Lbret/soa?

[jeserf]

Like some others, LBRET/SOA shows up on my credit report.

And, like some others, I have no idea what this is!

I'm in the process of applying for a mortgage, and have been pre-approved (but need to get everything finalized for the qualifying round!). My goal is that once I sign on the dotted line for a place, I can begin to close the lines of credit that are useless in order to consolidate them. Like, do I REALLY need an Old Navy and Banana Republic card since I NEVER enter those stores? nope!

Does anyone actually know what this is?

Also - is there any resource where you can look up a line of credit's "code" on a credit report? That would be helpful.

I don't have that many lines of credit, but for peace of mind, I would like to at least know what is on my report and close some things I won't need once I have a mortgage line of credit.

Thanks for any help you can provide!

[NASCAR_Devil]

Like some others, LBRET/SOA shows up on my credit report.

And, like some others, I have no idea what this is!

I'm in the process of applying for a mortgage, and have been pre-approved (but need to get everything finalized for the qualifying round!). My goal is that once I sign on the dotted line for a place, I can begin to close the lines of credit that are useless in order to consolidate them. Like, do I REALLY need an Old Navy and Banana Republic card since I NEVER enter those stores? nope!

Does anyone actually know what this is?

Also - is there any resource where you can look up a line of credit's "code" on a credit report? That would be helpful.

I don't have that many lines of credit, but for peace of mind, I would like to at least know what is on my report and close some things I won't need once I have a mortgage line of credit.

Thanks for any help you can provide!

If the address and phone number for this creditor is not listed on your report then call the CRA reporting them and get the info from them. They should have this info.

[jeserf]

I don't mean to sound like a complete idiot but...

How do I know which agency?

I have a "combined" report from the non-profit I have gone through to get a mortgage (there are some nice advantages to buying your first place:) ).

[Magdalen77]

Like some others, LBRET/SOA shows up on my credit report.

And, like some others, I have no idea what this is!

I'm in the process of applying for a mortgage, and have been pre-approved (but need to get everything finalized for the qualifying round!). My goal is that once I sign on the dotted line for a place, I can begin to close the lines of credit that are useless in order to consolidate them. Like, do I REALLY need an Old Navy and Banana Republic card since I NEVER enter those stores? nope!

Does anyone actually know what this is?

Also - is there any resource where you can look up a line of credit's "code" on a credit report? That would be helpful.

I don't have that many lines of credit, but for peace of mind, I would like to at least know what is on my report and close some things I won't need once I have a mortgage line of credit.

Thanks for any help you can provide!

Lane Bryant/Spirit of America. SOA is the bank that now issues Lane Bryant credit cards. If you had an old Lane Bryant account (or maybe even a current on) this will pop up.

[jeserf]

Lane Bryant/Spirit of America. SOA is the bank that now issues Lane Bryant credit cards. If you had an old Lane Bryant account (or maybe even a current on) this will pop up.

AWESOME.

Yeah, like 8 years ago...

How does your credit report change when banks/cards are taken over? Apparently that store shows up twice on my account and I'd like to close the card - should I only contact the new bank that handles their charge?

Also - Do I have to contact the credit bureaus to get closed accounts off my credit report? What is the best procedure for this.

The only NEGATIVE I have on my report is that I have too many accounts. I have really good credit, but would like to clean up that issue with the agencies since I never use these cards.

I wish these things were easier to read.

thanks for your great help

[jeserf]

...oh, and for anyone curious, there is no info on their web site as to how to contact them by phone.

What a PITA.

[Magdalen77]

AWESOME.

Yeah, like 8 years ago...

How does your credit report change when banks/cards are taken over? Apparently that store shows up twice on my account and I'd like to close the card - should I only contact the new bank that handles their charge?

Also - Do I have to contact the credit bureaus to get closed accounts off my credit report? What is the best procedure for this.

The only NEGATIVE I have on my report is that I have too many accounts. I have really good credit, but would like to clean up that issue with the agencies since I never use these cards.

I wish these things were easier to read.

thanks for your great help

You may have to contact both. The original bank that had Lane Bryant was WFNNB. I have a number for Spirit of America (though it's not a toll-free number). It's 513-965-6900.

When you get the account(s) closed your best bet is to dispute them with the CRA as obsolete, closed accounts. Usually the CRAs will remove those pretty easily.

