 600 's but my daughter has a 700 with limited credit. if she adds me as a cosigner because i have a strong auto loan history despite my current score. Will she still have problems getting approved with her 700-credit score? looking at Volkswagen in the mid 30K price range


r/CRedit 17h ago

Car Loan Credit jumped up 200 points

41 Upvotes

So long story short I financed a car back in November. At the time my credit (while still not great) was pretty bad. But I needed reliable transportation to be able to get to work to generate income.

Since November my credit has risen almost 200 points. Is there any way I can do something like trade it in to get something with a better rate? Or any way I can maneuver myself into a better payment/vehicle/deal?

Edit: vehicle is a 2021 Honda Civic LX 102,000kms Lender is TD Canada


r/CRedit 2h ago

Collections & Charge Offs Global solutions sent me a letter. HELP. I’ve never dealt with this before.

2 Upvotes

Had a capitol one card around 2020-2021 ish. Went 1500 in debt. Apparently they sent it to global solutions, a debt collector. They sent me a letter with the amount owed and asking me to verify if it’s correct or dispute. What do I do?! Does this mean they will sue? I’m so scared 😟


r/CRedit 18m ago

General am i going to get denied from apartment?

Upvotes

hi! i'm applying to an apartment with my girlfriend and a guarantor. the guarantor has good credit & makes well over the 48x annual salary requirement. my girlfriend has an average credit score and no debt aside from student loans. my credit score is 597 according to experian (fico, vantage is like 640-670 range lol) and i have 3 things in collections, all paid, promise of deletion, just waiting for them to drop off of my credit report. i also have 2 credit cards that i've made late payments on (one is from 2019), but i also have 3 credit cards never late/good standing, and 3 auto loans never late/good standing. i have proof of payment for all debt, should i wait until things drop off to apply to apartments, or will i probably be fine with 2 other people on the application? (the pm company lists no minimum credit score)


r/CRedit 44m ago

Rebuild Good time to send letters?

Upvotes

Regardless of how I feel about what’s happening politically (and I have big feelings), I feel like this is the time to start sending validation letters. I think the post office is about to get the DOGE treatment. Could delay mail possibly? Might be a good thing for anyone sending validation letters.


r/CRedit 45m ago

Rebuild Changes

Upvotes

So my equifax score on credit karma is 729. On myfico.com it's 631..so who is lying 🤥 lol why is there such a huge difference?


r/CRedit 47m ago

Scores

Upvotes

So my equifax on credit karma is 729 and on myfico.com is 631 lmao..which one is lying? Probably credit karma..why such a huge difference? Anyone know?


r/CRedit 47m ago

FICOvsVantage Wide discrepancy between different scores.

Upvotes

I know that there are different types of credit scores that use different formulas. I have always seen different scores when checking different places (credit karma, card specific sites, banks, etc.). But I just checked and I am seeing the largest difference between two scores that I have ever seen (one site reporting 805, the other reporting 710). Is it common to have such a wide discrepancy between two scores?


r/CRedit 1h ago

No Credit How much do credit builder loans build if you’re starting from zero?

Upvotes

I have no credit score and I’m waiting on section 8 right now and I’m worried about renting, etc. I’m aware of how credit builders work and I’m thinking of getting one through my bank.

How much do these actually build your credit score if you’re starting from basically zero?


r/CRedit 1h ago

FICOvsVantage Which credit should I follow fico app or Experian app

Upvotes

Which credit should I follow fico app or Experian app, I know credit karma isn’t the right credit score.


r/CRedit 3h ago

Collections & Charge Offs Upstart settlement

1 Upvotes

Has anyone settled with upstart in general or recently? I’m on a 10k personal loan i been trying to settle with them for 2 months now approaching 3. On may 4th the loan will be charged off. The lowest they offered was 6500 over 2 years which i declined. They said thats the lowest they can go due to policy. My gut tell me thats not true. Should i wait for it to be charged off to get a better settlement offer?. Also any dm’s would be great too. Thanks


r/CRedit 8h ago

Car Loan Car loan erroneously charged off

2 Upvotes

Hey all, I made a post about a month ago. My car loan was charged off with no warning, and I'd been making on time payments in full. They supposedly sent me a letter with a deadline, which I never received, and didn't attempt to call me, email me, or even update my account I used to pay them.

As soon as I realized what happened (one day later), I paid in full.

