Anybody here work in banking?

[02ducky]

Anybody on the site that works in banking or in financial industry. Recently sold the house and looking at possible getting an personal loan against the equity in my car that has is paid off to help rebuild my credit that took a nasty hit after my wife and i divorced need some advice and direction.

[Madeinhb]

I wouldn't go to a Banker. Id look for a financial planner. They would know the best ways to rebuild it. Credit cards worked for me. Pay some bills and pay in full every month.

[Skip]

I wouldn't go to a Banker. Id look for a financial planner. They would know the best ways to rebuild it. Credit cards worked for me. Pay some bills and pay in full every month.

+1 for credit card. Even if you have to get one with a high interest rate, you can pay it off each month and never pay a dime in interest (this is what I do). As your credit improves you can ask them to increase your limit (just don't do that more than once a year or so).

Citibank offers free credit score reporting with some of their cards. They report in each month and they pretty accurate +/- 20 pts.

[Wulf202]

I wouldn't go to a Banker. Id look for a financial planner. They would know the best ways to rebuild it. Credit cards worked for me. Pay some bills and pay in full every month.

I hired one once. Waste of $400. By the end of the second meeting the guy with the bachelor's in finance was taking notes and the guy with the masters degree was asking my advice.

There's better advice here from people you know.

Skywalker. Those are for managing debt. Not really good for building credit.

Ducky. I did what you're planning on when I had NO credit. Just get a credit card as above. Preferably two

[Madeinhb]

I hired one once. Waste of $400. By the end of the second meeting the guy with the bachelor's in finance was taking notes and the guy with the masters degree was asking my advice.

There's better advice here from people you know.

Skywalker. Those are for managing debt. Not really good for building credit.

Ducky. I did what you're planning on when I had NO credit. Just get a credit card as above. Preferably two

I agree. Good financial planners are hard to find. You had a bad one. But my point was if the OP were to go somewhere - go there. Bankers, etc are out for their best interest, not the persons.

[Wulf202]

I agree. Good financial planners are hard to find. You had a bad one. But my point was if the OP were to go somewhere - go there. Bankers, etc are out for their best interest, not the persons.

Agreed on all points.

What irving said.

Get the credit ball rolling. But it won't be done by jan. Start talking to friends and family and find someone to cosign if needed. Then start beating craigslist and look for small time landlords to rent from

[Skywalker]

Just my two cents worth. Names that I know you can learn from and would follow. Suze Orman, CLark Howard, Dave Ramsey. I feel like the more you read and do yourself the more you will retain for yourself. These are three of the best and Suze and Clark maybe more on point and Dave Ramsey on Financial Peace. Just trying to help.

http://www.clark.com/ and dive into the improve your number below
https://deals.clark.com/credit-score...429.1479930775
http://www.suzeorman.com/resource-center/managing-debt/
http://www.daveramsey.com/home/

[Rumline]

I'll throw out the MyFICO forum. http://ficoforums.myfico.com They have all kinds of advice about boosting/repairing scores. Everybody's credit situation is different but from what I remember, credit cards used responsibly offer the greatest opportunity to build or repair your score (generally speaking).

I'd recommend going with a credit card that has that free monthly credit score feature so you don't have to pay to monitor your progress. In addition to Citibank, Discover also offers it on (AFAIK) all their cards.

[02ducky]

heres the kicker, I found out about a credit card she opened with my name and then didnt pay on it, I just recently found out about it (save the comments lesson learned) and between that and another issue with the IRS (being handled) my shitty credit union said no to a personal loan against the equity on my paid off vehicle. I am a little stressed about this one I have until Jan and then have to move the hell out of my house. no credit or bad credit means no house or apartment. thought a win/win with taking the pereonal loan, paying down the credit card while paying on the car loan to help rebuild credit.

[Skip]

heres the kicker, I found out about a credit card she opened with my name and then didnt pay on it, I just recently found out about it (save the comments lesson learned) and between that and another issue with the IRS (being handled) my shitty credit union said no to a personal loan against the equity on my paid off vehicle. I am a little stressed about this one I have until Jan and then have to move the hell out of my house. no credit or bad credit means no house or apartment. thought a win/win with taking the pereonal loan, paying down the credit card while paying on the car loan to help rebuild credit.

I feel bad for you.

I know this is personal (so you don't need to answer) but have you confirmed this is your liability? Was the account opened while you were married? Did she charge anything after the divorce? Was the card listed in the decree as a liability?

IANAL but you might want to see if this debt really belongs to you. And consider you might own some of it but not 100%.