Equifax score....HELP PLEASE

Discussion in 'Credit Talk' started by molly, Mar 18, 2001.

  1. molly

    molly Well-Known Member

    Equifax is my worst report. I have 3 negative items. The most recent one is from 6/98. My score is 641. Qspace score from about a month ago was 700. Reasons for low score are: recent negatives (most recent one is 6/98), limit/balance ratios too high (highest balance is $500 on a card with $2500 limit, I DON'T GET THAT), too short of account history (I have good accounts from 1993 (s. loans) but oldest credit card is from 12/98). Only 22% of Americans have worse credit then I do. I have nine positives on my Equifax report.

    AM I GOING TO GET DENIED AN APARTMENT BECAUSE OF THIS LOW SCORE????? I WANT TO MOVE IN JUNE. WHAT CAN I DO TO INCREASE MY SCORE IN THAT SHORT OF TIME. I HAVE AN INVESTIGATION GOING RIGHT NOW FOR ONE NEGATIVE. ANY ADVISE, PLEASE!!!!!
     
  2. Dallas

    Dallas Guest

    Re: Equifax score....HELP PLEA

    Molly, A score of 640 will not keep you from getting an apartment. Your score is not bad. However, apartment communities have a limit to the # of negative items they allow without charging an additional deposit amount.

    They want your report to be 80% clean or more. The apartments I moved into gave me a list of their credit guidelines. Maybe you can ask that upfront. This was a luxury apartment community and they were strict. Instead of the usual $100 deposit, I had to pay one months rent for a deposit.

    I would be prepared for anything. But I am almost sure you will get it but maybe have to pay a little more for deposit.

    My score was in the low 600's
     
  3. molly

    molly Well-Known Member

    Re: Equifax score....HELP PLEA

    When I moved in 5/98 they wouldn't give my apartment unless I had a consigner. My reports have improved. In July of 2000 I had a combined total of 23 negative items on my reports. I now have six. I am scared to death that they will deny me. I am going to be moving in with someone else. I feel sick now because I will have to explain this to them. On the brighter side, I only need to raise my score by nine points to be in the next bracket score bracket 650-699 :)
    My negatives are from:
    6/98 I5
    4/95 I5
    9/94 I9
    Should I concentrate on getting only the oldest removed? I don't think my score will improve that much if I get the oldest one removed, it is a I9 though. It will fall off in Sept. I am disputing the oldest one right now. What should I do to improve?
     
  4. Dallas

    Dallas Guest

    Re: Equifax score....HELP PLEA

    Molly,
    With 23 negatives you can surely expect to be denied w/o a cosigner. Remember the 80% I posted above. With 6 items I am sure you will be ok. NOt perfect, but you will get the apartment. I am sure with 23 negatives your scores was WAY lower.

    Dont worry. Just have more deposit money at hand.
     
  5. lena

    lena Well-Known Member

    Molly

    What are I5 & I9's please explain to me?


    Thanks
     
  6. GEORGE

    GEORGE Well-Known Member

    Re: Equifax score....HELP PLEA

    You might be able to pay 3 months rent up front...if you have the $$$$
     
  7. Dallas

    Dallas Guest

    Re: not Molly, but

    Equifax notations:
    R= revolving account (credit cards) I- Installment account (loans) O-open account (whole balance due each month)

    R1 or I1= pays as agreed never late
    R2 or I2= 30 days late
    R3 or I3= 60 days late
    R4 or I4= 90 days late
    R5 or I5= 120 days late (ouch)
    R9 or I9= charge off
    R7 or I7= making regulare payments under wage earner plan
    R8 or I8= repossession
     
  8. sam

    sam Well-Known Member

    Re: wait a sec.

    I have like 4-5 negs, about 4.5 years old> My score is 565. I got in an apartment with One months rent as deposit. My rent is $950/month. Should be no problem :) With a little cash.
     
  9. mvfl

    mvfl Guest

    Re: wait a sec.

    Molly, if your future roommate has good credit you'll have nothing to worry about. My credit was awful when I moved in (luxury apt., very exclusive and picky!), but my roommate had good credit. I turned in my application and never mentioned my concerns and we got approved. I would just not say anything and if there is a problem they will let you know. They won't just decline you, they'll work out something.
     
  10. GEORGE

    GEORGE Well-Known Member

    Re: wait a sec.

    If they have 20 open apts and nobody to fill them...they will be more apt to work with you. If they have a waiting list 20 people long for 1 apt...probably no chance.
     

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