Mr.ivyleague Posted November 28, 2004 Report Share Posted November 28, 2004 First off hello to everyone and thanks in advance.....ok heres my situation last month in early october i went down to the dealer to obtain a car loan.....to my dismay i was alerted that my credit score was 470!!!!!!!!!!!!!! i couldnt believe it !!!!!i recently finished school and havent had any new credit in at least 4 years me and my wife purchased a car jointly and every once and a while she (we) have been late maybe twice...but other then that car loan i havent had any new credit since 2000....so here we are a month later and i decided to pull all three scores from fico and they are the following TransUnion 529 Equifax 507 Experian 647 wtf??as you can see i need help badly ..i remember applying for a mortgage (wife and i are 25) with a combined income of 130k we were willing to put 10 down cash and lenders wouldnt touch us (now i know why) i have no debt !no credit cards nothing!!! i have one charge off from 97 for 2000 dollars but its charged off...now im dedicated to rectify this situation ....ive looked into secured credit cards...(will be geting one this week) but stores deny me for all cards even dell denied me ....not to mention the gas cards ..so i guess what im asking should i take out a loan for 500 my bank has already approved me and they report to all three credit companies ....and will that and the secured credit card be enough ??? and why such a increase after a score of 470 from when i went to the dealer ????thanks in advance you guys are great. Link to comment Share on other sites More sharing options...
glennsie Posted November 29, 2004 Report Share Posted November 29, 2004 stop applying for credit first,your probably hammering your credit file with inquiries,get all three credit reports out on the table and read them carfully, now is the time to dispute items in your files,check the sample letters at the top of the page,find what fits your situation(s)chances are that charge off can be removed because of statute of limits,just stop applying for credit until you resolve your issues and read these forums and ask for advise as you go also what stateare you in ,good luck Link to comment Share on other sites More sharing options...
DocDon Posted November 29, 2004 Report Share Posted November 29, 2004 Absolutely. Stop applying for credit. It costs you 3-5 points every time you do that.The chargeoff from 1997 should be falling off this year. What's the actual date? Link to comment Share on other sites More sharing options...
Mr.ivyleague Posted November 29, 2004 Author Report Share Posted November 29, 2004 Thanks for your reply im in Texas....im not recently applying for anything ...ive disputed everything and have 1 neg on experian and 2 on equifax and transunion... Link to comment Share on other sites More sharing options...
Mr.ivyleague Posted November 29, 2004 Author Report Share Posted November 29, 2004 The date open was October, 1997 it was closed on August, 2001 and it was revolving ..hope that helps?? do they go by date opened or date closed and i have one other item and its listed as a collection (att wireless bill) Link to comment Share on other sites More sharing options...
DocDon Posted November 29, 2004 Report Share Posted November 29, 2004 It's 7 years plus 180 days from the date you last made payment. From the way it sounds then, it won't fall until somewhere around the end of 2008 / beginning of 2009. Link to comment Share on other sites More sharing options...
Mr.ivyleague Posted November 29, 2004 Author Report Share Posted November 29, 2004 It's 7 years plus 180 days from the date you last made payment. From the way it sounds then, it won't fall until somewhere around the end of 2008 / beginning of 2009.so what do you think my best course of action would be ...assuming that i go pay this credit card off...do i get a pre paid card and rely on that and my car payment being on time every month to pick up my score? Link to comment Share on other sites More sharing options...
DocDon Posted November 29, 2004 Report Share Posted November 29, 2004 AT&T wireless credit card or phone service? Link to comment Share on other sites More sharing options...
Mr.ivyleague Posted November 29, 2004 Author Report Share Posted November 29, 2004 AT&T wireless credit card or phone service?phone service i tired an investigation with att they definetely overcharged me..they said i used an extra 1000 minutes in 3 days ...and i have always refused to pay it....but im gonna go ahead and cave in now.... Link to comment Share on other sites More sharing options...