[jeserf]

Awesome! Thank you so much!

Since I'm doing the mortgage stuff now, is it stupid to contact them now to try to get this taken off my credit report?

I've been getting mixed answers from different sources, including my lender ("it doesn't matter as long as you have 5-6 lines of credit open" to "never close an account within the 6 months of applying for a mortgage")

[Magdalen77]

Awesome! Thank you so much!

Since I'm doing the mortgage stuff now, is it stupid to contact them now to try to get this taken off my credit report?

I've been getting mixed answers from different sources, including my lender ("it doesn't matter as long as you have 5-6 lines of credit open" to "never close an account within the 6 months of applying for a mortgage")

That I don't know since I've never gotten a mortgage. Maybe someone else could chime in.

I can see that removing the accounts might hurt you if they're among your oldest accounts. That would decrease the average age of your credit history.

[jeserf]

blah - the whole system seems to be set up to discourage you from actually managing your credit.

I know I don't owe anything on these cards - I don't even have the physical cards anymore. I opened them when I couldn't qualify for a credit card based on having no credit, so I used store cards as a means to open up lines of credit and now that i HAVE credit, and good credit cards, (three, one of which I have never used) that I have always paid, I no longer wish to have those store based cards on my account, especially in case of identity theft.

[Bigwoodystyl]

AWESOME.

How does your credit report change when banks/cards are taken over? Apparently that store shows up twice on my account and I'd like to close the card - should I only contact the new bank that handles their charge?

Also - Do I have to contact the credit bureaus to get closed accounts off my credit report? What is the best procedure for this.

Closed accounts (or at least accounts reporting as closed) do not affect utilization. Therefore, an account with good payment history that is reporting as closed can only help you. Removing closed, positive TL is not a good idea. Further, removing closed, positive TL from your reports that are 8 years old when you state you have a limited credit history might be the worst thing you could do!

blah - the whole system seems to be set up to discourage you from actually managing your credit.

I know I don't owe anything on these cards - I don't even have the physical cards anymore. I opened them when I couldn't qualify for a credit card based on having no credit, so I used store cards as a means to open up lines of credit and now that i HAVE credit, and good credit cards, (three, one of which I have never used) that I have always paid, I no longer wish to have those store based cards on my account, especially in case of identity theft.

So, you are saying these are all store cards and they are all open with no lates and you don't owe anything. That's good.

1. If your FICOs are good enough:

I wouldn't change a thing until after you've closed the mortgage. In this case, the only thing I would do is call each of the creditors and make sure your name/address/phone number/email are all current. Also, make sure there are no cards not accounted for. Don't request new cards if you don't plan to use them.

2. If your FICOs aren't good enough:

Because FICO 08 is supposed to detect usage of your cards to a greater extent, and because this will be rolling out soon, I would use each of these store accounts one time for a very small purchase. Then wait for the statements to generate so they report a small balance to the CRA. Once you receive the statements, PIF before the due date (and then check all the accounts to make sure they received your PIF). Then sock drawer all of them.

At this same time you will want to CLI your 3 "good" accounts and likewise use each of these one time and then PIF. One statement cycle to report the small balance and then another statement cycle for it to report the zero balance. So, this process will take 50-85 days from the time the card is used to report usage of the card and then to report zero balance. (Note: If you can't CLI these accounts without a hard pull, then don't CLI! You won't have time to recover from the inquiry...also, there is no point to CLI the department store cards)

Once you've done this, check your scores. If they've improved, you're done.

If your scores haven't improved, or if they've dropped:

Having too many open accounts can affect your score negatively, and if the above doesn't help your score, then you probably have too many. It's just hard to predict FICO. Supposedly, department store charge cards don't really affect the scoring that much. The biggest thing they help with is age of your file. Since closing them will not affect the age of your credit file, you may want to close each one. Once they're closed, wait two statement cycles for them to report and then check your scores again. (You are looking for the accounts to be reported as closed. Do NOT write the CRA to get these removed from your file.) Also, when closing the accounts, request a letter confirming their closure. When you get the letters, file them.

[jeserf]

Thanks for that detailed response.

My scores are great - the lowest is in the high 730s

Also, I have real lines of credit now - three credit cards and an almost paid off auto loan (it's down to 10 payments so it won't count in by debt to income ratio for my final mortgage approval), and I have been pre-approved for the mortgage I want based on 97% financing (which I am NOT doing, but that is how the non-profit I worked with does it at first).

