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Everything posted by Sinuous

  1. I never said having 0 balances results in a scoring penalty. However, carrying 0 balances for years at a time shows that you don't need credit, and therefore credit-issuing companies can not make any money off you charging you a percentage rate, thus making you "unattractive" to them. Prior to obtaining mortgage financing you should always pay all your credit cards down to a 0 balance in order to insure the best rate. You and your wife are good examples of individuals in specific brackets, or scorecards, of credit scoring as discussed by Methuss in the following sticky: "Switching scorecards. I can hear the questions already..."scorecards? What the hell is a scorecard?" So lets start there. A scorecard is a category that the consumer is classified into for determining your FICO score. It is based upon grouping your report with others with similar problems. The scorecards I know of in order of severity are: bankruptcy, unpaid judgment, chargeoff/paid judgment, collection and late-pay, recent account opened, and aged accounts. So consumers with a bankruptcy on their reports is on a different scorecard than consumers who do not have a bankruptcy on their reports. When you move from one scorecard to another, the formula used to determine your FICO score changes. This is why a person with a score of 720 with a bk on their reports suddenly has a score of 640 when the bk falls off. When the bk was present the rest of the report looked really good compared to others with a bk; but once compared to consumers with no bk on their report, it doesn't look so good. So what can you do about being put on another scorecard? Not a lot. Dealing with it is mostly planning. The best thing you can do is make sure you do not have a high balance to credit limit ratio a few months before an item is ready to drop that will move you into another scorecard. If all other things are equal, that will keep you from a major score plunge." You are in the individuals with former BKs group, and your wife is in the 31 year-old chicks with 0 credit balance and perfect credit history group. I must say that your wife is in one of the most exclusive groups known to mankind....in fact, she's likely the only person in that particular credit bracket (I kid....I kid). Your credit profile is more than just your FICO score. Apply for a large amount of credit, where they manually review your history, and your score means a LOT less.
  2. I don't mean to be a buzzkill for some of you, but a bunch of under $500 cards does not an attractive credit profile make. In fact, it makes you appear to be desperate for credit to creditors. It is much wiser to concentrate on cards that have a known history of graduating or offering automatic credit increases after a set amount of time, such as the B of A 99/500, Target Red Card, Chevron/Texaco card, etc... Bide you time with cards like these, keep the utilization below 10%, and they will turn into cards with decent limits if you are PATIENT. I started off with scores in the mid 400s a couple years ago. I focused on using the principles on this site to clean my credit report. After I did everything I could, I waited for about a year before applying for ANY credit. I only have 3 cards and the obligatory CJ account, and my scores are now in the mid 700s on all 3 reports; straight FICO scores. My cards have all graduated and/or grown to decent limits in about a years time. Quite frankly, many of you scare me with these long lists of credit cards. Are you looking to get into the same situation that brought you here in the first place? The more cards you have, the more payments you have to monitor/make, and the more balances you have to carry.......because remember.....a bunch of cards with 0 balances also makes you unattractive to creditors. I think some of you need to go back and review the principles of creditworthiness discussed ad nauseam on this site.
  3. So I requested hard copies of my 3 free yearly credit reports from the Central Source via the their official phone line on March 31st, and of course TU and EQ ponied up their reports in a few days. Experian, however, has failed to produce their copy to date. In the past, when filing disputes with Experian via mail, I've been forced to provide a copy of my drivers license and a current insurance statement to verify my identity. Could this have anything to do with their failure to comply with FACTA? The Central Source (annualcreditreport.com) is a proxy company controlled by the big 3, but I have no idea how to force Experian to comply with the Act. Anyone had a similar experience? Who should I contact about getting my rightful free report from these snakes? Should I contact EX directly with my usual identity verification? Should I file a complaint with the FTC? I recently had an OC send me a signed document stating they would change specific info on my Experian report, but judging by my past experiences with Experian......I have very little hope that the bastards actually changed the info regardless of what the OC sent them. Any help, advice, or suggestions would be appreciated.
  4. Pyramid debts refers to consistently applying for new credit cards so that you can use the stellar balance transfer rates that new cards generally offer to transfer debt from other cards, and then never using the original card again. Basically, pimping the low intro interest rates on all cards, transferring the debt after the rate expires and then just sitting on them with 0 Balance. Financiers frown upon this practice, and doing so will mark you as a pariah.
  5. There's a difference between a law that is actionable by an individual, and a law that is enforced by an agency. You will find that the latter rarely hold much weight and are often copiously violated.
  6. One of the primary changes relating to credit repair is that authorized users of a credit card will no longer have that history factored into their score. Beyond that, it supposedly has a much fairer scoring system, differentiating between paid and unpaid COs, etc....
  7. I'm in virtually the same position as you. You might as well wait until June. The housing market shows no signs of picking up and you risk dipping your score by about 15 points per tradeline. Wait until it actually is obsolete before disputing it as so. That's my 2 cents.....take it or leave it.
  8. Chex usually provides a ton of information when they verify an account. If they did not do so, it is likely you can get this removed. Attack it tenaciously!
  9. Too bad you shredded it. BoA is known to unsecure their secured cards after about a year and give huge CLIs when they do. Not many cards look better than a unsecured card from a large banking institution.
  10. Don't jump the gun. You can't fix FUBAR credit over night. Just wait for each step of the process to be completed and take appropriate action in response to the outcome. Of course you want to wait and see if those mofos verify the account to the CRA.
  11. Why don't you just **** off and die shill. The bull**** you spout off as the truth reeks of ignorance.
  12. That's something you really need to watch out for when dealing with old accounts. The 30 day late being so old was not affecting you as much as losing the tradeline altogether. You can pretty much forget about them re-reporting such an old account. I doubt they even have your records anymore. Might as well try with a letter to the OC though. The CRA is not in any position to help you.
