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True? Score raises while in dispute?


marisakay
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i think i read it somewhere that when u are disputing to the CRA's that while it is under investigation your score temporarily raises...is this correct? the reason i ask is because on all 3 of Dh's CRA's i am disputing some paid charge offs as "NOT MINE" and they received this about 1-2 weeks ago..and i just checked today and those account are saying "in dispute" and now his score is saying 680..is it because of the disputing? any input woud be great!! thanks!!

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Edited by marisakay
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Yes; during the dispute - the tradelines in question or taken out of the figure for the credit scoring. This don't nessasarily mean the score will go up (just the most of the time it will). If you dispute like a one time late on an otherwise good tradeline (bet anything you will see the credit score go down during the disputing period). So it will give you a bit of an indication as to what you can look forward to if the dispute goes through to delete the tradeline.

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Are you sure some of that stuff didn't just fall off. I was monitoring my score during round 1 and it was going up little by little.

I just finished round 1 during the last 2 days. some thing stayed on but my scord didn't drop.

What ever you do, don't get a card from CRAP-ONE, you will see all you hard work go down the tubes. They report your credit limit to low, and even if you stay below your limit it FICO calculator is going to see it as an over draft.

I'm going to start a new thread on the effects of getting a card and not using it for 30-60 days. That might have a more postiive effect.

Anyhow, congrats, on the 50pt jump.

Oh and to answer your question, I would check your score with another CRA in the next 10 days. If its above 650 I would start applying for the loan. But, remember, apply with a lender that is going to give you a copy of all 3 reports combined

good luck, let us know how you do.

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<blockquote>Originally posted by marisakay

so would this be the time to get prequalified for a home loan??? prob not huh? just curious

</blockquote>

Nope not a good idea; mortgage loans are not going to be automated & solely based off credit scores - like some of the credit card companies do.

The lender will review all information contained in your credit report. If they see outstanding debt; most will require you to pay it off first. So if you are trying for removal; wait on this first before tipping the loan officer off out there to its existance.

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ok great w ill do :) we have no outstanding debt..other then our 2 car payments that are almost paid off..we owe 4800 total..that is our only debt...what i am disputing are paid charge offs..but yes i think they need to be off completely before we apply...thanks for all your help!!

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Edited by marisakay
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I think it would be good idea to apply, you will get an idea of where you're at, and what you need to do, to the loan you want. There are a lot of loans out there, and it can get confusing. You might even be able to negotiate a loan to payoff off the cars or refi the cars.

Your score is pretty high so people are going to talk to you.

I would get on MYFICO.COM and look at subprime lenders, make a post and have them call you. Make sure they are going to give you copy of your report. Don't give them your SS# and make sure that if you talk to them that your asking questions and are not authorizing them to run you credit report, pick the best sounding lender and them your ss#, see what they have to say, then wait for your credit to clear.

Remember, that you can alway refi your car loans, I'm not familiar with the car refi stuff, but if you been paying, I'm sure banks will listen???

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See if you want an up front idea of where you stand with the mortgage side; then go to a local mortgage lender with copy of credit report in hand from all 3 CRAs. Show them the credit reports & ask their opinion (don't allow them to pull) They have a way of running you right through things before you know what hit you.

I am purchasing a home right now; and we never did get to shopping - Now we have at least 3 inquiries added on this part. Plus the homeowners insurance will be adding a ton of inquiries in the next week just to get the best deal. Then the utility companies will start next.

Purchasing a home will totally destroy the credit with all the inquiries they will run with. You want to keep a leash on them - before you are absolutely sure you want to jump.

We just waited until Underwriting was done with pulling our credit reports than I get a copy of the credit report they pulled on our mortgage loan - showed this to the bank we wanted to refinance our car loan with. That saved pulling credit report before getting their estamate. So now we accomplished dropping our car loan interest rate in half.

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