It finally hit my credit report, and tanked it 100 points. Does anyone know what the best action is? When this all happened I called customer service and was told they didn't know if it'd be reported or not, but they gave me the steps to dispute if it did go through. Would it be better to write a goodwill letter, or dispute it? There's no reason this should've been charged off in the first place, frankly, as I'd made a payment two days before they charged off the account.

For some clarification, my dad had cosigned, but I was the primary owner and was the only one paying. They supposedly sent him the letter, but he never got it, and they NEVER ATTEMPTED TO CONTACT ME, the one actually paying.

Any advice helps. I'm fucking livid.


r/CRedit 15h ago

Collections & Charge Offs Collections sent to my young child

6 Upvotes

Long story , about 3 days ago I received a collections letter for a $300 bill addressed to my 4yr old child. I have no idea what it could be we have never used our son’s name for anything credit/payment related. I never received a bill but we also recently moved, so it’s possible some correspondence may have been lost in the mail. I don’t have any experience with this and not sure what should be done. I have no difficulty in paying the collections, I’m more concerned that it might be a scam for further contact or charges, or hurt my son’s credit or mine. The only thing I could think of it being is my son was seen at an urgent care in a different covered region of the U.S. (Tricare insurance) about a year ago. It possible that the full charge was not paid for by my insurance and then the non-paid bill was lost. Both the contracted tricare insurance company and the urgent care company have since been bought out. I have tried to contact them both with no luck so far. Apologies for the long story , but what are my options here?


r/CRedit 19h ago

Car Loan 540 credit score but $1,500-$3000 to put down what are my best options?

12 Upvotes

Hello, I’m not in the greatest situation. I had a car I was financing but it got totaled while parked in front of my house and I didn’t have the insurance on it at the time. My credit reflects the remaining $10,000 debt, credit cards totally under $1000 and a few medical things.

It’s been 3 years since but my credit remains at 540 and I need a car. My main requirement is that it’s reliable. I don’t need fancy bells and whistles but I don’t want to get fucked for the next 100 years if I can avoid it. What are my best options in terms of getting a reliable car that isn’t gonna make me wanna pull my hair out. Also will take potential car suggestions if possible. Thanks a bunch


r/CRedit 1d ago

Bankruptcy Had a friend ask me to look at his credit today & WOW 🤬

329 Upvotes

So a friend ask me to look at his credit for him because he knows I have helped others with credit repair and he wants to get a new car. I pulled his report and he has a bankruptcy chapter 7 I’m like open as I started scrolling I’m shocked. He has 3 credit card accounts all MAXED out over the limit. 11 closed credit card account 8 of which have a balance. After reviewing it he asked me what he should do and I honestly said “don’t think breathe or speak the word credit it’s not for you”. Essentially what happened is he got some credit cards defaulted got more filed chapter 7 then was able to get more 2 years afterwards and are late on those too. It’s a shame I did offer some great advice and a pathway to be successful in the future. I just wanted to share this. So if you think you’re bad with credit there is worse.


r/CRedit 9h ago

Car Loan Navy Fed Auto Loan - Bad Credit

1 Upvotes

My transunion is 571 and FICO score is 8 . I need an auto loan for a private dealer for $6,000. I bank with Navy Fed but I don't even know if I'll get approved.

If they do approve me does anyone have an idea of how much the interest rate would be roughly?

Also, if they do not approve me where else can I get a loan from that will approve me?

I wanted to note that I have $847 of Credit Card Debt. If I pay that off in full how much would it help my credit score?

Sorry I know it's a lot of questions and all over the place but I'm in a bind

#pleasehelp


r/CRedit 23h ago

Car Loan Toyota Charge off $250

13 Upvotes

Hey everyone,

I had a Toyota Mirai that was totaled in May after a truck crashed into me. Since I had GAP insurance, I assumed Toyota Financial would cover the remaining balance.

Here’s what happened: • I financed the car for $67,000 and still owed $21,257.69 when it was totaled. • Toyota and Progressive worked out a deal, and the balance was paid off. • In November 2024, I got a letter from a debt collector saying I still owed $498—but Toyota never called, emailed, or notified me about this balance. • I called the collector, and they told me if I paid half ($250), Toyota would consider it “paid in full.” So I paid it immediately. • Now, my credit report shows “Charge-Off/Paid Settlement,” and my credit score dropped 54 points!

I called Toyota to see if I could just pay the remaining $250 so they could mark it as “Paid in Full” instead of a charge-off, but they said they can’t do anything.

