OK, check this out: I finally ordered all three of my credit reports for the first time in years so that I can now ride the credit repair rollercoaster, hands in the air, shrieking all the way. On reviewing them, I discovered a very interesting account entry on EX, but it was not listed on TU or EQ. Under the name of my credit union, there is an account entry with a truncated account number that I do not recognize. It is glaringly & obviously not mine. Here is what it says: XYZ Credit Union 5232... Date Opened: 9/1994 Reported Since: 9/1994 Date of Status: 9/1997 Last Reported: 9/1997 Type / Terms / Monthly Payment: Revolving / NA / $0 Responsibility: Individual Credit Limit or Original Amount / High balance: $7,975,767 / $1,351 Status: Paid / Never Late. This account is scheduled to continue on record until 9/2007. Now, obviously, I would remember if I ever applied for--let alone received--a credit line for almost $8 MILLION. And if you saw the rest of my credit report, you would know that not only is this a huge joke, but I would have tapped that line just a little bit before I developed so many fulfilling and sweet relationships with a whole army of collection agents. (They need so much time and attention; it is sooooo exhausting to be a good, attentive friend to each of them... ha. So, here is what I want to know: what is the significance of this entry, and how might it have been affecting my whole credit report all this time? What should be done about it? Although I don't have my EX score, I can list my scores for the other two CRAs (that do not list this account) to give you an idea of where it *should* be, more or less... EQ: 491 TU: 505 As I am a complete newbie who has only recently received all 3 of these, I have done nothing yet with my reports. What do you think of this entry?!?! I've been laughing maniacally about this ever since I opened the envelope this morning... jeez louise...
Don't dispute it. It's a paid account for 8 million dollars. It might look REALLY good if you wanted to purchase a house or something. 8 million in paid credit would be one of those things most of us would kill for and since it's in excellent shape (NEVER LATE and PAID TOO!) It can't be hurting you in the least.
Ha ha, no kidding. Too bad my status with this credit union isn't exactly good right now or I could really lend myself a helping hand... here I was looking for someone else to do it! I wonder how this got reported on my CR in the first place?!
But, what is all that about the available credit ratio, etc. and how it affects your report? Also, on another issue... if you check my past posts, you'll see that I am in bad financial straits right now--was on the verge of declaring BK because I lost my job and have not found another, and many of my accounts have wound up in collections as a result. I am going to be temping but still cannot make enough to cover the minimums. With this on my report, do you think I could get a VALID loan, despite all my many derogs, that would allow me to consolidate my present debts? I don't want to do anything shifty, but if I had never pulled that report, I would still have no idea how the 8 mill loan got there or that it was even there. Would they wonder why I didn't just tap from 'my' millions? What do you think?
LOL!!! I had to excuse myself and go to the restroom. What a perfect analogy! There's been a couple of times along the way that I almost ralphed. As Gene Klein, former owner of the San Diego Chargers, once said, "The first hundred million is the hardest."
LOL! Seriously! Talk about "how to win friends and influence people"... I think I've been vaulted into a whole new stratosphere, let alone new territory!
It is a positive entry and would affect your SCORE in a positive manner...I am not sure how someone (a human) would consider or ignore the information. I would leave it alone. Wish I had an entry like that on my Experian report ) It would show you have a lot of available revolving credit. a high limit and an relatively low, high balance, (high balance is be the highest amount owed over the life of the line). It could affect you for instant approval but I think if you got a denial because of those factors, you could convince a human to review the app and you should be fine. -Peace, Dave
