Credit Reports

[Heretic]

I just got my Fico score at myfico.com and it was pretty informative. I did however notice a mistake...it listed a credit card that I would have gotten when I was 13 years old. It turned out to be a good report but it still wasn't my credit card.

I have been thinking about buying a house and was wondering what my score was...I got a 809 yippie!

 

[jazz lady]

You should check your credit report often, as errors do creep in and affect your credit rating. I have found a lot of errors because two other people with the same or similar name lived in my town.

 

[Pookie]

Some good advice I got from a mortgage lender....stop checking your score because it makes it go down, especially if you're in the market for a house. At least that's what I was told anyway. Also, I hope you're disputing the credit card.

 

[jazz lady]

Also, I hope you're disputing the credit card.

Yes, we got them cleared off of our record. But I'm in a fight now with Discover Card for not closing an account I had with them after it was paid off and requested to be closed. They then allowed a charge against the account that I never made, then tried to dun me into paying it. After repeated phone calls and letters, and finally threats of legal action, they refunded the charges, wiped out the service charges and supposed late charges, and closed the account.

What they DIDN'T tell me was they marked the account as uncollectible and it shows up as a very bad mark on my credit report. All over a charge of about $70 THAT I NEVER MADE and on an account THEY NEVER CLOSED. This has been going on for almost 2 years now. I'm at the point of getting a lawyer and sue their sorry butts into next year.

But what is REALLY ticking me off is I keep getting offers in the mail from them, saying 'We want you back.' UFB.

 

[Penn]

Hey, it's only business!

Originally posted by jazz lady

But what is REALLY ticking me off is I keep getting offers in the mail from them, saying 'We want you back.' UFB.

:guitar: It's likely the department that handles late payments, and the department that manages account maintenence, are wholly separate from the office that gets to call you, begging you to come back.

Another office probably gets a computer printout that tells them you were a member, and guess what?

They want you back for the money they are not making off of you anymore.

 

[jazz lady]

Re: Hey, it's only business!

Originally posted by penncam
They want you back for the money they are not making off of you anymore.

Yeah, I was a 'smart consumer' and called up to complain about them RAISING my interest rate although I was a great customer. They gave me some bull about 'we have to raise it to stay competitive' and I laughed, then asked about the offers enticing new customers with a rate that was 4% lower than mine. Silence and then I was passed to a 'credit manager' who told me to basically 'like it or leave it' so I said :weak: good-bye! My mistake was not following up and making SURE the account was closed.

Lesson learned, albeit the hard way.

 

[Pete]

Originally posted by ememdee19
Some good advice I got from a mortgage lender....stop checking your score because it makes it go down, especially if you're in the market for a house. At least that's what I was told anyway. Also, I hope you're disputing the credit card.

This is true if you apply for credit or sign a credit application and someone else checks your credit. It posts as an inquiry and counts against your score. However, if you check it that is allowed and it does not count against your score. Same for unsolcited credit checks like all htose flyers and credit card offers you get in the mail. They check your credit for certain things and offer you credit that way. They do not count against your score either.

 

[Heretic]

According to what i read on myfico.com credit checks dont affect your credit rating because so many are ran on you anyway. What does effect it is getting several lines of credit in a short period of time.

Every time you sign up for utilities, rent an apartment, buy furnature on installments, get a cell phone etc they check your credit. Although illegal many car dealers check your credit before you even decide to buy a car from them. It also states "shopping arround for the best mortgage rate will put many credit checks on your record, however your rating will be unaffected"

Chances are that mortgage lender either didnt know what he was talking about since they dont talley your credit score, wanted to scare you from shopping arround, or just didnt want you to know that you qualified for their lowest interest rate.

 

[Oz]

Originally posted by jazz lady
What they DIDN'T tell me was they marked the account as uncollectible and it shows up as a very bad mark on my credit report. All over a charge of about $70 THAT I NEVER MADE and on an account THEY NEVER CLOSED. This has been going on for almost 2 years now. I'm at the point of getting a lawyer and sue their sorry butts into next year.

