The second visa card I got after my BK in 98-99 was a regular (not secured) credit union card with a $3K limit and 13.9% apr. All the terms were excellent. However to get the card required a hard inquiry and substantial documentation about my injury and BK etc. I really had to explain myself to get approved. I noticed that the credit union did a soft inquiry on Experian in June via Creditexpert. Yesterday, I received two preapproved loans in the mail. This morning I visited the credit union and accepted my $3,000 increase on the visa card that I have had for 18 months. My new limit is $6,000. No hard inquiry as it was preapproved. My apr. dropped to 12.4% from 13.9 because I crossed the $5K threshold. I declined the preapproved $25K auto loan at 7.7%. Don't need it. The conclusions, I have made are - 1. I like credit unions. In most cases, they are much more friendly to customers than banks. 2. My EX report has no negatives now. However in June there were still 2 BK discharged accounts on EX. Yet the credit union approved me for the two loans. I suspect my FICO score was in the 660's because of the 2 negative accounts and 12 hard inquiries. 3. Last week I nearly called 1-800-5-OPTOUT. I am glad I didn't because I am sure that I will get more offers. I hope Marie and others get a significant boost in score in 90 days by doing this. I'll also do it in 2003 when I buy a home if OPTING OUT does any good.
Hey congrats on the increase Jim. That is huge. I should be getting an updated experian report any time now. As soon as I do I'll post the results as it is Lex that is disputing ex. I don't know if you are still interested as you seem to have everything in great shape now. I disputed several inquiries on creditexpert - 2 on June 29th and 4 on July1. The first 2 were deleted immediately but the others I have yet to hear a thing. Also, did you see my post where my equifax score jumped 51 pts. this month? It show 4 items as being disputed so I'm not sure if this is just a temporary jump and it'll fall once they verify the accts? I'm sure they will verify them because they are negative accounts which are always verified. And lastly, I am sending my cancellation letter to Junum today. I just can't run the risk of another screw up.
You're fortunate. Credit Unions are always good to their customers. Too bad mine wouldn't even approve me for a SECURED Visa with $500 frozen on my savings account! :-(
Thanks LKH! I am still interested in Lex so I will read anything you post on the board. My EQscore is still a low 673. I saw your post on the 51 points increase. I didn't respond because I don't feel well qualified to discuss the effects of disputes on credit scores. You did everyone a favor by posting the information. Glad to hear you are getting rid of Junum. I was disappointed that so few people saw/responded to your TU letter. I still think it is a good one. As for Creditexpert. I will keep the service for a year. I like it. I disputed 9 out of my 12 inquiries. So far 4 inquiries dropped off. 1 has been verified and I am waiting to hear on the remaining 4. Also, I got rid of 2 erroneous addresses. I noticed that on occasion Credit expert updates at 8:00 p.m. here in CA. So I usually wait until 8:05 to check. Have you noticed this too?
Sorry to hear that MP$40. I know that some of the credit unions are run like "mom and pop banks". Not very sophisticated. But I have had good luck. On item I did forget to mention is that I have been a member of the credit union for many years and had a $10K card with them in days gone by. I was never a day late or dollar short with them. Funny thing was that the same gal who helped me the first time, helped me today. While she made the upgrade to my limit in the computer, I talked her into a free trial with Creditexpert. She wants to check her own credit. Also, she remembered me from before because while the CU was very demanding that I prove what had happened to me - I wrote a letter of commendation for her to her boss 18 months ago for getting me the card in the first place. Jim
