Equifax SCREWING me over!-with 2M in assets

[lefdi]

This sytem drives me crazy! I have two collections listed on tiny medical accounts $20 or less that are listed as paid. Then this past August Patelco CU reported me as 30 days past due. I had made two payments each month including the month listed. I have sent Patelco a correction letter as they agreed to "maybe" correct it. NO ANSWER from Patelco after more than 30 days. The error is most likely that I was paying at an affiliate CU out of state. I trusted their system to tell me the payment amount due and I owed slightly more. So somehow my payments didn't cover.

This Patelco reporting dropped my Equifax scoree 100 POINTS!!! My other TL are untouched.

I have over 2 million dollars in assets. Dozens and dozens of satisfied accounts for millions of dollars and my credit score drops lower than someone with a BK, REPO, living in apartments opening up accounts at Best Buy, Circuit City and anyone who will give them a card.

Please help!!!

If I dispute Equifax will my score go up temporarily? In other words, if I am applying for a new loan is it smart to dispute Equifax before my lender pulls my credit? Several years ago you could do this and your score would go up...therefore, tweeking the system in your behalf for 30 days.

Lefdi

[nascar]

Honestly, I couldn't care less what my score was if I had 2M worth of assets. I would think you could leverage them in such a manner as to secure financing on any terms you want, despite your credit score.

[VonAngel (aka EarthAngel)]

and my credit score drops lower than someone with a BK, REPO, living in apartments opening up accounts at Best Buy, Circuit City and anyone who will give them a card.

Ouch! I'm slightly offended...

[luv2bhappy]

"I have over 2 million dollars in assets. Dozens and dozens of satisfied accounts for millions of dollars and my credit score drops lower than someone with a BK, REPO, living in apartments opening up accounts at Best Buy, Circuit City and anyone who will give them a card."

You're asking those (shudder) kind of people to help you? I am assuming such because many of the wise people on this board have or are living such a horrid life. Why don't you take some of your millions and pay someone to help you.

[ncgal]

Wow, making friends fast huh? lol

Anyways, no your score will not go up. The accounts can still be seen by creditors. They just know that you are disputing the TL's.

The paid collections aren't helping your score either. A paid collection is as bad as an unpaid one.

[jyap]

"I trusted their system to tell me the payment amount due and I owed slightly more. So somehow my payments didn't cover."

Over 2M in assets and you are making the minimum payment?

[newbie7069]

Where is the violin smilie when you need one???

Guess this will have to do....

[gypsie]

"I have over 2 million dollars in assets. Dozens and dozens of satisfied accounts for millions of dollars and my credit score drops lower than someone with a BK, REPO, living in apartments opening up accounts at Best Buy, Circuit City and anyone who will give them a card."

Wow I can't believe anyone would say that and then ask for help!

BTW, I have a Best Buy card- my husband and I used it to "flip a house", made a nice big profit!

The people on this board are nice and Extremely helpful- mainly because of experience in personal credit repair, try not to be insulting

TransUnion

656

Date: 11/20/2006

Equifax

651

Date: 11/20/2006

Experian

678

Date: 11/13/2006

[LNY]

Hi Lefdi, welcome to the board! I'm hoping that what you said just came out wrong. We try not to judge people so unkindly here, least of all based on their past financial problems or current financial standing. Remember the kinds of people you described are the kinds of people you're asking for help.

And Newbie, honey, this one's for you...

[newbie7069]

And Newbie, honey, this one's for you...

[chilton1]

Equifax, Transunion and Experian the great equalizers. FICO does not use income and assets to calculate your score.

Good luck with your efforts.

Apartment dweller

[pilgrimfaraway]

Foot-in-mouth not withstanding, you probably can get some real help with this question. I'd start with the August Patelco CU. Getting this resolved really depends upon your relationship with the institution and how well deposit journals line up with your side of the story.

I do recommend that you check your frustration and insults at the door if you want any chance to resolve this. OC's don't respond very well to a goodwill campaign filled with negative emotions and accusations. You're probably going to have to be sweet and nice and ask for help working this issue out. Personally, I would collect all the info about the account and the running balances, would collect proof that the payments were made timely at the affiliate and then go in and talk to the branch manager. If you have been a good client, with $2MM in assets in your name, they will want to help you resolve this.

As to your tiny collection accounts - read the stickies on the board and post the question with enough info for useful feedback. A lot of people get these things removed from credit reports. I've personally seen 6 drop from my report over the last 2 months.

So, cool down - emotion and condescension won't get you too far here, nor with your creditors.

I hope you get it all worked out.

PFA

[LNY]

Equifax, Transunion and Experian the great equalizers. FICO does not use income and assets to calculate your score.

Good luck with your efforts.

