Hi everyone, I FINALLY requested my credit reports and on both EX and EQU all the entries are collections and chargeoffs (credit cards). My fico score is 514 for EQU and 535 for EX. I have NO positive lines of entries (am working on getting 2 secured credit cards). If I delete all the negative entries which will leave my credit basically blank, will that lower my fico score? What do you guys advise? Thanks!
Well first off, I would say you are jumping the gun. Chances are (depending on how many tradelines) it will take you six months to a year to get everything off factoring time for disputes and investigations. With that in mind you have more than enough time to build up some secured tradelines.
I'm just curious on this because I have a son in a similar situation.. If he becomes an AU on good accounts with a good history, will this bump up his score? If so, is it enough to make it worth it? And while we are at it, isn't 500+ pretty good for someone with only negatives?
I was wondering about my fico scores (500+) also, I expected the score to be in the 400's because I knew what it contained. That's why I was concerned about deleting entries and it decreasing my years of credit history. I have no desire for my score to go down any further. <<Sigh>> One more question, when we pull our own reports, is it treated as an inquiry which results in our score being lowered. How often do you guys pull your scores?
Your "years of history" should not be deleted by deleting negatives. However, it would not hurt to be establishing some secured positives starting right away. When you pull your own report, it is known as a "soft inquiry" which does not affect your score. Just curious, what method are you using? The reason I ask is that there are some "pay-per-year" services (CreditWatch <Equifax> & CreditExpert <Experian>), that allow you full-time access to your credit reports. Anyone attempting credit repair would be wise to utilized these services. I pull a report or two per day... Welcome to the board!
