Ask MetaFilter questions tagged with creditscore

What is the best way for me to try to get a debt consolidation loan?

drjimmy11 — Thu, 03 Dec 2009 22:17:49 -0800

What is the best way for me to try to get a debt consolidation loan? I have around $20k of credit card deb. The interest rates vary, some are quite high and some are decent. I have a decent salary and I could pay it off in a few years, but I would prefer to get a debt consolidation loan and pay that instead.

The issues:
1. My credit score isn't very good, around 650 at the moment. When the financial crisis hit, a bunch of my cards closed my account or lowered the credit limit right down to the balance I was carrying. Ratio of debt to available credit is the main thing holding my score down- prior to the crisis it was up around 700.

2. I have one debt consolidation loan from my credit union already. This will be paid off in about 3 more payments. This was a "special offer" they had and I'm not sure they offer any specific debt consolidation loan right now. I also owe my bank about $3500 on a Visa card they issue. I've had an account there for about 9 years now and in general they've been great.

I'd like to get a loan to pay off some or all of the debt. A good interest rate would be nice, but I realize that's probably not going to happen in the current climate and with my crummy credit score. My main goal is get the debt off my credit cards and get my credit score back up.

So my questions are:

What's the best way to approach my bank about this? I don't want to just randomly start applying for loans without knowing if I'll be accepted. I'd like to get a little more insight into the process they use:
-Will I help my chances if I pay off the credit card they issue first? -Will it significantly help my chances if I finish paying my current loan before asking for another one?
-How much of a factor is the amount I ask for? I would be happy even being able to borrow $10k or so. When asking for these kind of loans, does it make sense to just ask for a high amount, and then they will meet you with what they're willing to lend, rather than just saying "no?" I think that's how it happened last time.
-Does it hurt my credit score to apply for and be turned down for a loan?
-If anyone has insight into the inner workings of giving loans, I'd be curious to hear an estimate of what kind of credit score is generally needed to get a loan like this.

Finally, is there any website that would help me find other banks that might be willing to give me this loan? Or are there any other novel solutions to revive my credit score I'm missing? I realize no one is lending much money right now, so the only answer may well be "just pay it off yourself."

Other data:
-I don't want to go into debt consolidation or bankruptcy.
-I rent and lack many other valuable assets. My car is old and beat up.
-I am in California.

This is not a referendum on the wisdom of my past financial decisions. Thank you.

'The good news is you don't have a bad credit score, the bad news is that you dont have a credit score

er1c — Wed, 14 Oct 2009 07:17:15 -0800

Will a bank (personal) loan help my credit score? I find myself in a unusual position. 45 years old with 3 bad marks on my credit report. I recently tried to buy a home and the mortgage broker said 'The good news is you don't have a bad credit score, the bad news is that you dont have a credit score". Now, we have some big medical bills I want to knock out before those turn bad and figured a bank loan would be the best of both worlds. Pay off the bills and build credit... I learned at an early age that credit cards were evil and have totally avoided them for the past 20 years. Dad, being the nice guy he is said "so you are buying a new car? I'll pay for it and you pay me back. that way you don't have to pay interest or deal with the banks". While his intentions were good, that seems to have really hurt my credit.

Bottom line, if we can find a bank that will let him co-sign a personal loan for me, will that help raise my credit score? Or is it bank dependent if they report to the agencies? (and yes, I've tried all the usual routes out of dispiration to rebuild credit... department store credit cards, gas cards etc etc. nobody wants to give credit to someone my age with zero credit history...

How rentworthy am I?

Anonymous — Wed, 09 Sep 2009 16:57:44 -0800

Help me grow up-filter: am I being realistic about my prospects for finding an apartment? Anon because I am embarrassed about my past fiscal irresponsibility. I'd like to investigate the possibility of renting a new place with a friend soon, and I am wondering how realistic it is, given my financial history, which is spotty to say the least (two chargeoffs, and I defaulted on my student loans long ago but they are now paid off).

I do have several thousand dollars in the bank and I am prepared to front first and last month's rent as well as the deposit (taking the burden off my potential roomie). I have a steady job and would be making 3x my share of the rent.

