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myscoresawful

Wow! 55 jump increase with new secured card (half maxed at that!)

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OK, so I've been trying to clean up and rebuild my credit and while I'm working on DV and disputes, I get a secured credit card for $500.  Thinking that I will have time to pay it off before it reports, I used $275 of it already (have had it less than a month).

 

I got a notification from experian yesterday that stated my score dropped 23 points and the only change was this credit card was added (all info on both experian and equifax reported identical). The experian score monitoring is through the experian website, the equifax is the score watch through myfico.

 

Today I get a notification from Score watch that my equifax jumped UP 55 (from 466 to 521) and the only change is this card which was reported EXACTLY the same way it was to Experian.

 

So now that I know what day they report to the Bureaus (no info yet on TU), If I pay it down to about 8% do you think it will go up even more?  The FICO simulator had shown that my score would go up to about 506 if I got a new credit card with a limit of $500, but (I know, it's just a simulator) it went to 521.

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Congrats on the jump!  I was hoping you could tell me about how you got that auto repo defiency judgement off your credit report.  I have one.  Auto turned in in '09 and at the time I thought I would never pay it because it sucks the years I paid into the car, have it taken from me and have nothing to show for it.  If I finish the installment agreement at least I'd have a raggedy car sitting in my driveway or so I thought.  I figured I'd take the $5000 they were asking for and get a car at the auction better than the one I had.  Anyway, I remarried and haven't worked besides self employment and my husband has handled all the new finances.  I thought my credit was beyond repair but most of my negatives have fallen off due to aging.  I'd really like to clean it up now to qualify for a mortgage in the near future. I have read alot about settling but most articles deal with repossessions before the creditor has sought a judgement and I'm really intimidated about the best way to handle it.  Any suggestions or telling your experience would be greatly appreciated.

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Rasheedab, my apologies for not seeing this before now.  The Credit Union that held the lien on my car (and who also repossessed it) made serious violations and simply had no choice.  They got my address in TN through the DMV (which indicates by all accounts, that it is my current address by registering my state tags), and then sent the letter that gives me the opportunity to reclaim the car or it will be sold, to an address in CA and stated (untruthfully) that the address in CA was the last known address for me that they had. (They knew where to pick up the car, so they knew the address in TN was my last known address and NOT the one in CA).  They violated my rights by not giving me a chance to purchase my car back before they sold it (and I had the money to do that, less than a week after they picked it up).  

 

That was back around late 2004 or early 2005.

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