However, my desired outcome is more control over what is ON my credit report. I have store cards that I will never use and literally have had for so long that I don't know where they physical cards are. These are the ones I would like to gradually close. The ones that will remain open are my credit union card, my USAir card (the only one I use) and my WAMU card (never used...I should probably use it once, huh?).

So - will slowly closing these cards hurt me?

And, you're saying I SHOULDN'T have them taken off my account since they're older?

I'm just a bit confused about whether the mortgage will be enough to make my credit withstand the removal of some unnecessary store-type cards.

[Bigwoodystyl]

Thanks for that detailed response.

My scores are great - the lowest is in the high 730s

In that case, I recommend you do nothing until AFTER you secure the loan. At the point you’re at, FICO is hard to predict. Largely it’s a trial/error process. There’s no sense having one of those errors at precisely the time you need the score to be the highest.

So - will slowly closing these cards hurt me?

And, you're saying I SHOULDN'T have them taken off my account since they're older?

It’s hard to say. For the long-term, closing them is definitely what you want to do; you just don’t need that many accounts too have a good score. Closing them right away might hurt you, though. I wouldn’t touch them until after you have the loan closed. Then you can do what you want. You should read all of the posts on the following thread:

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=258930

Read especially the part that says: “"You have not established a long credit history"”

If you close the TL, you run a risk that it stops reporting immediately. (If the TL is positive, this is a very bad thing.) Chances are even after it’s closed, it will report for 7+ years and maybe forever (this is a good thing if the TL is positive)… Whether you keep them open or whether you close them, you want them on your report. You have no control over the latter, i.e., if you close them, and they stop reporting, you don’t have any recourse short of reopening the cards. If you close them, you want their status reported as closed.

…The ones that will remain open are my credit union card, my USAir card (the only one I use) and my WAMU card (never used...I should probably use it once, huh?).

Yeah, I would use the WaMu card at least once for usage. Wait for the statement to generate and then PIF before the due date. You also get a free TU Bankcard FICO (I think it’s produced quarterly). 4 FICO scores is worth approx $65.00 yearly. You can’t beat that.

Also, I have real lines of credit now - three credit cards and an almost paid off auto loan

So, by the end of the year your credit report will consist of:

Installment:

-Mortgage (open 2008) paid as agreed

-Installment Loan Auto (Open 2004?) No lates, paid, closed.

Revolving:

-USAir

-Credit Union

-WaMu

-store card 1 (closed)

-store card 2 (closed)

-store card 3 (closed)

-store card 4 (closed)

-store card 5 (closed)

-store card 6 (closed)

Keep in mind, the store cards help you even though they are closed, because the age of your credit file is determined by the oldest account, which is one of those store cards.

I used to work with hundreds of credit reports weekly. The highest score I ever saw was an 848. It was from a 38 year old woman. I’ve always remembered it because her report was way too simple:

Mortgage- original balance $120,000 current balance $8,000

US Dept of Education- $20,000 closed, paid as agreed current balance $0

Credit card: Amex high balance $3,000 current balance $0

Credit card: Discover limit $15,000 current balance $0

Credit card: Citi limit $5,000 current balance $0

Store card: limit $2,000 current balance $0

All the accounts were open at least 10 years. What made it more interesting was that her AGI was only $45k, and she had hardly any assets.

[jeserf]

Wow thanks for that GREAT post.

Yes, essentially I'd LOVE to have my credit report look like the one you posted mine could turn into. I know that I shouldn't cancel my store cards all at one time - a slow process, closing one every 6 months or so.

I will wait until after I close on the mortgage, though, to make any changes.

As for the WAMU card, they give you your score even if you DONT use the card. I've never used it, and I get updates once in a while.

I'd ideally like to keep the three actual credit cards that I have (credit union, USAid, and WAMU) and have the store cards paired down to one i might actually use (i.e. Macys when I buy furniture for my new place:) ) .

I've had credit from stores since I was probably 16 or 17, and am now 27. I think that the mortgage will be enough credit for me to be OK with nixing the store cards in terms of open lines of credit.

Additionally, I won't be shopping for anything that I'll need my credit score for, since I'll be tapped out after giving the down payment over to the bank:)

thanks again for the great answers here.