I have NO background with this kind of thing at all. An overly confident friend assures me that "landlords NEVER check your credit report," and it's true that he does have a decent-ish place and a not so stellar credit history of his own, but I'd like alternate viewpoints/tips before I jump into the deep end of the pool, please. Is the situation hopeless or not? Is there anything I can do in the short term to make myself a more attractive potential tenant?

Is it possible to improve my own credit report?

grablife365 — Wed, 09 Sep 2009 13:47:09 -0800

Credit report question. Is it possible to add positive information to my report? My lender tried but was told a 3rd party can't do it. Does that mean that I can't? And is there anything I can do to raise my score quickly? I'm still dealing with a pay for delete with Verizon but in the meantime I'd like to see what else I can get going. My score right now is a 612 (though I thought it was 619 last checked) and I need to get my points raised quickly. I'm working with a downpayment program in Houston who does not require a minimum score. I figure it would be hard to find a lender who would work with me with this score so my best bet is to raise it somehow. Everything else lines up wonderfully and I'm running out of time to get into my own place before I have to be out of this one.

A loan officer I spoke with tried to get my car added on my credit but was told a 3rd party can't do it but beforehand she made it sound like it was possible. I'd like to try it for myself.

The situation may not make it likely though. The car dealership doesn't have the ability to report. They would have to have a certain amount of accounts open in order to be able to report (or so I'm told) so adding it myself is my only option. I'd like to know its possible but hearing no, it's not is better than wondering over it daily.

Also, what other ways can I improve my credit. I only really have two negatives on my credit and the main one is Verizon that I'm trying to pay off and get deleted and they aren't budging. I don't own credit cards, have been a member of a credit union for years if that helps, but I don't have much time at all, like not even 3 months. I pay monthly bills since December but they aren't in my name. I'm in a pretty stuck situation now with my credit and with the living situation but I would appreciate any answers as always.

Thanks.

Can I fix my credit history? Should I?

ocha-no-mizu — Thu, 13 Aug 2009 12:17:40 -0800

Botched online credit card applications: can I have them removed from my credit history since they were due to an unresponsive website, and does it really matter anyway? I tried to apply for an American Express credit card online, but the website was behaving badly and would be unresponsive for several minutes after I submitted the application. I tried several more times throughout the day, and on the 3rd or 4th attempt it finally gave me a response (more or less immediately). Since I've only been in the US for a few years, my credit score is apparently still too low, and I was denied.

Fair enough, that was not completely unexpected. The problem is that one of the reasons I was given for the denial was something like "too many credit applications in the past 12 months". Concerned that all of those earlier applications that got lost in the tubes actually made it to American Express, I called their customer service. Sure enough, they were all recorded and now 3 or 4 denied credit card applications will show up in my credit history. I was told unequivocally that American Express couldn't remove them from my history, despite the fact that most of them were due to their dodgy website.

Can I fight this? Should I fight this? Despite having a low credit score, I have already successfully applied for a car loan and a mortgage through my employer's credit union, so I don't have much need for a glowing credit history. I'm only interested in the credit card for the cash back benefits; I wouldn't be too upset if I never got a credit card. Is there any reason why I'd benefit from not having this string of denied credit card applications on my record?

Recommend a credit monitoring service

poppo — Wed, 01 Apr 2009 15:17:53 -0800

I'm looking for a credit monitoring service where I can track multiple individuals' credit scores. I've used MyFico in the past to get my credit score and track it. I'd like to also get/track the credit scores of my wife, children, and parents. I inquired at MyFico and it seems I'd need to make a separate account for each individual, which would be a hassle.

Is there a company that will let me track multiple individuals through one account?

How do credit checks/histories work in the UK?

metaBugs — Mon, 20 Oct 2008 07:01:51 -0800

UK Credit Reports / Histories: I've seen loads of posts referring to the USA system of credit scores, credit histories, etc. but never seen anyone refer to an equivalent UK system. Presumably we have one, but how does it work? So far in my life I've been lucky, and never taken a bank loan or had a credit card. This is great, but means I have no clue how the system works and I'm about to leave student life for the real world.