DocDon Posted November 29, 2004 Report Share Posted November 29, 2004 If you have difinitive proof that you were overcharged, they are making a big mistake by coming after you. The FCRA states they MUST report accurate information to the CRA's.If you have difinitive proof that you were overcharged, I would file a complaint with the FTC and your state Attorney General and provide a copy of the "proof". AT&T will be forced to actually research it and respond to the AG.Remember a paid collection / chargeoff is just as bad as an outstanding one and does nothing to help your credit picture. Link to comment Share on other sites More sharing options...
Mr.ivyleague Posted November 29, 2004 Author Report Share Posted November 29, 2004 so what do you think my best course of action would be ...assuming that i go pay this credit card off...do i get a pre paid card and rely on that and my car payment being on time every month to pick up my score? Link to comment Share on other sites More sharing options...
DocDon Posted November 29, 2004 Report Share Posted November 29, 2004 Here's some factors for scoring:Balances should be below 30% of the Credit Limit. Try to get any collection / chargeoff removed - whether via "pay for delete" or by dispute.Inquiries are 3-5 point each. If you get denied, stop applying for credit - it only lowers your score more.Secured cards may be the route to go. Check out National City. Many secured cards are reported to the CRA's and even go unsecured after 12 months of responsible usage / ontime payments.There will be an initial dip in score when getting new credit - from the inquiries and the risk involved in a "new" account. Over time, ontime payments will boost your score.Hope these tips help. Link to comment Share on other sites More sharing options...
Mr.ivyleague Posted November 29, 2004 Author Report Share Posted November 29, 2004 thank you ..lastly what are the steps for "paying for delete" Link to comment Share on other sites More sharing options...
DocDon Posted November 29, 2004 Report Share Posted November 29, 2004 In a "pay for delete" you're asking them to send you a written agreement that they will delete the negative information from your credit files upon receipt of payment.PFD's are best sent to the executive level as they have the authority to enter into such an agreement. Link to comment Share on other sites More sharing options...
ghacorp Posted November 29, 2004 Report Share Posted November 29, 2004 There are mortgage lenders who will originate loans in your circumstance. Ten percent down should qualify you for some programs with your combined income level. Did you try twenty or thirty percent down? Link to comment Share on other sites More sharing options...
DocDon Posted November 29, 2004 Report Share Posted November 29, 2004 That takes care of the mortgage problem, but not the auto loan problem. Gotta get those scores up. Link to comment Share on other sites More sharing options...
amortgageman Posted November 29, 2004 Report Share Posted November 29, 2004 I would not go anywhere near a mortgage for a while. Go ahead and get the personal loan from the bank. With the new car loan, and new secured credit card, you will have three new tradelines. As soon as these start reporting, you will see a much improved credit score (quickly, I might add). The higher credit score will get you much better terms on your mortgage. It will definitely be worth a three to six month wait. If the only negative on your credit report is the ATT, and you have proof that this is account is in error, then you should be able to take care of this. Link to comment Share on other sites More sharing options...
meebones Posted December 1, 2004 Report Share Posted December 1, 2004 you mentioned you had a couple lates reported in regards to the car loan. Try writting a good well letter and see if they won't remove those since you are now paying on time and have been for some time.Charge off's - I had one on my report and it took me 9 mo. to get Equifax and Transunion to remove. It is still showing up on Experian. I just disputed, wrote letters to the orginal creditor etc. Trying getting some of those inquiries off your report. Inquiries stay on your report for 2 years, so if any of them are over write/dispute them off, if any are close to the same. Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted December 2, 2004 Report Share Posted December 2, 2004 Whenever I see Doc Don is posting, I know I can offer nothing more.one word . . .Geniusjt Link to comment Share on other sites More sharing options...
DocDon Posted December 2, 2004 Report Share Posted December 2, 2004 Whenever I see Doc Don is posting, I know I can offer nothing more.one word . . .GeniusjtThere's always more than one way to go about something my friend... I just give "ideas"... Link to comment Share on other sites More sharing options...
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