Isn't it amazing how the removal of a judement and a bad tradeline only results in an improvement of 38 points!! I would have thought that a judgement would have been a lot higher. When ever I applied for credit, it was always a top reason why I was denied. I also find it amazing how my scores have dropped from when I started. Guess I shouldn't have removed some of the NEGATIVE items!! My score dropped on TU by 45 points by getting what I thought was a "bad tradeline" removed. Should my goal be to get rid of all 30, 60, 90 day lates on my report? It seems that my score gets lower and lower when I do this... just wondering why? I still have 1 chargeoff showing on exp and 1 on TU. I think I am going to snail mail them a letter and offer a settlement for deletion. I haven't had money to do that yet, but I will after I get my year end bonus and tax return. Another thing that keeps popping up when I look at my scores is my utilization. When I do the myfico one, it says that my best bet would be to pay down my creditcard balances. It shows me a 100 point improvement. Same thing for the experian on on creditexpert... almost a 100 point improvement. The credit card has a 2500 dollar limit, and in the 3 or 4 yrs I have had it, I have had it maxed, or near maxed the whole time. I always pay 100 bucks a month min. which is over the minimum payment, and It seems that when it gets down 500 bucks, that I need it for some emergency, and it gets charged back up. Anyway, I think that with the money I am coming into shortly, I will be paying off this CC and paying off my car which has about 6k left on it. This SHOULD improve my credit. My installment payments will go down 366 bucks a month, how much will this improve my score? My installments will now be 1 car at 424 a month and my students loans at 216 a month(this will be getting deffered shortly since I am taking graduate studies now) so... to the gurus of fico and credit reports, this is now my situation (I have had a TON of crap deleted thanks to this board, THANKS GUYS!!): I got 2 charge offs total 1 providian 1 amex (looks like I might be better off making a deal to get them deleted, haven't decided yet) I have a bunch of accounts that are closed that had multiple 30 day, couple 60 and couple 90 day lates... what can I do on a closed account the get them changed or deleted? Would it be better to delete them? I still have open accounts with 30 day lates, should I send the " Goodwill letter?" Thanks People! Happy NYR!
Ya never know, but with denials one has nothing to do with the other. I've heard here of old BKs being removed and only gaining one or two points. Sometimes the age of the account outweighs the negativity of the bad remarks. I have had this happen. But! There is hope, many here will tell you that once they got that LAST baddie removed they have seen a huge score jump.
what is the way that I can clear up baddies on "closed " accounts? How about open accounts? Is the only way the goodwill letter? On the closed accounts, I would prefer to see them removed, is this the right way to go? I don't think it would take too much work to get them removed, however, then I won't have tradelines older than 4 yrs.
Golden Rule - you can start with goodwill letters for everything, and ratchet it up as needed, however you can't start out tough and then go to goodwill letters
Re: Re: How Ironic! My Rant for Jan 1 >>--It's harder to do this on closed accounts because the CC company has little to gain by u not being able to use the card. You can try the "goodwill adjustment" and simply ask them to remove the late remarks. I have not had success with this though. Others have. Depends on how old the account is and how recently the negatives were added.<<-- QUOTE]How about open accounts? Is the only way the goodwill letter? [/B][/QUOTE] >>--I do beleive so, or when the 7yrs are up. I am not aware of any other process except deletion which may do more harm than good depending on how old the TL is. Be careful though. I was trying to update a perfectly good TL other than a 60 day late and it got deleted. I have not been able to get it added back either because the bank is under no obligation to report any account to a CRA. Sucks. So if you don't want to risk deletion, don't mess with the TL. <<-- QUOTE]On the closed accounts, I would prefer to see them removed, is this the right way to go? I don't think it would take too much work to get them removed, however, then I won't have tradelines older than 4 yrs. [/B][/QUOTE] >>--You have to decide if the TL is worth more than the negative remarks it bears. Unfortunately it's a crap shoot. Personally, I would not mess with it. And of course if there is nothing wrong or negative about the TL, leave it alone as well. Before I found this board I had a JC Penney account that was NOT mine. I knew it for sure and they CRA's could not verify it so it was deleted. Unfortunately, it did more harm to me because there was nothing wrong or negative with the TL. And it was the oldest TL on the CR. Fortunaltey for me it was only on TU though! Good luck and keep us posted.<<--
Re: Re: How Ironic! My Rant for Jan 1 Also Mongrol, besides be learning VB code LOL your utilization seems quite high. If you pay down more a month when you free up the cash u were talking about, you'll see a higher score in most cases. Keep in mind that I think my therory is holding true. A lot of others have the same or simlar theories: Every consumer has a different scoring rationale, based on their individual report (current and past credit habits.) My SO's EQ score dropped 1 point when the mortgage co. pulled the CR. Mine dropped 3. And my score was higher to begin with. Figure that one out!
Re: Re: How Ironic! My Rant for Jan 1 Isn't it amazing how the removal of a judement and a bad tradeline only results in an improvement of 38 points!! 1*I would have thought that a judgement would have been a lot higher. Mongrol /////////////////\\\\\\\\\\\\\\ 1*Why ? How many points did you loose when it was first listed? ..
Re: Re: How Ironic! My Rant for Jan 1 I believe it was around 80. Been a couple years so I don't really remember. I think the main reason that I didn't get a higher score is my 95% utilization on my creditcards. Myfico says when I pay it off, I'll be sitting between 670-720 (almost all CRA's) can't wait... will be doing that in about 3 weeks
Re: Re: Re: How Ironic! My Rant for Jan 1 Scoring is rigged if it wasn't you would have gotten the 80 points back.
Re: Re: Re: How Ironic! My Rant for Jan 1 tell that to household who won't refinance my wifes car which we have never been late on a payment... I am sitting at 21.95% interest and they won't budge. Over ONE YEAR of NEVER missing a payment. If I had a better "bullcrap" score, I would be able to get a lower interest. Hell, 8 other companies denied me!
Re: Re: Re: Re: How Ironic! My Rant for Jan 1 I have for awhile. Its amazing how this little number can control your life.
