fybpm

96 POINT FICO DROP!!!!!!

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Unbelievable!!!! I HAVE always had perfect credit, never any lates, never any derogatory items whatsoever on my credit through any of the 3 agencies. I have paid off cars, credit card accounts in full, personal loans, and I hold 8 mortgages and everything has always been paid on time. FICO about June 2005 was 721 mid and other 2 were above 700 also.

Now here is my issue, I recently pulled my credit to find out that I have a 1x30 with Chase Credit (FNANB formerly circuit city visa) for $19.95!!! Dropped my credit scores to 625-584-643

Thats a drop of my midscore by 96 points! The problem is this, I never used card except for one thing which was an auto bill-pay withdraw for a magazine subscription. I finally realized it would be easier just to switch that magazine payment to my ATM/checking account so i would have to worry about paying my credit card every month.

They never switched it over to my ATM, continued to bill the card. Out of carelessness, I thought it was done and ignored the situation. So now I'm 1x30 on that account for 09/05 and its TOTALLY messed my credit up.

Any suggestions? Ive called chase about 10 times and they said there is nothing they can do, maybe I can try in writing? Anyone know who else I could call? A goodwill letter? I'm open to anything because I need my credit, I'm an investor and I cant make any moves on any of my houses right now because of this. Thx!

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There is a good possibility that all this will bounce back in a couple of months once all of your other credit items get updated and your score will smooth itself out. It looks like you have a very good history of exercising responsible credit and that will help but not immediately. Give it time.

As for the snafu, the way creditors look at it is that it is YOUR problem, not theirs regardless of how it happened.

And sub-prime accounts like the Chase Circuit City are demons when it comes to anything negative. My suggestion is that once this clears up, to open up low interest revolving accounts, like credit cards with credit unions and get away from that sub prime department store racket. Sub prime department stores are bad news unless you are doing something like zero interest for six or twelve months.

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Also just FYI I've had the account open since 08/03 so roughly a little over 2 years. Never any late payments or problems before the 09/05 delinquency for 1x30.

That is totally irrevelant!

Sub primes and other such outfits don't care if it was ten or twenty years old...

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Because I was frustrated after calling back 10 times and talking to 10 different reps and 10 different managers and nobody being able to help me. I know you're not supposed to close acocunts because it will erase the good history, but that doesnt have anything to do with the score because when i first found out, the account was still open, the midscore was a little lower at 621.

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Look at your debt to available credit ratio.

The lower this # is the higher your credit score and vise versa.

THIS MAKES A HUGE DIFFERENCE. this is how I built my credit score up over 100 points in less than 3 months.

There is a thread

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=33723

Read this thread! It will tell you how to easly get 50k or more in availible credit, and it will work with you!

I know when I bought my house and took out a debt consolodation loan and canceled a few cards my score dropped over a 100 points... it was very easy to get back.

Good luck, pm me if you need further info.

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Look at your debt to available credit ratio.

The lower this # is the higher your credit score and vise versa.

THIS MAKES A HUGE DIFFERENCE. this is how I built my credit score up over 100 points in less than 3 months.

Know what, I've done tons of research on credit and how scores are calculated but I JUST realized something.... I knew about aval. credit ratios and whatnot, but I didnt pay attention to realize that I have an HELOC out on all 4 of my properties and that is affecting my % of aval credit along with the credit cards! I am at 87% of revolving credit used because of those!

I only have an Amex Platinum (no limit, paid in full every month), A quicken Mastercard ($15,000 limit, 0 balance due) and a few store charge cards with all "$0" balance, none being used, just have em open to prove record of good payment history.

It never dawned on my that my HELOCs would bring my score down that much... I opened up 3 of them within a few months to buy another property and then the credit card late, so all 4 of those things happend around the same time! This solves my problem!

What now can I do to help this out besides pay those down? They'll be paid off in full in Feb. 2007... Do i just continue paying bills on time, wait for then and hope for the best??

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Look at your debt to available credit ratio.

The lower this # is the higher your credit score and vise versa.

THIS MAKES A HUGE DIFFERENCE. this is how I built my credit score up over 100 points in less than 3 months.

There is a thread

http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=33723

Read this thread! It will tell you how to easly get 50k or more in availible credit, and it will work with you!

I know when I bought my house and took out a debt consolodation loan and canceled a few cards my score dropped over a 100 points... it was very easy to get back.

Good luck, pm me if you need further info.

Who does (Citi Premier Pass) report too?

Brad

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IMHO, I would turn those HELOCs into REFIs real quick before interest rates go up again. You might want to pose that question on the mortgage forum and see what the experts say

I'm an investor and I do loans for a living... so I know how it works. The only reason that is a bad idea is because they are just properties, like I said, that will be sold in feb-april of 2007... the cost of a refi would just liquidate potential profit...

I know what you mean though, in most scenarios if the properties were long term things, money wise, it would make sense. But for only credit reasons, its a short amount of time and I'll just have to wait...

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Recent lates are devestating. I just had one re-inserted into my report. It will be gone soon. In the meantime, I lost 50 points on TU and 79 points on EQ.

Goodwill campaigns frequently work with situations like this. If you have otherwise pristine credit, if you have had that card for a long time and no incidences, then you really could get someone in the organization to show an act of kindness and remove the negative reporting. I did this twice on times when I was definitely late in payments. I had really believable stories on cards that never had any other issues. I had to climb the ladder up to the VP level in the bank and I got deletions both times.

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With a brand new late, this can and will tank your score like that. As far as FICO is concerned, you have a late and so you are now, immediately, in a high risk group......the first sign of problems is that first late. That is how it is viewed and that is scored.

If you cannot get it successfully deleted, remember this, in 24 months, it will not matter.

I know it hurts and it is frustrating, but by your own admission, you made a careless mistake. You will recover.....and far faster than the rest of us here! :mrgreen:

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