Apartment dweller

How weird, I was just about to point that out, after noticing for the first time the part of the title after "Equifax screwing me over."

Lefdi, Equifax has no idea what your assets are. Your scores are calculated based on the information in your reported tradelines. Your income and assets are not considered.

[PolarBearnCO]

Honestly, I couldn't care less what my score was if I had 2M worth of assets. I would think you could leverage them in such a manner as to secure financing on any terms you want, despite your credit score.

Agreed. If I had 2 mil in assets, like a mansion, plane, 3 cars, and a speed boat, what else would there be to buy with credit? Wouldn't I already have everything? And how would $20 of medical bills exist in the first place? I have zero assets, and I paid my $200 dentist bill remainder [after insurance] with cash on the spot and got a receipt.

Again, why are you worried about your score? If you need to take out a 1 mil loan, can you not use your 2 mil in collateral? Even if you had a score of 400, I think you'd be ok.

[breathing_easier]

BTW, I have a Best Buy card- my husband and I used it to "flip a house", made a nice big profit!

I think that's what the OP is trying to say. He wants a Best Buy or Circuit City card, but can't get one. He's frustrated because even though he's paid or paying his debts, he's in worse shape FICO-wise than someone with a repo or BK. I'm not sure what living in an apartment has to do with anything, though, as I know many well-off people who rent and like it that way.

[PolarBearnCO]

And I think we are asking why he needs a BB or CC card? If he can afford to maintenance and pay property taxes on 2 mil in assets, certainly he can pay cash for a $4000 TV. I can, and I live in an apartment.

[chilton1]

I can add him to my discover as an Au for a fee.

That should give him a boost.

[pilgrimfaraway]

You cannot leverage assets to secure financing unless the assets are unencumbered. My guess is that the OP has some assets, probably not liquid, probably with inflated stated value (ie - property that you couldn't sell at half price to save your life), probably with a first, second and third mortgage on it. There's a whole world of difference between assets and net worth. if Net Worth <= 0, then you're probably going to want a nice credit rating in a bad way if you have a lot of "assets".

[gypsie]

I think that's what the OP is trying to say. He wants a Best Buy or Circuit City card, but can't get one. He's frustrated because even though he's paid or paying his debts, he's in worse shape FICO-wise than someone with a repo or BK. I'm not sure what living in an apartment has to do with anything, though, as I know many well-off people who rent and like it that way.

ummmm...yeah

I am sympathic to the OP's situation FICO wise just as I typically am with many other frustrated individuals that have posted on this message board in the year and 8 months that I have been reading it. Best Buy and Circuit City are listed here: http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=210476

in the lists of credit that can help to rebuild your credit.

This part of the OP's comment : "opening up accounts at Best Buy, Circuit City and anyone who will give them a card" denotes insult. I was simply making a point- that not everyone that has a Best Buy Card is trying to "get credit from anyone who'll give it to them"- which denotes irresponsibility. I am proud of the fact that I have built my credit to the point that I was able to purchase all new appliances from Best Buy to flip a house and pay the appliances off- something, I would have never been able to do 2 years ago!

Sorry, to take away from the OP's purpose of this thread, I'm glad to see people responding to his frustration positively

[June]

Wow, making friends fast huh? lol

Anyways, no your score will not go up. The accounts can still be seen by creditors. They just know that you are disputing the TL's.

The paid collections aren't helping your score either. A paid collection is as bad as an unpaid one.

OR may be worst. It appears that "paid collections" may reduce

your Score twice under the WORST CREDIT DEROG category:

ANY DEROGS (minus) -29 pts.

ANY SLOWPAYS (minus) -14 pts.

See, creditinfocenter.com Home page

and click "Credit Scoring."

Best Regards,

June

[lefdi]

Wow....I never intended to stir up such an outrage. My comments were never intended as insults to anyone. Everyone of us has had to build our credit and start out.

My point is the system is messed up and we all know that. I never was slamming anyone who lives in apartments or where they prefer to get their credit cards. My point was beginners and people who have never had to carry a large amount of credit responsibly are popping up everywhere and with the system they "appear" to be financially responsible just because they have been able to "tweek" the system for an amazing score.

Someone can have an impeccable history on multiple jumbo loans and never miss a payment but have a lower credit score than someone who has somehow been able to work the system and get them to drop their BK or Repo's etc.

Why the medical collections. Frankly, my husband, brother and mother in law were all diagnosed with Cancer within 3 months of each other. I thought that the bill was paid in full and in my grief somehow missed the last billing.

The CU payments are very frustrating and Patelco will not let you talk to them on the phone or face to face. You have to fax your request and they will consider it. I will just have to keep faxing.

