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Discussion in 'Credit Talk' started by jfpruitt, Jun 21, 2001.
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What are the four reasons given with the score that it is not higher?
First Reason Code: 10 Your first reason code is 10, â??Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too highâ?.
Second Reason Code: 4 Your second reason code is 4, â??Too many bank/national revolving accountsâ?.
Third Reason Code: 14 Your third reason code is 14, â??Length of time accounts have been establishedâ?.
Fourth Reason Code: 5 Your fourth reason code is 5, â??Too many accounts with balancesâ?.
I understand the reasons I think, but, how will paying off my balances affect my score??
You won't find anybody to answer that question. If you do, don't buy any land in Florida from them.
I spent a few years trying to find how I can tell how many credit cards I should have. They can't tell you the right number, but they can tell you that you don't have the right number.
Isn't that hilarious?
Geez..I was hoping you wouldnt say that!!!!! but it seems odd that people who file BK in 1998 or 1999 have the same scores as me. Maybe I should just file and forget about it...
What a system!! no wonder they don't want to divulge it!!
Designed to keep you down.
We are in the same boat. I have a 673. No lates, collections, fees,nothing negative at all. But I do have high balances. No BK either.
I don't think it's better to file. It's takes work and lots of it to rebuild. We just have to pay off the balances and our scores will go way up!!
But it does say "length of time established" and "too many balances". How long have you had credit? This might be a clue.
I've had credit since 1994..about 7 years
You mentioned in another post you had a closed acct w/a $4500 balance you were still paying on .Its nice your making payments and are no lates but having a$4500 balance on a cc with no available credit limit(Closed Acct)probably isn't helping your score either(Proportion of debt to credit limits).I wonder what would happen to your score if the acct was reopened with same acct #.
Very best of luck
good question, I talked to them and they said they couldnt reopen b/c it has been closed for too long
Call again,rules always change and are open to interpretation.
Ask for a supervisor if they say no.
If they still say no,ask if you could transfer the old balance to a new acct # and keep the original open date.Don't give up...
untill you hear no 10-20 times.
what do I tell them exactly?
Tell them what you've told us.
You had a card with them since 1994? and you closed the acct because it was the responsible thing to do at that time.You've continued to make your payments timely and have never been late with them or any other creditor in the past.
Explain that the closed acct status is destroying your scores
and that it was not explained to you when you agreed to close the acct.
Be completely honest and fair and nice with them.If they say no,ask to get the supervisor to confirm it can't be re-opened.
If they say we are really sorry , ask if the apr can at least be lowered a little.
If all else fails write a letter through Planetfeedback stating everthing above.
There is no law saying you can't re-open a 3 year old acct,maybe just some company policy.
I've re-opened accts closed 2 years for the same reason as you.
REMEMBER, you miss 100% of the shots you don't take.
well, I talked to them and they said in order to re-open I have to do another credit check and i have to meet their credit standards to qualify. I know that as of now, I won't meet those. What should I do? Give up? Those are my oldest accounts too...UGHH
I know this is hard, keep going.
I've never heard of this until today, what kind of results have people gotton??
I would say better than I would have thought.I wrote 1 letter and got everything I wanted and asked for.Whatever you write is directed to the president of that company.It took 3 weeks to get my first response to my letter but I got a lower apr,upgrade to goldcard,a 25 day grace period,annual fees waived for good,c/L increase and all credit reports corrected.
Please note I thought it had little chance of helping when I wrote it as I had exhausted all normal possibilities.
You mentioned these were your oldest accts.Are there more than one?
yes, I have 3 old ones, Discover, Visa, and MC. All 3 said that since I closed them that I would have to do a new app to reopen them, and then it would be a different number on my report..or so they say.
What are the issuing banks? Sometime people here know about how a bank does things, and they can give you some hints and tips on dealing with that bank. I agree, everyone is getting great results with Planet Feedback.
But still post the issuing banks for the Visa and MC, and see if someone else knows something about them that will help.
Are you getting any kind of offers in the mail? If so, what? That is sometimes a clue...