In my bank the other day, the manager tried to persuade me to sign up for a credit card (which I later found she gets commission for) and mentioned that it's useful to "build up credit". I assume she's talking about building up my credit rating so I can get loans more easily in the future, which I thought was just a US thing. Most importantly, I'm reluctant to take advice from someone who's getting paid to sell a credit card to me. I'd much rather ask... um... a bunch of strangers on the internet. Hmmm.

So:
Do I, having lived my whole life in the UK and never used credit, have a credit "score" like I've read about for the USA? If so, how do I find out what it is?

Is having a credit card and not using it (I'm terrified of spending money I don't have) really better for me than not having a credit card AND not having and debts?

Why, when performing credit checks, do companies always check my current and past addresses? I've been told that putting a student hall as my address will automatically get my phone contract refused so I put my parents' address and got through. Given that I haven't lived anywhere for longer than a year for nearly seven years now, why is my address more important than my name and bank account?

Utility bills to my roommate and my credit score.

Anonymous — Tue, 26 Aug 2008 16:36:57 -0800

How do Utility Bills addressed to my roommate affect my credit score? Both of our names are on the lease. However, all utility bills are adressed to my roommate. Our subletters missed a ton of payments this summer, and we got all sorts of mean letters about shutting off our gas/cable. Is my credit at risk if all of these letters were addressed only to my roomate?

I am in NY State, and letters were from ConEd and TimeWarner. Thanks, all.

Help me fix my credit score.

desjardins — Mon, 25 Aug 2008 06:03:08 -0800

Should I dispute the adverse item on my credit report or just pay it off? Also, will a balance transfer help or hurt me? Last July I moved and closed my account with my old cable company. I returned the equipment and paid the balance. I got a notice saying I owed them $69 but I figured my check had crossed in the mail. I called them and the rep said my account was at $0. So, I forgot about it and ignored the mail they sent me. The cable company itself never called me to get the money. A collection company started leaving messages for me about a month after closing my account, but they didn't say for whom they worked and I never called them back. This company is also notorious for calling the wrong person and as they never said my name, I assumed they must be calling the wrong number. Now the $69 is on my credit report and I'm pissed because 1) I was never told it was going to collections and 2) I don't really owe them the money (unfortunately I have no proof of returning the equipment). I don't have the energy for a drawn-out battle with them - I just want it off my credit report. Should I just pay them or won't it matter?

Another thing hurting me on my score is that I have two credit cards that are maxed out. The interest rates are absolutely obnoxious (28% and 29%). The third one has a really high credit limit and a low balance, and it could easily accommodate the balances of the other two. The balance transfer rate is 9% and the fees would amount to $200. The rate is only good until May 2009 and there's NO WAY I will have them paid off by then, but then the rate just jumps to the normal APR of the card (25%) which is still better than the other two. I have had this card forever and only paid late once. I am likely to be adding another $5000 to the card soon because of the wedding/honeymoon (I'd still have room for the other two balances.) Should I do the balance transfer?

Money money money, Must be funny

Bakuun — Tue, 01 Jul 2008 21:06:31 -0800

A noobie question on credit scores! I know raising your score is partly done by reliable monthly payments on credit cards and loans - and people who are just starting out to build their scores, are often advised to get a card and begin to responsibly pay it off, to catch the notice of the reporting agencies. Would that mean that if you can pay off a large credit loan (e.g., in the realm of $2k) immediately instead of sticking to a monthly payment system, you're missing out on chances to further raise your score? Or does being able to pay off such an amount in full give you an equivalent gold star sticker? I wish this was something that didn't need asking, but my 'financial tutors' have been virtually nonexistent while growing up. D'oh!

How do credit bureaus work in Canada and the US?

phyrewerx — Wed, 04 Jun 2008 20:09:16 -0800

How do credit bureaus work in Canada and the US? As far as I understand, there are several major credit reporting companies in Canada and the US. How do they keep the data in sync? Do credit bureaus share data between each other? Do people have to ask all the bureaus in a country what your credit score is? How are credit bureaus regulated, and why is it so hard to have credit information struck out, but relatively easy to have things added in?