Thank you for those of you who read between the lines and were able to answer my question regarding Equifax and if a dispute will raise your score.

Why do I want my score to be higher??? Bottom line, interest rate and percent down. I would prefer my money work elsewhere at a better rate AND I like to be financially responsible. Hitting a hard crisis in your life and you get distracted and BOOM the bureau's get you for the next 7 years at a much higher interest rate. Out of principle that is plain and simply ridiculous compared to many who are irresponsible with credit walk in with an amazing score and the lender can't even see the train wreck they have left behind. If you took personal offense I am sorry. Those who understood my reasoning or chose to give me the benefit of the doubt....thank you.

Lefdi

[June]

Equifax, Transunion and Experian the great equalizers. FICO does not use income and assets to calculate your score.

Good luck with your efforts.

Apartment dweller

Surprise! INCOME (which is taken from the Credit Application)

must influence FICO Scores. Credit cannot be determined

without the Debt Ratios which are one of the Actual Numbers

used.

Debt Ratios are Ratios of Monthly Credit Obligations (Credit Cards,

Mortgages, Car Loans) over Monthly Gross Income.

Example: Credit Card Bills, and Car Loans Total $1,000/month.

Monthly Gross Income is $4,000/month. The Debt Ratio would

be 25% or 25. The higher the Debt Ratio the lower the points.

Debt Ratio & Actual Numbers used:

<15 = 22 pts.

15 - 25 = 15 pts.

26 - 35 = 12 pts.

36 - 49 = 5 pts.

50+ = 0 pts.

No Info = 13 pts.

See, creditinfocenter.com Home page.

and click "Credit Scoring".

Best regards,

June

[June]

I think that's what the OP is trying to say. He wants a Best Buy or Circuit City card, but can't get one.

According to Fair Isaac, a Dept. Store card is worth 11 points,

a Major cc is 16, and both = 27. It would help one's score to

have a BB or Circuit City card.

See, creditinfocenter, Home page

click "Credit Scoring"

Best Regards,

June

[pilgrimfaraway]

June, this presentation by FICO is not intended to give you the secret sauce for the score calculation . This is a guideline for overall risk evaluation based upon APPLICATIONS. FICO scores do not factor income, employment history, geographic location or race, while the Flash presentation describes processes for doing just that.

The FICO score calcuation model would never fit into such a pretty little chart - it's a series of neural networks.

Of course, all the stuff listed there can easily influence credit decisions (though the race thing and the geographic thing seem to be a violation of Equal Opportunity and TILA).

[pilgrimfaraway]

Getting back to the practical - if your description of events is accurate, you should have a reasonable shot at removing the recent late. Just get everything nice and organized, with dates, amounts and location of payments. Check to see if you did something outside of the terms of your agreement by paying there. Get all your ducks in a row and then go to your branch manager and sit down and work it out. I'd be amazed if they don't play ball.

It's important to have disputed this both with the CRAs as well as with the OC.

Then, if you don't get relief with your branch manager, climb the ladder until you find someone who will help you resolve it.

Bottom line is that in MOST cases, when facts are with you and documentation exists, deletion is only a matter of getting organized, being polite and very persistent if need be.

Wow....I never intended to stir up such an outrage. My comments were never intended as insults to anyone. Everyone of us has had to build our credit and start out.

My point is the system is messed up and we all know that. I never was slamming anyone who lives in apartments or where they prefer to get their credit cards. My point was beginners and people who have never had to carry a large amount of credit responsibly are popping up everywhere and with the system they "appear" to be financially responsible just because they have been able to "tweek" the system for an amazing score.

Someone can have an impeccable history on multiple jumbo loans and never miss a payment but have a lower credit score than someone who has somehow been able to work the system and get them to drop their BK or Repo's etc.

Why the medical collections. Frankly, my husband, brother and mother in law were all diagnosed with Cancer within 3 months of each other. I thought that the bill was paid in full and in my grief somehow missed the last billing.

The CU payments are very frustrating and Patelco will not let you talk to them on the phone or face to face. You have to fax your request and they will consider it. I will just have to keep faxing.

Thank you for those of you who read between the lines and were able to answer my question regarding Equifax and if a dispute will raise your score.

Why do I want my score to be higher??? Bottom line, interest rate and percent down. I would prefer my money work elsewhere at a better rate AND I like to be financially responsible. Hitting a hard crisis in your life and you get distracted and BOOM the bureau's get you for the next 7 years at a much higher interest rate. Out of principle that is plain and simply ridiculous compared to many who are irresponsible with credit walk in with an amazing score and the lender can't even see the train wreck they have left behind. If you took personal offense I am sorry. Those who understood my reasoning or chose to give me the benefit of the doubt....thank you.

Lefdi