  13. Presumably you have proof of the fact that you paid or otherwise settled the $22K tax lien. You need to go through the normal channels disputing the information as incorrect with the CRAs before you jump ahead and even think about including a statement. It's likely when you hear back from them it will be to tell you they updated it to paid. The repair process can be slow, but be patient and follow the directions found on this site and you will eventually come out ahead. Don't even think about applying for credit until you've cleaned up your reports and only have a few stubborn holdouts remaining. The CRAs are required to investigate proof of payment that you send to them, but I don't think it will come to that.
  14. $10K debt on one card? That doesn't appear to me as being very responsible, regardless of your current utilization ratio. Sounds to me like you are living outside your means.
  15. What....not politically correct enough for you? As far as I know Freedom of Speech is still a basic right in this country.
  16. I realize this is an old thread, but I figured someone might benefit from this information. For some unknown reason, Chevron increased my credit line from $400 to a whopping $1500 without any notification whatsoever. This was after a year of owning the card and never breaking $100 utilization. Strange stuff..........go figure.
  17. They upgraded me to the Visa at exactly 12 months just the other day. Can't say I'm complaining about going from a $200 to a $1500 limit, especially considering I'm currently unemployed. A year and a half ago my credit was trashed. Target was one of the first to take a chance on me after I had cleaned up my reports a little. I continued to clean up my reports after getting the Red Card and that might have something to do with the upgrade, as my score has gotten significantly better since then.
  18. Don't pay the OC dude....you'll lose any leverage you may have had to get this off your credit report. Because it has only been assigned to the CA you need to work the OC for a PFD. Send the person who validated from the Physician's billing office a nice letter with a sob story about your foot and how you would have paid this immediately if you knew the insurance hadn't covered it. Tell them the CA told you they sent the notices to an address you have never lived at. Tell them your don't have alot of money and the credit listing is killing your credit, so you will use what little cash you have to pay them if they recall the collection from the CA for you to pay or direct the CA to delete the listing due to "special circumstances." If that person refuses, find the next higher up at the billing office and mail your sob story to them and repeat until someone listens. Wear them down with letters. If the President of the hospital calls eventually and says "Go f*ck yourself," start the same process with the CA via mail. Don't call them for Christ's sake. You see, if the CA is the only one reporting on your CR, and they agree to PFD, it won't stop the OC from reporting, but the likelihood of that happening is nil. It will take awhile but this process has NEVER failed me......ever. Always get any agreements in writing...I have had to sue for breach of contract a number of times even after a written agreement from CAs and OCs.
  19. Assuming they validate, fire off letters or emails starting low in the managerial hierarchy and working up from there with a sob story. Send these letters to both the CA and the OC. Do not elicit your intent to purchase a house soon. If the OC is not reporting you can get the CA to PFD their listing. Although this will not stop the OC from reporting, if they aren't currently, they likely won't bother.
  20. If the lending institution is insured by the FDIC, they are REQUIRED to charge it off after 180 days nonpayment. This is not privately enforceable but you can threaten to file a complaint with the FDIC as leverage for PFD. Try to work a goodwill PFD first; writing them a letter that explains that you moved and had you known you would have covered the bill in a timely manner. Claim that you dont have much money but are willing to give them what little you have to settle the debt assuming they will remove it from your credit reports and get it in writing if they agree.
  21. Some of you may know PsychDoc from Creditboards.com, and he has his own group with 673 members, mostly from the site I imagine. His groups lending power is around $84K. There's your legality right there. On top of that it appears that groups share percentage benefits from loans, so belonging to a prosperous group can make you cash if these benefits are 100% shared like they are in the good groups. Thanks for alerting me to the presence of this site....I'm in the process of joining the Federal Employees group atm. Great find......
  22. The address I was living at when they sent the notices to the wrong address is clearly shown on the CRA report they inserted their trade-lines onto. Doesn't this at least give me the right to request retroactive debt validation, as I never had an opportunity to legally dispute the validity of the debt? And as far as the "false and misleading representation," I am referring specifically to 15 USC 1962e (8) Communicating or threatening to communicate to any person credit information which is known or which should be known to be false, including the failure to communicate that a disputed debt is disputed. They sent me a document on their company letterhead that is signed and dated that contains complete BS information, and I am 100% sure they knew it was a lie when they sent it. On another note, I am fairly certain they are also in violation of 15 USC 1962e (14) The use of any business, company, or organization name other than the true name of the debt collector's business, company, or organization. Is it legal for the CA to send documents that are all labeled as the proper name of the hospital...i.e. - "_______ Hospital processing center," all directly from the address of the CA which has a completely different name?
  23. A CA for some small medical bills claims they sent me 3 notices to an address which I was not living at when they sent the notices. I have documented evidence that I was not living at the address when the notices were sent. I only discovered the existence of the debt through careful research into my past financial transactions. As it was not on my credit report at the time, I foolishly paid the OC, and lo and behold it was inserted onto my credit report shortly thereafter by the CA. The CA sent me a signed/dated/letterhead letter stating they had reported the debt to the CRA for many years, but I have specific evidence that would be allowable in court that they inserted the trade-line very recently after payment to the OC. Am I mistaken in assuming that by stating to me this falsehood about reporting that they are guilty of the FDCPA's provision concerning "false and misleading information." In addition, because I never received notice of this debt and can prove it, do I have any further recourse or remedy? Thanks for any help y'all can offer, as I was unable to find information regarding this topic during numerous forum searches.
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