Credit card cancellation consequences?

Eldritch — Tue, 22 Jan 2008 08:14:19 -0800

Posting for a friend: My friend was bad about paying bills on time for a credit card over a long period of time (multiple years). It's one of the major blemishes on their credit score right now and the issuer has just decided to cancel their card. The question is, how much will the issuer canceling the credit card be on my friend's credit score, and what can they do? Is it worth trying to negotiate and see if the card can be reinstated at a much higher rate? The friend easily has enough money to pay it but has just been disorganized. And if the card is canceled by the issuer, how long will this leave a blemish on my friend's credit score?

The only information I can find about canceled credit cards on the web is about people canceling their own card, not the issuer, except for this AskMe question, which doesn't talk about how much it hurts one's credit score if this happens, or how long it affects it, or what one can try to do (like can one negotiate for a higher rate)?

Determining the right credit limit for optimal FICO score?

amfea — Thu, 29 Nov 2007 07:02:58 -0800

How many credit cards should I have and what should my limits be for the best possible credit score? I currently have three credit cards. I use one or two of them for routine purchases throughout the month, but I pay them off when the bill arrives and do not carry a balance. The issuers periodically send me letters saying they've raised my credit limit. I now have way more credit than I really want or need, but I am also confident that I won't abuse it either.

I've heard that the FICO score is partially based on your number of credit cards, the ratio of the balance to credit limit and maybe the ratio of total balance to income. In my case, I may charge up to 25% of my net monthly income, but always pay it off at the end of the month. The total credit limit across all three cards is about 35% of my net annual income.

Given the above, how can I determine how my credit limits should be set for the optimal FICO score?

How to Grow Good Credit in 2008

cockwaffle — Mon, 26 Nov 2007 07:10:32 -0800

Help me design the Best Possible Plan For My Credit in 2008. Ten years ago I had no cash, and terrible credit. Today I have some cash, and no credit. I want to make some good choices next year, based on a well-considered strategy. I should start by saying that I know this is a very nice problem to have. It's taken a long time to get here and I want to proceed wisely.

Back then: After getting into some minor credit card trouble in college ( lss than $2000), I argued some of the debts, settled the others, and never again looked twice at a credit card. But, I wasn't spotless; I still had hit-or-miss records on my student loans, and the assorted unpaid utility bills and bank overdrafts. There was a lot of robbing Peter to pay Paul back then, so any tiny surplus went to groceries, rent. Any time I could get a bit of a leg up, I'd improve my track record a bit, and by sticking to a cash-only policy, I stayed out of trouble. Fast forward to today: Recently married; partner had similar hit-or-miss past (sans the student loans), but no major credit stuff. Both happily employed with plenty of surplus, and making enough that we are both paying off debts here, socking away savings and retirement there. The one car is paid off; no mortgage. So, I've paid off all my old debts and claims, but there's no new good news to take its place. My FICO: TransUnion: 670, Equifax: 660. No Experian, because there's not been enough recent activity. I literally have nothing establishing credit in my name, save my debit cards / bank accounts.
The future:
- At some point in 2008, we need a second car; researching, I checked with my bank and they can't offer rates better than whatever dealership we'd go through. We don't care whose name the car is in since legally, it's all the same pile anyway.
- A mortgage won't be on the horizon till this sub-prime thing blows over, as we are in a market that's been hit especially hard; besides, we don't have that down payment saved. Still, I want to be mindful of that on the horizon, say 2009 or 2010.
- I would rather not get a store card (it seems like inviting trouble to create a purchasing tool that requires me to acquire stuff we might not need, in order to establish credit)
- And, a gas card won't be much help either (we don't drive that much)
- I would like a general credit card, that I would pay off every month. It would be for small daily purchases; the big tickets would only be travel, or the odd time where one needs to pay $500 or $1000 for something up front (medical, plumbing emergency, etc.). Bigger purchases might get paid off every two months.
- I have frequent opportunities to make fairly high dollar purchases for my company, which are reimbursed on time. I've refused to float those expenses out of pocket, to date, but it seems like putting them on my credit card could be an easy way to pay off an even higher balance promptly.

