Finance Questions

Archive for May, 2009

Question: How do I remove this from my credit report?

All of this is from applying for a vehicle & trying to build my credit, I didnt apply for all of these at different times. Some were through those companies that say they can get you approved and this is what has happened to my credit.TOTCRDTSRV 06/27/07 Miscellaneous And Public Record
CITIFINANC 06/25/07 Finance
THD/CBSD 06/25/07 Finance
HFC 06/02/07 Finance
CITIFINANC 06/01/07 Finance
CITIFINANC 05/14/07 Finance
CSC MTGE 05/01/07 Miscellaneous And Public Record
USBK 04/23/07 Banking
COMBK CNSM 04/20/07 Banking
GREATSTHBK 04/20/07 Finance
WELLSFARGO 04/20/07 Finance
AMERICRDT 04/19/07 Finance
CAP ONE AF 04/19/07 Finance
CHASE 04/19/07 Banking
HSBC AUTO 04/19/07 Finance
PRMRAUTO 04/19/07 Automotive
TRIADFINCO 04/19/07 Finance
WACHDLRSRV 04/19/07 Finance
BLU SPGS F 04/18/07 Automotive
HSBC AUTO 04/18/07 Finance
JFMOTORS 04/18/07 Automotive
This is just half the list
LESSON LEARNED!!!
Loads of inquires

Answer: Wow, you are tanking your score with that many inquiries man!!! They don't drop off until 2 years.

Anytime you car shop, a dealer can submit your file to as many banks as he/she thinks will finance you. So inquiries can quickly add up.

Really, you can't do anything but suck it up. Companies are not obliged to remove inquiries if they had permissible purpose to view your credit.

I guess you could start with a couple goodwill letters to those creditors, but I'm pretty sure that will get you no where.

Inquiries hurt more when you have lower than average credit, more or less (YMMV) 4-5 points per inquiry, so watch out!

Marc Sheinbaum of Chase Auto Finance "Auto Finance Today"

Question: Do you plan on using bailout money for your mortgage?

I think it is great that Bush is going to bailout the homeowners that have been ripped off by the mortgage industry. These crooks have taken money from folks that just want to be a part of the 'ownership society' by owning their homes. Will we be allowed to get grant money for the exorbanant excess finance fees already paid by the reset interest rates? I think the mortgage companys should at least have to pay it back to us that have had resets. Do you think the govt can help us with the credit card interest rates that are also a rip-off? These banks are filthy rich on our backs of labor and owe us a refund and more normal interest rates going forward...

Answer: No need to. I put down 20%. Got a 5% fixed rate. Make payment on time every month.

People buy a house that they can't afford with an adjustable rate that gets them in trouble.

Private Finance Company's should be shut down