InsideSecrets Credit Rprtng (long)

or what I've learned on my credit journey
(began in August 2001 and have had HUGE success)


Some of these facts have been pointed out by others
but I have first-hand evidence of every one:

(In no particular order)

A good (longtime established/low balance) AU acct can be worth up to 40 Fico points

Pay off your Citibank account and they will take months to report it. Take advantage of a BT and the new higher balance will report in a matter of DAYS

Cap 1 reporting really hurts. I just saw a family member's FICO score plummet 24 points after they got a new plat and used half for a BT

Inquiries seem to hurt worse on Experian, but are also easier to remove. (Although as someone recently pointed out-- TU may send you a form letter saying "no way" and then delete)

The old Amex reporting was brutal to scores, but to be fair, it does seem like they are trying to correct it (TU and Equifax look good, Experian is still a mess)

FICO Loves installment loans. Your score will be much higher if you have a positive one reporting
(auto or school) (Kind of weird-- owe more money and they like you better) I watched my boyfriend's score rocket when his student loan started reporting.

Even OLD 30 day derogs hurt. I saw a FICO score go up 20 points when 1 fell off. (Supposedly it shouldn't hurt much when it is over 6 years old)

Some lenders make closing an account ridiculously hard. They must make money somehow by keeping it open. They say it is closed to you and keep reporting it open. I've seen it with Household and
Monogram. On the other hand, the big prime lenders
are great about accurately reporting "closed by consumer" if that is what it is.

You can carry higher balances without a ding if you
have zero derogs. Any derogs at all, and you had better have very low ratios.

Goodwill adjustment letters actually work!! (Although it can take a couple of months to show up) They probably are easier if you truly have been perfect for many years and the 30 day was a long time ago.

Ala George, positive accounts can be entirely nuked if you attempt to correct the slightest thing about them, so be careful if you don't want to see your perfect-record auto loan disappear.

The reps who answer the phones at Eq, Ex & TU are sometimes really helpful. It all depends who you get. There are polite, intelligent agents and there are
total %$^@. It is all a matter of luck.

Most important lesson. Don't give up! Raising your scores is an inexpensive, highly rewarding hobby.
And keep sharing info. I will always be grateful to
the people on this board.

(which I accidently discovered and has to be one of the best resources on the Web)

Calypso

 

Thanks HW--

I wrote that 2 months ago and since then have seen
the points I made verified again and again.

I'm certain that everything I said is true.

CreditNet is a wonderful resource. Not only has
it helped me increase my scores but it has alerted
me to valuable information.

I love this website!