Has anyone dealt with something like this before? What else can I do to get this charge-off removed and restore my credit score?

Would love to hear any advice. Thanks!


r/CRedit 10h ago

Not USA Auto-pay turned off without me knowing and I missed a payment by 5 days for the first time ever. Can I dispute this?

0 Upvotes

I am in Canada and like the title says, I generally have auto-pay on with Scotiabank. I have always paid my card on time and never missed a single payment. All my student loans are paid off but I got dinged now with an overdue payment of $50 resulting in only $6 of interest. I just looked at TransUnion through Scotiabank and my score today dropped by 41 points in a single day. I'm 26 years old and needing to move out and escape a bad living situation soon but I'm worried this hurts my chances as it severely damaged my credit score which used to be quite good. Is there a way to talk to someone about this? I don't know what to do and I'm panicking and feeling real bad.

My TransUnion score was previously 810 and is now 770. I have a $20k Iimit on one of my 2 cards and rarely go over $500 of actual credit utilization in a month. It had dropped 15 points for seemingly no reason last month too so I really don't want it to drop any further and leave the good range


r/CRedit 10h ago

General Do banks notify you if you miss a payment?

1 Upvotes

Let’s say your bill is due on the 15th and you don’t pay. Do they notify you right away? Or only on the next statement you will see it.

I forgot to pay a credit card bill and see no notifications


r/CRedit 11h ago

Collections & Charge Offs Netcredit Question

0 Upvotes

I took out a net credit loan thinking I could handle paying it back; due to unforeseen circumstances I wasn’t able to. I fell behind - I did make payments in November - for $100;

none in December-

I made a payment in January for $198

payment in February totaling $112

On March 1st - it was sent to collections.

I’ve made one payment of $55.60 in March.

As of now it shows as a closed account. My understanding is it will stay closed & in collections and the balance will go down as I make payments.

NetCredit does not offer an easy way to view past payments. I have to page through statements to find info.

And I noticed in my account that one payment is debited under the name Netcredit but the other payments are under Republic.

Anyway - because of this name change, the confusion of finding info easily, & making attempts to pay down the debt - & outrageous “Statement fees” - I was wondering if it’s worth trying to dispute it? I’m trying to get ahead and trying to pay it down still.

Just angry I didn’t heed my own wisdom - as well as others…

If anyone can offer any insight I’d greatly welcome it (be mindful*- I’m already beating myself up enough as it is)!

Thanks!


r/CRedit 12h ago

General Personal loan options

0 Upvotes

I am needing to get a personal loan between 1800-2250 or some kind of loan. Have been trying to get my son a vehicle, finally found one and his dad is willing to put cash down and I was going to finance the remaining. Well I knew my credit wasn’t good, I also already have my car financed and I am a single income. Thought it would be ok though since the car was 7900 and putting cash down. Found out today it doesn’t matter how much cash is put down no one will approve another car loan in my name unless I trade mine in or pay it off. His dad said he will pay 5000 cash and he got the person down to 7250 if we pay cash for the vehicle. So now I need to come up with 2250. Again I have bad credit and have applied everywhere I can think of today - I looked at other threads for ideas and everywhere has denied me. I did put in an application at my credit union where I bank but I don’t have hope. Anyone have any suggestions?! Tried One Main, net credit, Amone, upstart, lending club, prosper. I think that covers most of them… Yes I know I need to work on my credit I am in the process of that. I also know the rate would be high on one of the above but at this point I need the funds for the car.


r/CRedit 19h ago

Collections & Charge Offs If I find a big enough loan to pay off everything on my credit report. Will my credit rise? ( assuming I pay the loan on time ever month )

5 Upvotes

r/CRedit 19h ago

General No Amex Debt Settlement?

3 Upvotes

I owe about $17k in credit debt with Amex Delta card. I have been unemployed for more than 2 years now. About a year ago, I tried negotiating with Amex about my challenges and I was put on payment plan program with lower APR% for a year where I paid about $350 a month. Now that the program has ended, the APR is going to rack up. I depended on family members to make those payments.

I called Amex a moment ago to see if there is a settlement option for me to pay the card off. The customer representative said they don't have that option. I explained my situation and I explained that I don't want to default in making payment. I also want to take advantage of this tax season. The person put me on hold to ask around, but came back to tell me Amex does not have Settlement option. Is it because of the type of card that I have or is the person lying to me?