I want to proceed practically and with care, and in the order that will create the best effect, fastest.

Should I get the credit card before applying for the car loan? Should I postpone the car until after the credit boost that the (eventual, unplanned) mortgage will give... even if that will harm our quality of life for two or three years? Should I get a store card even if I don't want one? Should I definitely apply for a credit card that my bank offers, before any other lender, since they know me? I really would rather not get a secured credit card if I don't have to; will my FICO require it? Should I try to boost my FICO before I even consider applying for credit?

Tell me what to do, and why you think so. Or tell me of your own experiences and what seemed to work well. Or of websites, books, financial gurus we should check out. Or of glaring considerations I might have missed. I know you might not be an accountant, credit counselor or financial advisor, but we don't intend to hire one of those anyway. Our plan is to inform ourselves as much as possible, and then weigh it all and decide what makes the most sense.

Yet Another Credit Score Question

Anonymous — Thu, 18 Oct 2007 18:43:14 -0800

Why did my credit score go down? A few months ago, i signed up for a credit card through my bank that lets you access your FICO credit score online. I signed up for the credit card in hopes of building up my credit score which was, when i started a not-so-great 644.

I charged some stuff on the card and began paying. I always always pay more than the minimum payment and i pay twice a month (whenever i get paid) even though only 1 payment is due per month so i am never late. I don't pay it off-- but i pay way more than the minimum. I'm only on my third month in my new awesome-credit-regime.

I just went to go pay the bill again and i checked my score and my score has gone DOWN. In August i was at 644 and for Sept i am 627. What gives? Should ignore this and look at in the longer term? I have no other debt to my name besides my cellphone bill which i pay on time as well. Maybe not as strictly as my credit card, but they never ever have to call me to remind me to pay (at most i'm only a few days late or so).

I have not applied to any other credit cards or for credit since getting this one. I have not applied to any credit cards since earlier this year.

So, what gives? I'm a complete n00b when it comes to finances. :cx

Stupid, innocent credit card mistake causing fairly big problems...

ruff — Mon, 11 Jun 2007 23:06:02 -0800

Despite good intentions and record levels of responsibility, a stupid credit card screw-up and other small mistake just resulted in big fees and bad credit comments. How do I get these fees back and these comments off my credit report? I've been trying really hard to be frugal, pay everything on time, and pay off my credit cards, which is why I'm really mad that even my innocent screw-ups are causing all these problems...

1) I recently paid off about $1500 on a MBNA/Bank of America credit card. Believing I'd paid it off, I didn't check the balance for a few months (very dumb, I admit). But the finance charges / interest ($40) that showed up on my next statement ended up accruing not only another $30 in late fees, but also a 30-day late notice sent to all three credit agencies. Oh no! I've been trying to get my score up so I can buy a house! My score is hovering near a critical threshold! It's my fault, yes, but it's on such a tiny fraction of what I just paid them, and I paid this the second I saw it... So, I really want this removed. How?

So far, I've called them and they said they can't take it off because they have to accurately report things. I know that's wrong from this very similar question. So, I'm sure there's some way to talk them into removing it, but what? Advice says everything from "just keep calling!" to "communicate only in writing." I don't really want to dive in to the certified mail credit repair process, but hell, if I end up going that way, there are two 30-day late notices from them three years back that I'd challenge while I was at it, if I knew how.

But I can't seem to figure this out. Even a quick summary, or a link to a good Credit Repair 101 article would be great. Believe me, I've tried -- I've spent the last three hours reading creditboards.com and googling. The chat board is a steep learning curve and more info than I need (they must have like six Newbie 101 FAQ articles and I still haven't found one that explains all the acronyms... like C&D, which apparently means Cease & Desist, which I guess is one way to get creditors to stop coming to your house, but I'm so far from that point and it's taking a long time to sift through for what's helpful). Meanwhile every article I've found googling is super-shallow like, "1) get your credit report , 2) make payments on time, 3) pay off your debts!! Good luck!!!!" I've also read some related AskMe threads, but a lot of the links to critical articles seem broken. Anyone been through this that can give me a quick guide?