If you are well documented over that 2 years old blemish, you can place "rebuttal" information with the major credit bureau's which will also show up on your credit report. This should help when someone checks your report and views this info. Also, follow that up with hard copies for the mortgage company when you apply for your mortgage and you should be fine and avoid the expense and time of a lawsuit.

 

[Oz]

Originally posted by Heretic
I just got my Fico score at myfico.com and it was pretty informative. I did however notice a mistake...it listed a credit card that I would have gotten when I was 13 years old. It turned out to be a good report but it still wasn't my credit card.

I have been thinking about buying a house and was wondering what my score was...I got a 809 yippie!

Great score - H!

Go for the mortgage! You'll love the tax benefit!

 

[jazz lady]

Originally posted by Oz
If you are well documented over that 2 years old blemish, you can place "rebuttal" information with the major credit bureau's which will also show up on your credit report. This should help when someone checks your report and views this info. Also, follow that up with hard copies for the mortgage company when you apply for your mortgage and you should be fine and avoid the expense and time of a lawsuit.

Up until recently, I didn't even know there was this mark against my credit, but with getting a new mortgage I quickly found out it was there. I have unsuccessfully tried to come to an ameciable solution with Discover after countless phone calls and letters. The last credit card I applied for required an explanation of this 'black mark' on my credit. They don't care if that mark is for $50 or $50,000 - it counts badly against your credit. Other than that, my credit is spotless, so I am not going to stop until it is expunged from my record.

 

[Oz]

However, in the mean time, you do have a right to place a "dispute" record in your own credit file so I would go ahead and pursue that first. I agree with getting it fixed, but you should also cover your bases until it is expunged.

 

[Pete]

Oz is correct as always. I was checking my report and a credit card I had, had posted that it was 30 days late once. I disputed it via the procedure Experian sent me with the report. They replied back by mail a few days later that they had contacted the credit card and they verified their information. Experian did post in the comment section of that " Item is disputed by the customer" I then wrote to the credit card company and told them that unless they could provide me with a date and some documentation I was going to report them under the FCRA. I got a letter back within 2 weeks that the black mark was removed.

 

[Pookie]

I would definitely go to each of the three credit bureaus and file a dispute! I've found that Experian has been the easiest to work with, as you can do all of your disputing online.

As for lowering the score, that's what she told me. I've also been told that if I pay off an account, not to close it. If you do close it, again, that supposedly lowers your score. Seems like a no win situation to me. And, if you keep too many accounts open that also lowers your score. Stupid, if you ask me.

 

[Cheerios]

Heretic - Regarding Mortgages

I called my mortgage company and they have already sent me the paper work to sign - at 5.8 - in the mean time I called my credit Union and they are offering me 5.1 but they want me to sign authorization to spend some money on something although I have perfect credit - I am unsure as if I should go the max or minimal - as I do need to do some repairs around the house -My interest is high in comparison to todays rates - but I owe so little - Would you go with your mortgage company or credit union-and what would be your deciding factor - I have to make a decision quickly or I will loose thelocked amount

 

[willie]

This myfico report looks like a good idea. Does it generate spam? Is the $12.95 report good enough or is the $39.95 worth it? It sounds like it will tell me what CC accounts are still open that I might have forgotten. True?
Bill

 

[Heretic]

I got the myfico report 3 weeks ago and havent gotten a bit of spam since, other the the spam I was getting before that.

 

[willie]

What a shock! My only negative mark on myfico was I had too many credit cards. I've got a Discover, only used atr Sam's Club, a GM Mastercard for business and a Bank One for personal. Then I find out I've got 11 more that I had no idea about. Bad news.

 

[Ponytail]

If you are considering buying a house, the best way to check your credit is have a lender do it. He can check it, and get a rating from all 3 bureaus. For most loans, you only need a credit rating of 730 from any one of the 3. He can the cancel the report so that it does NOT ding your credit rating. And it won't cost you anything.

They have to run a report within a certain amount of time of the loan application.

DO NOT continually check your credit report. If you have HIGH credit limits on your credit cards, call the credit card company and get the limit reduced. High credit limits have a bad effect on your credit rating. This is the easiest, controllable, credit enhancer that you have.

 

[Heretic]

High credit limits do not damage your credit, high balances do.

I know someone who actually has a credit card with an unlimited credit limit.