2) Meanwhile, I also lost my wallet, so I had another ATM card issued. My gym tried to do their monthly auto-withdrawal for my membership fee. The old card number got rejected, and they sent me a letter saying that now I owed them my gym fee + $15. What?? I don't even remember anything I signed saying that was a possibility (though it's possible, maybe I did.) I mean, if they'd sent me a notice and I hadn't responded, sure, fine me, but this is the first I've heard of this. Any tips on this, besides just finding someone in management who will care if I cancel my account...? They've been notably unwilling to negotiate in the billing arena before, and I would really like to keep going there. Do I have some sort of way to contest this here, or can they just "fee" me whenever they want? I haven't called them yet because I have this idea that if you say the wrong thing, you've just shut off half your avenues for contesting them.

Thanks in advance for any help you can offer!

I am not my own grandpa, Experian!

aristan — Thu, 10 May 2007 23:10:45 -0800

My father, grandfather, and I all have the first and last names, with only different middle names to distinguish us, no suffixes. How do I go about untangling our credit reports? Because of the way information is reported to credit unions, you'd think we were the same person with more addresses and aliases than a Bond villain!

I checked my credit report today and was a little leery when all three agencies asked me about my mortgage. Since I don't have a mortgage I knew right away we were going to have problems.

- Equifax has everything basically right for me, other than having an old address and the employer I was with in 2000. They only list a single recent positive account for me.

- Transunion pitched a hissy and won't let me see the report online because I refused to tell them all about my mortgage. As I am not privy to my parent's financial history, I have no idea who it is with or how long the terms are. If I want a Transunion report, I have to write for it.

- Experian is totally fubar and has the following:
* Dad's birthyear instead of mine
* two negative accounts of Dad's
* one negative account that doesn't provide remotely enough information for me to figure who the hell it belongs to.
* one positive account of Dad's
* two accounts of mine, one negative and one positive, both recent.
* Every permutation of my dad's name, my name, and my grandfather's name.
* Dad's social security information listed as an "alternative" to my own.
* Information on my parent's mortgage.

It bothers me that Experian gave me so much information on my parent's credit, even though when answering the questions to prove my identity I didn't even try to answer things related to their mortgage.

How do I buy a house with bad credit?

brinkzilla — Fri, 06 Apr 2007 07:15:39 -0800

I want to buy a house. I have 20 grand but bad credit and a long term boyfriend with no money and good credit. What is the best option? I want to buy a house next year but my FICA/ credit score is really low due to a delinquent credit card debt that I was carrying after college. At one point I was over 20,000 in the hole. I thought I was doing the right thing by closing out all of my credit cards and living only by debit card. I have come to learn that not having a credit card can bring down a credit score. I do get those "pre-approved" offers in the mail, but I stopped applying for them when I kept getting declined.

Today, I am debt free and have moved beyond the paycheck to paycheck period and have even been able to save about 20 grand (now in CD's and high interest savings account) I live with my boyfriend for 4 years. He has a great credit rating, but does not have any money to add to the deposit on the house. (He's a full time student) It is tempting to use my money and his credit score to buy the house, but without us being married I feel a little vulnerable with that option. (Are there downfalls to owning a house and not being married?) I really want to be able to do it on my own without being screwed by high interest rates. Anyone have any suggestions?

Could going to court over my security deposit hurt my credit?

Xalf — Tue, 17 Oct 2006 16:40:55 -0800

Security Deposit Dispute: Will going to court hurt my credit? I'm considering going to court to get back more of my security deposit and my landlord has suggested that going to court might hurt my credit rating. This thread suggests that a landlord could ding my credit rating over money I owe him, but is there any way that losing an attempt to get back some more of my deposit could hurt my credit? Even if I didn't want to pay him a debt I owed him, I couldn't because I'm the one who thinks I'm owed money. I'm in Michigan, USA.

Oh and I'm not interested in discussing the merits of my claim or the merits of taking such a small claim to court.

Why is my credit score so high?

pinksoftsoap — Tue, 12 Sep 2006 09:54:32 -0800

Why is my credit score so high? Back in Freshman year in college, I naively signed up for 6-8 credit cards in a promotion to get a free t-shirt with a passed out Curious George on front. I subsequently cut up the cards they sent me and ignored the accounts. It wasn't until two years ago (5 years past) that I learned about credit reports and freaked out when I saw how many open unused accounts I actually had. I closed nearly all of them. Now I've just checked my report for this year and my score is surprisingly excellent. Does my credit score not depend on the fact that all my former accounts had a $0 high balance? Aside from those, I only have one legitimate credit card, a few store credit cards, and a student loan. Also, should I try to have those unused and closed accounts removed from my credit report as they don't actually reflect anything? I hesitate to do this as I wouldn't want my credit to go down.

Cosigning for a student loan

charmston — Sat, 01 Jul 2006 19:40:42 -0800

CreditFilter: Does co-signing for my student loans affect my parents' credit? My parents are concerned that cosigning for my student loans (which, before I complete my undergraduate studies, will probably amount to approximately $50,000) will adversely affect their credit. If not their FICO credit score, at least show up as some sort of debt that they are responsible for that might hurt their chances at getting future loans.

Are there any credit or financial experts that might know the specifics regarding this? Many thanks!

How do I get my credit report corrected?

melissa may — Fri, 22 Apr 2005 19:01:23 -0800

Since my wallet was stolen, I've been trying to get a particular inaccuracy on my credit report corrected with no luck. I have written to the company that owns my report using their own online dispute form and via snail mail. It's been 6 months and I don't know what else to do to get them to respond. Last November, I reported my credit card stolen immediately and the number was deactivated before any false transactions could take place. I was issued a new card and number by the same company, who promised to report the card as lost/stolen to the company that owns my credit report. My balance at the time was transferred to the new card.

The credit reporting company -- which is affiliated with Equifax, no less -- has never removed the old card with its old balance from my report. Because I was at the end of a lengthy business trip at the time and using it for large expenses, the balance was over 2k when it was stolen. So, according to my report, I have 2k+ worth of debt waiting to be paid off, when in fact it has long been paid off. This is lowering my FICO score significantly.

This company only one phone number on its site that is unusable because it only provides information on how to file a report, not customer service, which I sure as hell think should be illegal for a company that controls such vital information, so I can't call and talk to a human being. They've not responded to my several written requests. My credit company says they've provided the information to them and there is nothing more they can do to intervene. Despite that I purchased a year's worth of an expensive credit report update service from them, Equifax also will not intervene, but just punts me back to this same damn unresponsive company. I will shortly be making a purchase that will require my credit to be as solid as possible, so the situation has become urgent. How do I force them to clean up their act?

Credit Score Question

Anonymous — Sun, 12 Dec 2004 11:35:09 -0800

CreditFilter: Two years ago, not really understanding the importance of good credit behavior, I let a department store card slide for 180 days, twice (I KNOW!). This impacted my credit history greatly. I had previously had 4 years of good payment on two credit cards. Over the past year, to help recover and instill good habits, I pay my credit cards in full every month (read: no personal debt) and added a paid off car loan to my reports (15K). My CC limits have slowly increased but my score has remained somewhat the same (10 pt increase).

What can I do to get out of this rut? Some collegues I know have a sizable CC debt (around 15-20K) with less income than me but have great scores and could buy a house tommorrow with no problems. What am I missing and no, credit-fixing agencies are NOT an option.

How will old credit cards affect my otherwise excellent credit score?

RobbyB — Wed, 08 Dec 2004 20:36:05 -0800

Credit Reports. I've just received mine from the big three via MyFICO.com. I've got above average scores (750+), but I see a bunch of old credit cards that may or may not affect my score. You see, I'm getting my finances in order to go home loan shopping for the first time. What's steps should I be taking to make loan officers like me?